Filecoin hits mining crisis as FIL/USD tanks to $30

According to the miners, the economic model espoused on the network is “unfair”, with miners forced to purchase large amounts of the FIL tokens before venturing into mining. Requiring the miners to deposit huge amounts of FIL tokens as collateral is proving to be too restrictive for some.

Buying tokens is another option, but miners argue that at current prices, FIL/USD is massively overvalued. As it stands, FIL holders might yet see the token’s price tank beyond current levels to hit levels below Friday’s open price.

Timeline of Filecoin