Bitcoin News and Finance
Interest from China, Co-Mining and a Grayscale Trust Gives Filecoin’s Market Cap a Valuation Lift Skip to main content

Interest from China, Co-Mining and a Grayscale Trust Gives Filecoin’s Market Cap a Valuation Lift

Interest from China, Co-Mining and a Grayscale Trust Gives Filecoin's Market Cap a Valuation Lift

Over the last seven days the project filecoin, a cryptocurrency, and blockchain-based cooperative digital storage network climbed 61% in value and 493% during the last three months. Regional reports from China also show that the computer hardware giant based in Shenzhen, Xinyuan Technology Co., has invested $89 million into the filecoin mining ecosystem.

Filecoin Market Cap Swells, Computer Hardware Giant Xinyuan Technology Invests in FIL Miners

Filecoin, the decentralized storage project designed by Protocol Labs and built on top of the Interplanetary File System (IPFS), has seen quite the demand during the last 90 days. During the last week, the crypto asset has spiked 61%, while a number of other cryptocurrencies have been down. At the time of publication, Filecoin is trading for $127 per unit and has a $7.54 billion market valuation. 30-day price statistics show filecoin (FIL) is also up over 270% as well.

Interest from China, Co-Mining and a Grayscale Trust Gives Filecoin's Market Cap a Valuation Lift

The Filecoin project aims to make it so people can control their own data, and decentralize major cloud services like Amazon and Cloudflare. The project launched in 2017 with lots of hype and it raised over $200 million in thirty minutes. As the hype gradually grew, on March 27, the Filecoin team announced that FIL miners and Livepeer miners could co-mine together. Filecoin mining has seen demand and just recently, the computer hardware giant based in Shenzhen, Xinyuan Technology Co. invested in filecoin miners.

Rephrasing Certain Crypto Terms to Keep the Chinese Government Happy

The regional reporter Priyeshu Garg detailed that Xinyuan Technology invested “580 million yuan, or just over $89 million.” Another report from AI Express details that the Shenzhen-based firm signed a sales contract on March 15, 2021. And according to the local reporter Colin Wu, otherwise known as ‘Wu Blockchain,’ Xinyuan Technology deliberately chose to not say certain cryptocurrency terms in its announcement.

When Wu mentioned the acquisition an individual said: “Weird, there’s no specific mention of ‘Filecoin.’ The article mentions ‘Distributed Storage Center Project.’

The reporter from China responded by saying:

Yeah, because the Chinese government [doesn’t] like words like coin or crypto.

Xinyuan Technology’s investment in filecoin miners stems from a partnership with a Jiangxi-based electronic company called Sesumg. According to Priyeshu Garg’s report “Sesumg [will] ship 500 units of computing and 100 units of storage equipment to the company.”

Filecoin’s recent demand also derives from the recent announcement from Grayscale Investments when the firm announced the launch of five new trusts with filecoin (FIL) included. Since the Grayscale announcement, FIL market prices have increased a great deal.

What do you think about the recent interest in filecoin and Xinyuan Technology investing over $89 million into filecoin miners? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory