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The Filecoin project is up over 56% in seven days.
Filecoin announced on March 27 that its miners and Livepeer miners could now co-mine. The mining connection is rare in the cryptocurrency world, with Dogecoin and LIVECOIN being the best known combination. Filecoin is up on the news, but the announcement is part of a thread of good news flow for the project.
Filecoin & @LivepeerOrg miners can now co-mine
— Filecoin (@Filecoin) March 27, 2021Learn how the co-pilot allows miners to benefit from an additional revenue stream, the requirements, and how to get involved: https://t.co/AE1eKTAbUN
The project explains in its accompanying blog post why the projects are integrating. Filecoin and Livepeer both work extensively with decentralized data networks. Filecoin works with files of most types. Livepeer, works in particular with video files. Both require much of the same processing, however, so their mining requirements are similar. Both see improvements from working with ASICs, the hardware focused on miners.
Mining works well, Filecoin says, because its miners can store a block of video. The miner benefits from the added revenue, while both projects gain from having a broader pool of miners.
The two companies also see a future improvement, as their cooperation can bring edge computing to web3 applications. Edge computing is a form of distributed computing in which some processing is done outside of the data center. In mobile telephony, this is usually at a cell site. The projects see this as a particularly fruitful use case for decentralized platforms.
News Flow
The project started its current run with an announcement from Grayscale. The massive Bitcoin whale announced its Grayscale Filecoin Fund on March 17. Grayscale also announced four other cryptocurrency funds. These included Basic Attention Token, Chainlink, Decentraland, and, notably Livepeer.
Since then, interest in the project has grown. Chinese crypto journalist Wu Blockchain pointed out a set of reasons other than those seen in Grayscale’s backyard.
Beyond the reasons above, Wu Blockchain also noted that COINBASE launched new storage tokens, and that Filecoin and Chainlink (LINK) was a factor.
Filecoin surpassed $100, benefiting a large number of Chinese miners and investors. Reasons: the first investor token will be released over, Coinbase launched new storage tokens, the dual mining test of Filecoin and LPT started, the cooperation between Filecoin and LINK, etc. pic.twitter.com/XAaUXiC5bI
— Wu Blockchain (@WuBlockchain) March 26, 2021
Moreover, Wu Blockchain also noted that Filecoin had its own price dynamics, and that the recent Bitcoin drop did not affect it. The coin’s market capitalization is passing THETA into the Top-9 on some exchanges. As of the morning of March 27, the price had hit a new ATH of $134.
On the morning of March 27th, Beijing time, Filecoin skyrocketed again, reaching a maximum of $134. On some platforms, the market capitalization surpassed Theta to top9. https://t.co/QEluMlcsbH
— Wu Blockchain (@WuBlockchain) March 27, 2021