Head of Filecoin Denies The Rumors that Its Miners Are Holding A Strike

A globally popular decentralized storage network for storing cryptocurrencies, Filecoin, last week introduced its mainnet. Filecoin is engaged in allowing its users to store their digital assets on a rental basis. Also, the coins of Filecoin were recently got enlisted with world-renowned crypto exchanges including Kraken and Gemini.

However, the launch of its mainnet didn’t bring any appreciating remarks for the network. Instead of making positive headlines, the rumors shrouded the launching of its mainnet.

It was reported in the press that a large number of Filecoin’s premier miners were holding a strike.

As per rumors, a day before mainnet’s launching on 15^th October, the top 5 miners of Filecoin went onto a strike. The top miners were aggrieved because they felt that the economic structure of the tokens was bad and unfair. Rumors are that the new model requires the miners to lock FIL coins with a certain percentage of amount as collateral. The miners are of the view that the amount required for locking up as collateral is too high. Resultantly, the new structure becomes economically unviable to them.

Rumors further suggested that the strike was heavily propagated. It is said that the miners went on so far as to shut down thousands of mining machines. They have categorically refused to turn them on, as suggested in the rumors.

Yet, most of the rumors are coming from the renowned social media app, Twitter. One of the Twitter account holders namely Nico Deva initially claimed the rumors to be correct and authentic.

However, when the rumors were not stopping, the network’s founder and head of affairs, Juan Benet had to respond to the rumors. He said in a message from his Twitter account that these are rumors and far from truth. He categorically denied that there were any miners who were on strike. He also told that the only truth is that the miners are generating blocks at a very low pace.

In his second message, Benet also told that Filecoin has issued instructions to miners to produce blocks at a slower rate. This is because the network wants to go in parallel with the flow of its tokens, he explained further.

That’s not all. Benet also shared evidence showing that the miners were producing fresh blocks.