Which Parameters on Filecoin are Worth Paying Attention to?

Although many people have participated in Filecoin mining or Filet’s staking and mining, some people pay little attention to Filecoin network data and even do not know which data they should watch at all. Today, let’s find out what data in the Filecoin network is worthy of attention.

Network storage power

The effective storage power of the entire network is the effective storage capacity that can be used for mining. Generally speaking, the effective computing power of the entire network is constantly increasing, which means that new miners continue to join Filecoin mining or existing miners continue to increase their storage capacity. As a result, the mining output from each TB of storage will continue to decrease.

24h Average Mining Reward

This indicator represents the amount of FIL produced by a single TB of storage space in the past 24 hours. The number shown in the figure above is 0.0175 FIL/TB. According to this data, you can roughly calculate the daily output of your own mining machine. For example, for a mining machine with 200TB of mining power, the current daily output is about 200TB × 0.0178 = 3.5FIL.

Current Sector Initial Pledge

Filecoin mining requires pre-pledge, that is, you need to purchase FIL in advance and pledge them to the Filecoin network. The current data is 0.1663 FIL/32GiB, which means that every 32GiB of storage space needs to pledge 0.1663 FIL, which is 5.32 FIL for 1 TB. If you mine with a 200T mining power mining machine, you need 200T × 5.32 = 1064 FIL for the pledge. Of course, this part of the pledged tokens will be released in the future according to the rules.

Cost of Sealing Sectors

This indicator indicates how much FIL is required to add 1TB of effective mining power, including pledged FIL and GAS fees. The above table shows that the data is 6.06FIL, which means that miners add every 1TB of mining power, and they need to pay 6.06FIL including the pledged tokens.

Burnt FIL

The brunt token refers to the permanent removal of tokens from circulation, and these destroyed tokens can no longer be returned to the current network. According to the mechanism of the Filecoin network, the burnt FIL mainly comes from the following two sources: First, the miners trigger the network penalty mechanism (mining machine power off and network disconnection, data encapsulation interruption, sector failure, early termination of transactions, etc.) and are fined and confiscated. The second source is the gas fee consumed by all kinds of on-chain transactions.

Circulating Rate

The circulation rate is the percentage of the current amount of FIL in circulation to the total. The total amount of FIL issued is 2 billion, and the current data is 14.3%, which means the current circulation is 2 billion × 14.3% = 286 million.

Based on the above data, we can get a general understanding of the current operation status of the Filecoin network, which is also one of the basic knowledge that needs to be known before joining the FIL ecosystem.