Announcement on the Launch of Filecoin Cloud Mining Power Distribution Plan
21 Oct 2020

Dear users,

The Filecoin mainnet was officially launched at 22:45 (UTC+8) on October 15. The Filecoin miner machine deployed by HyperPay wallet is already operating. Hereafter, HyperPay makes the following instructions for the distribution plan of Filecoin cloud mining power.

In the latest official economic model of Filecoin, pre-pledge for mining FIL by miners is stipulated. Miners need to provide tokens for pledge before finalizing sectors to ensure that they can complete the committed life cycle of sectors and not harm network security for short-term benefits. At present, the pledge amount of a single sector is about 0.1897FIL. And this pre-pledge is locked, which means that as long as the mining power is increasing, FIL must be continuously "charged" into the mining machine, and cannot be withdrawn before exiting.

According to the latest data from filfox.info, the current sector pledge amount is 0.1897 FIL/32GiB, and the basic gas fee is 0.0001 FIL.

On the basis of the current data, the increasing the effective mining power of 1T requires two parts of investment, (1) 0.1897*1024/32=6.0704 FIL pre-pledge, which is locked; (2) 0.0001  basic gas fee of FIL. The gas fee is similar to the GAS fee in Ethereum. It changes in real time, belongs to the pure consumption of each operation, and is collected and destroyed by the system.

Take the HyperPay Filecoin 6-month filling power product (Permanent) as an example: according to the current FIL price of 30.88 USDT, the total costs (pre-pledge + gas fee) required for each additional 1T of effective mining power is 6.0705*30.88=187.45704 USDT, and the minimum purchase price of one T of Permanent power filled in 6 months is 248 USDT, and the ratio of the sum of pledge and gas fee to the price is 75.59%.

The pre-pledge calculation data of HyperPay Filecoin cloud mining power products can be seen in the table below.

Note: Calculated based on the current price of FIL being 30.88 USDT.

 

Pre-pledge and rewards distribution plan after the mainnet launch

In order to continuously provide users with more valuable services, we have formulated a pre-pledge plan after the mainnet launch. The main points are as follows:

1. The pre-pledge will be temporarily advanced by HyperPay, but the user’s daily mining rewards will be used to repay the pre-pledge first. Due to the large fluctuation of the current interest rate, the reference interest is about 0.1% per day, and the interest is currently advanced by HyperPay too. When it stabilizes, pricing will be charged. After the expiration of the mining power service, the user can withdraw the tokens for pre-pledge.

2. The Space Race award will be launched first. The Space Race award is 0.002805751 FIL/T per day. The products participating in the Space Race awards include: 7-day Priority, 21-day Promotion, 365-day Floor, 365-day Special, 335-day Floor.

3. Rules for the distribution of Space Race awards: It will be released with 180 antennas of the mainnet, and will be distributed to users every day according to the product validity period (maximum distribution is 180 days). The first distribution time is October 21, 2020 (UTC+8).

4. The initial circulation of FIL is very small, and the price will be in the historical high range and then fall sharply. Whether you are buying at a high level in the secondary market or borrowing at a high interest rate in the lending market (100% annualized interest + pledge liquidation risk), adding FIL pledge to mining at the initial stage will bear a huge risk of FIL price falling losses. For the long-term interests of all users and the platform, we may suspend the finalizing of new mining power for certain periods of time. We will make up for the suspended days by extending the service time. We apologize for any inconvenience caused, thank you for your understanding.

 

HyperPay Team

October 21, 2020

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