Most people are against it and are watching. F2Pool supports it. How do traditional Bitcoin mining giants view Filecoin? (POC Series 4)

Filecoin is so popular in China, largely because China has a large group of miners. But Wu said that according to blockchain research, most of the traditional Bitcoin mining giants do not agree with Filecoin, and the four top investors who support it are not "mining giants." However, this is not absolute. For example, the F2Pool system has a strong interest, and many large miners and manufacturers are also watching.

As for the Bitcoin mining machine giants, due to the genetic problem of focusing on Asic chip design and being incompatible with Filecoin, none of them currently has plans to participate in Filecoin mining machines.

Wu said blockchain learned that Bitmain had studied Filecoin very early, but found that it was not suitable for mining machines. The core reason is that Filecoin does not rely on customized Asic chips, but depends on many factors such as hard disk, CPU, software, bandwidth, etc., and the core advantage of Bitcoin mining machine manufacturers is Asic chips.

Similar problems also occur in Bitcoin mining machines or other ASIC chip mining machine companies such as Shenma and Xindong. Shenma currently focuses on BTC chips, and Xindong, which specializes in small currencies, is not optimistic about Filecoin.

Canaan's blockchain department in Hangzhou has participated in a large number of IPFS activities and has just held the "IPFS Ecosystem and Distributed Storage Industry Summit". But this does not mean that Canaan supports IPFS and Filecoin. Canaan even refuted the rumor:

"Some industry self-media have publicly released false rumors about Canaan Creative's contact with a leading IPFS/Filecoin company for cooperation and its layout of IPFS mining without verification. Since its establishment in 2016, Canaan Blockchain has actively paid attention to all POW-related blockchain technologies. After the rise of IPFS distributed storage technology, while studying IPFS technology, it has maintained in-depth technical exchanges with professional organizations in the IPFS field, but this has nothing to do with Canaan Creative's layout of IPFS. At present, Canaan Creative has no plans for the layout of IPFS." It is expected that after the organizational structure moves north, Canaan will be more inclined to chip and AI businesses and weaken the cryptocurrency side of the business.

In the field of Bitcoin mining pool giants, ViaBTC’s Yang Haipo and BTC.TOP’s Jiang Zhuoer have already expressed clear opposition, for details, please refer to “Filecoin’s Chinese Bears: Jiang Zhuoer, Yang Haipo, and Sun Yuchen (POC Series 3)”. Pan Zhibiao, the helmsman of the latest number one Biyin mining pool, also expressed clear doubts about Filecoin.

On July 10, Pan Zhibiao said on Weibo: "The Sia (one of the earliest POC storage coins) network currently uses only 687TB of storage. The current market value of Sia is 140 million US dollars. If it were a commercial company, it would probably fall to ashes, right? Filecoin is even more exaggerated, with a total of 2 billion coins. At the current $20/Fil, the total market value is as high as 40 billion US dollars. By releasing rewards to encourage early miners to participate, it is very easy to lead to over-investment, and early miners will inevitably sell all their machines back. If there are more locked positions and the speculation is hot enough, it can last for a while, but it is likely to be a mess."

Are there exceptions? Yes.

Wu said blockchain learned that F2Pool, the long-time No. 1 Bitcoin mining pool, is a staunch supporter of Filecoin. Shenyu, the co-founder of F2Pool, a veteran of the mining industry, and the head of Cobo Wallet, has a strong interest in Filecoin. On July 18, F2Pool Weibo published a very positive article analyzing Filecoin, which Shenyu also forwarded.

Reference https://weibo.com/ttarticle/p/show?id=2309404528054423650326

The article states that F2Pool has been paying attention to the progress of the Filecoin project since 2017. Facing the phenomenal project of Filecoin, it is necessary not only to consider seizing the opportunity, but also to first consider whether it can provide a network performance that meets the network participation threshold and maintains stability. On July 14, Cobo (wallet and custody service) stated that it now supports the Filecoin test network and has opened TFIL recharge and transfer services. More than 200 cooperating customers can add TFIL currency with zero threshold. Cobo Custody has participated in the trusted setup of the second phase of Filecoin.

In addition to mining machines and mining pools, when it comes to the most basic Bitcoin miner level, Wu said that blockchain has done statistics in the mining community. Some traditional miners are not optimistic, while most are waiting and watching. Of the total 142 votes, 16.2% are optimistic, 35.9% are bearish, and 47.9% are waiting and watching. The reason is that Filecoin mining requires a very stable IDC room, while Bitcoin mining is more important for cheap electricity. The knowledge and resources of the two mining cannot be used interchangeably. However, some insiders also revealed that some traditional Bitcoin big miners have begun to pay attention to and participate in Filecoin opportunities.

In general, due to the different nature of mining machines and mining farms, Bitcoin miners are not optimistic about Filecoin. In a sense, they are even worried about absorbing funds used to invest in traditional mining. But in the long run, businessmen pursue profits. If the price of Filecoin stabilizes after the launch of the main network, we will definitely see many traditional manufacturers enter the market. At present, mining pools and mining machine companies are undergoing financial transformation, and it is very likely that Filecoin cloud computing power will be launched in the future.