IPFS has recently been the most popular star project in the world, both in terms of media hype and commercial exposure, and the nation has implemented a number of laws to assist its growth. Mining, being the top of the IPFS food chain, provides significant economic rewards to miners; thus, as a newbie to IPFS llgo, how should I choose a mining machine or computing power product?
Mining theory
You must first comprehend the mining concept of the mining equipment before selecting one. Consider Bitcoin's consensus mechanism: in the Bitcoin network universe, this network assigns a highly difficult math challenge to each miner; whomever is the first to solve this math problem receives the reward from the new Bitcoin issue. So, whether or not the TA can solve this math conundrum is determined by the TA's processing capability, also known as arithmetic power.
So, what exactly is the consensus mechanism? Consensus mechanism means that in the current network, several nodes with unrelated interests can reach a consensus, and everyone acknowledges that you calculated this math puzzle, just as people from different countries who don't know each other acknowledge that you are a good person, and everyone agrees that you are a good person.
This Bitcoin consensus mechanism is known as proof of workload (POW), but it will waste a lot of energy, a lot of mining machines, and a lot of electricity investment, just to calculate a mathematical puzzle, Tesla CEO Musk declared on May 13, will suspend accepting Bitcoin payments due to the fear of fossil, coal fuel emissions caused by Bitcoin transactions.
To address this issue, Filecoin, IPFS's incentive layer, employs a hybrid consensus mechanism that includes the expected consensus EC as well as the replication proof PoRep and the space-time proof PoSt, which calculates effective arithmetic power (effective storage power) by accounting for how much data is actually encapsulated and submitted to the chain with the replication proof. It makes no difference if you don't comprehend it.
It's OK if you don't understand; just keep in mind that Filecoin's mining arithmetic is mostly influenced by storage capacity; the more storage space you have, the higher the effective arithmetic, and the greater the likelihood of miners receiving block rewards.
How should a mining machine and arithmetic product be selected?
To begin, mining goods are classified into two types: mining machines and arithmetic products. Both have the same daily mining revenue; the difference is that the mining machine must wait for the encapsulation cycle, which typically takes 3-4 months, whereas the arithmetic product can achieve T+1 deployment, T+2 coin production, and revenue on the third day after purchase, saving months of encapsulation time.
Second, while mining machines have freehold property rights, they are extremely expensive, and their deployment is quite demanding on the external environment, not only do they need to ensure 24-hour non-stop power, but also the temperature and humidity must be in the right range, whereas arithmetic products are mined by leasing arithmetic and can realize hosting services. Take, for example, Honeybee Storage, the leading professional operator of IPFS distributed storage in China. Once the user determines the purchased arithmetic through the company, the operator can immediately deploy it in its own exclusive machine room, and the user does not have to worry about the impact due to power outages and other situations, lying at home mining.
A mining equipment has 192T of storage capacity, which is equivalent to a building with 192 dwellings. Purchasing a mining machine is analogous to having a collection of dwellings maintained and hosted on a property, and purchasing an arithmetic product is comparable to one or more of these residences. Of course, if you purchase 10T, you're not purchasing an everlasting title, but a three-year title, and at the conclusion of that period, the title still belongs to someone else, unless you wish to renew it.
Finally, Filecoin differs from Bitcoin in that it does not require much computing, so energy consumption is low; however, it requires more bandwidth and hard drive hardware, which directly affects your mining efficiency; thus, this is an important reference standard when selecting a mining machine or computing power product.
How does mining work after acquiring a mining machine?
First, install and execute the mining program.
Then, after joining the network, create nodes, synchronize chain data, and generate wallet addresses.
Finally, because mining requires pledging FIL, you must first purchase or borrow FIL, then go to the wallet address, get storage orders, data sealing (which takes the longest), generate proof of replication, verify data, form valid arithmetic, get packing rights, submit proof of time and space, and receive a block-out reward.
What happens when you buy an arithmetic product?
You may skip these arduous tasks if you pick an arithmetic product; you simply need to decide the bought arithmetic power, and the professional operator can offer you with a stable mining environment and professional hosting services.
In summary, mining equipment and arithmetic products each have their own set of benefits and drawbacks; how you select relies on your individual scenario.
