Juan Bennett, creator of the blockchain-based storage platform Filecoin, called allegations that tag miners have been on strike since last week as “nonsense.”

According to a report by 8btc.com, the five largest Filecoin miners have used thousands of rigs to protest the platform’s economic model. Under this system, miners must provide Filecoin (FIL) tokens as collateral when creating a block. However, many of them seem to be missing the required number of icons.

Crypto Twitter user Niko Deva was one of the first to claim that “most miners” are on strike after claims they need to buy Filecoin (FIL) tokens in order to use their mining power. Allegedly, none of China’s top miners liked this, leading to reports of a possible strike.

Deva said, referring to the 2017 Initial Coin Offering (ICO) of Filecoin, which raised over $ 200 million in less than an hour. “In a country where weapons are considered art, only [the sticky boy] blew them up.”

Al-Skak tweeted that this is not the case, but said that miners only produce blocks at a lower rate:

“What is happening is that miners are growing more slowly than they were before the launch. This is largely due to the fact that the network no longer supports costs and commissions through leverage – commissions now cost real money, and miners must match the growth rate of token flow. ”
The Filecoin founder claimed that the project recommended that many miners “slow down their growth rates to keep up with the flow of their tokens, or stop so they can grow steadily.”

“The slight slowdown in mining growth follows our advice,” Bennett said.

He showed data that the blocks are still in development: the largest miner earned $ 352,000 in 24 hours, and the top 50 earned $ 3.7 million in bonuses. The creator of Filecoin stated that it is very difficult to add power to the network at the moment.

“There are some miners who are undoubtedly squeezing everything out and trying to get more. If they can blame society for giving them too much money, it might be worth trying. One thing you learn quickly when there is a lot of money at stake. is that people will come out of the jungle to pick him up and try all kinds of manipulative tactics. ”
The platform’s main network was launched last week and allows FIL tokens to be traded on major exchanges. The token price has risen by 118% in less than two days, after which it has dropped by almost 80%. CoinMarketCap FILE is currently trading at $ 34.79 at the time of writing.

Source: CoinTelegraph