Testnet is coming soon! Filecoin mining revenue calculation

Block packaging rewards can be understood as subsidies from Filecoin officials to miners. In the early days of miners’ income, block packaging rewards will account for the majority of income. Especially in the early days of Filecoin’s launch, block packaging rewards are likely to account for more than 90% of the total income.

• Data storage benefits:

The essence of Filecoin mining is to contribute one's own hard disk resources to help others store data and get paid. The more data the mining machine stores, the higher the storage income.

• Search revenue:

The process of helping users find data stored in the Filecoin network by providing network bandwidth is called data retrieval. Retrieval is a market behavior. The system does not distribute revenue according to rules, but is completed by price matching between data requesters and miners. Retrieval does not require high computing power. For example, home miners have a good chance of obtaining retrieval revenue.

1. The initial income mainly comes from the "block packaging reward", which may account for more than 90%. According to the official data of Protocol Labs, in the first year after the mainnet is launched, an average of about 418,000 FIL will be released every day as a block packaging reward for miners.

The block packaging reward released every day is fixed, and the number of mining machines will determine how much we earn.

After investigation, it was found that there are many mining machines on the market that cannot mine coins, and the number of effective mining machines that can actually mine coins is between 30,000 and 100,000. Conservatively estimating that there are 100,000 effective mining machines on the market in the first year, each mining machine can mine about 4.18 FIL per day on average.

Note: The competitiveness level of each mining machine is determined by many factors, so the actual benefits of each mining machine may vary greatly.

Many mining machines sold in the industry in 2018 generally have low performance and do not have GPUs. If no remedial plan or product upgrade is made, it will be difficult to obtain block packaging rewards.

2. Mining income is directly related to the currency price. Currently, FIL futures are above 50 yuan.

The official launch time of Filcoin is the end of March 2020, which is close to the time of Bitcoin halving. It is also the time when everyone generally predicts the arrival of a bull market. Moreover, star projects often have several times the increase before going online. In addition, many people in the industry are optimistic about FIL, so the value of Filecoin after going online is very considerable.

However, we still make a conservative estimate here. Calculated at a price of 50 yuan, the above estimate shows that each mining machine can mine 4.18 FIL per day, and the income of one mining machine per year = 4.18 FIL × 50 yuan × 365 days = 76,285 yuan.

1. Number of mining machines: In the first year after the launch, an average of 418,000 block packing rewards are released every day. The number of blocks released every day is fixed, and the number of mining machines involved in mining determines your income.

2. Mining machine performance: The mining machines sold in the industry in 2018 generally had low performance and did not have GPUs. According to the official data released recently, they are generally higher than the design standards of many current mining machines. If the previous low-performance mining machines cannot be modified or upgraded in time, it will be difficult to obtain block packaging rewards.

3. Currency price: FIL is obtained through mining, so the price of FIL is directly related to the miners’ income. The miners’ income depends largely on the price of FIL.

4. Mining cost: The cost of mining mainly comes from mining machines and hosting fees. The cost depends on the actual situation.