Over the past seven days, the value of the filecoin project, a cryptocurrency and blockchain-based cooperative digital storage network, rose 61% and 493% over the past three months. Regional reports from China also show that Shenzhen-based computer hardware giant Xinyuan Technology Co. has invested $ 89 million in the Filecoin mining ecosystem.
Filecoin Market Cap Swells, Computer Hardware Giant Xinyuan Technology Invests in FIL Miners
Filecoin, the decentralized storage project developed by Protocol Labs and based on the Interplanetary File System (IPFS), has seen great demand over the past 90 days. Over the past week, the crypto asset has risen 61% while a number of other cryptocurrencies have declined. At the time of publication, Filecoin is trading for $ 127 per unit and has a market valuation of $ 7.54 billion. 30-day price statistics show that Filecoin (FIL) has also increased by over 270%.
The Filecoin project aims to allow users to control their own data and decentralize important cloud services such as Amazon and Cloudflare. The project started with a lot of hype in 2017 and raised over $ 200 million in 30 minutes. As the hype gradually built up, the Filecoin team announced on March 27th that FIL miners and Livepeer miners could mine together. Filecoin mining was in demand, and only recently, Shenzhen-based computer hardware giant Xinyuan Technology Co. invested in Filecoin miners.
Reformulated certain crypto terms to keep the Chinese government happy
Regional reporter Priyeshu Garg said Xinyuan Technology has invested “580 million yuan, or just over $ 89 million.” Another report from AI Express said the Shenzhen-based company signed a purchase agreement on March 15, 2021. According to local reporter Colin Wu, also known as “Wu Blockchain,” Xinyuan Technology made a conscious decision not to mention certain terms in cryptocurrency when he announced his announcement.
When Wu mentioned the acquisition, one person said, “Odd, there is no specific mention of Filecoin. The article mentions the Distributed Storage Center Project.”
The reporter from China replied by saying:
Yes, because the Chinese government [doesn’t] like words like coin or crypto.
Xinyuan Technology’s investment in Filecoin Miner is based on a partnership with a Jiangxi-based electronics company called Sesumg. According to Priyeshu Garg’s report, “Sesumg [will] Ship 500 compute units and 100 storage devices to the company. “
The recent demand for Filecoin also stems from the recent announcement by Grayscale Investments when the company announced the creation of five new trusts with Filecoin (FIL). FIL market prices have risen sharply since the announcement of grayscale.
What do you think of the recent interest in Filecoin and Xinyuan Technology, which are investing over $ 89 million in Filecoin miners? Let us know what you think on this matter in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Filecoin-Logo,
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