Filecoin (FIL) has been one of the most talked-about digital assets of the past week. The cryptocurrency finally launched this week after years of development and after a rapid $200 million ICO in 2017.
Unfortunately for FIL holders, an analyst says that the cryptocurrency is currently under threat due to a miner crisis.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Filecoin Is Facing a Miner Crisis
Analysis by Twitter user Nico Deva suggests that Filecoin is in the midst of a miner crisis that is only known in China, where the project has gained much popularity.
Deva explained that per his calculations, to actually earn FIL, storage miners that store files for the network actually have to buy FIL to ramp their nodes up to full capacity:
“Here in China people are disgusted, 恶心, this is the word repeated. A napkin calculation shows you early on that your mining system that requires $20k