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

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The value of filecoin, a blockchain-based cryptocurrency and cooperative digital storage network, has risen 61% in the past seven days and 493% in the past three months. Regional reports from China also show that Shenzhen-based hardware giant Xinyuan Technology Co. has invested $89 million in the nickel mining ecosystem.

Filecoin market capitalization rises, IT equipment giant Xinyuan Technology invests inFIL miner

Filecoin, a decentralized storage project developed by Protocol Labs and built on top of the Interplanetary File System (IPFS), has seen significant demand over the past 90 days. In the past week, the crypto asset has jumped 61%, while a number of other cryptocurrencies have fallen. At the time of publication, Filecoin is trading at $127 per coin and has a market valuation of $7.54 billion. The 30-day price statistics show that Filecoin (FIL) is also up over 270%.

The Filecoin project aims to give people control over their data and decentralize large cloud services like Amazon and Cloudflare. The project launched in 2017 to much acclaim and raised over $200 million in thirty minutes. As the hype gradually built, the Filecoin team announced on 27… March announced that FIL and Livepeer miners can mine together. Filecoin mining has met demand, and recently Shenzhen-based hardware giant Xinyuan Technology Co. invested in filecoin mining.

Paraphrasing cryptographic terms to satisfy the Chinese government

Regional reporter Priishu Garg reported in detail that Xinyuan Technology has invested 580 million yuan, or just over $89 million. In a separate announcement, AI Express said the Shenzhen-based company will launch on the 15th. Mars 2021 has signed a purchase and sale agreement. And according to local journalist Colin Wu, also known as Blockchain Wu, Xinyuan Technology intentionally left out some cryptocurrency terms in its announcement.

When Wu mentioned the takeover, the man said: Oddly, Filecoin is not specifically mentioned. The article mentions the Distributed Storage Center project.

A Chinese journalist responded by saying:

Yes, because the Chinese government doesn’t like words like coin or crypto.

Xinyuan Technology’s investment in Philecon Miners is the result of a partnership with Jiangxi-based electronics company Sesumg. Prieshu Garg said Sesumg will supply the company with 500 units of computer equipment and 100 units of memory equipment.

The recent demand for Filecoin also stems from a recent announcement by Grayscale Investments, which announced the launch of five new trusts, including a Filecoin Fund (FIL). Since the announcement of the grey scale, the market prices of FIL have increased considerably.

What do you think of the recent interest in Filecoin technology and Xinyuan’s investment of over $89 million in Filecoin miners? Let us know what you think in the comments below.

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Tags in this story

$FIL, crypto, cryptocurrencies, decentralized storage, decentralized storage network, phylcons, branch network, branch trust, gray investment, interplanetary file system, IPFS, IPFS.io, storage, blockchain wu, xinyuan technology

Photo credit: Shutterstock, Pixabay, Wiki Commons, Filecoin logo,

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