coincodex.com
Key takeaways
- Filecoin (FIL) has unveiled an accessible mining application, helping to reduce entry barriers for FIL token mining and raise the level of network decentralization
- Filstation makes the process of mining FIL much easier than in the past, a development that follows a positive year for Filecoin in terms of network performance
- The FIL price prediction algorithm is anticipating a 2x surge within the next 2 months
Filstation set to make mining FIL faster, cheaper, and simpler than ever before
The current price of Filecoin (FIL) sits at $4.31, remaining stable throughout the day with a +0.60% move in the past 24 hours.
The project revealed today that it has launched a new desktop application that allows users to mine FIL tokens passively on their computer. The app, Filstation, unlocks new mining opportunities that make the process much more accessible than it has been in the past.
Check out the newly launched @FilecoinStation. This desktop app makes it easy to connect your computer’s idle resources to the Filecoin network and earn FIL rewards. ?
— Filecoin (@Filecoin) November 8, 2023
Simply download, connect, and contribute. https://t.co/fEOsP6LhPo
Filecoin is a decentralized storage network that relies on miners, known as storage providers, to secure the network infrastructure. In return for providing computational power, the Filecoin protocol rewards storage providers with FIL tokens as a financial incentive.
Previously, FIL token mining required expensive hardware as standard computer GPUs were not powerful enough to support the process. With the launch of Filstation, anyone can plug into the Filecoin network and begin earning FIL tokens with idle computer resources.
Filstation is simple to set up and cheap to run, which may benefit the Filecoin network over time. The app could encourage more people to support the network infrastructure as it reduces entry barriers to FIL mining, which serves a dual purpose of increasing the level of decentralization and boosting the underlying network’s total storage space.
FIL climbs +30% in past month as Filecoin network utilization hits 12%
FIL has enjoyed positive price action in recent weeks as it broke resistance at $4 to reach its current price of $4.31. The native cryptocurrency of the decentralized storage network shot up +30.23% in total in the past month, and FIL is now targeting a breakthrough of the 0.236 Fibonacci retracement level.
FIL has met resistance at the 0.236 Fibonacci retracement level, via TradingView
The bullish price action from FIL in recent weeks has coincided with some positive project developments. Messari recently conducted a study into Filecoin network performance during 2023, showing that there has been a considerable rise in demand for decentralized storage space.
The total number of peer-to-peer storage deals has been rising consistently throughout the year, and Messari reported that there has been a +45% QoQ increase. Rising demand for the storage network led to Filecoin reaching 12% total network utilization — rising considerably from the 0.9% figure that was reported this time last year.
FIL price prediction algorithm forecasts 2x surge in the coming months
An AI price model has made a bullish claim over the FIL token’s potential movements for the next 3 months. In total, the FIL price prediction algorithm expects the token to rise +125% from now until January 2024, signaling a strong likelihood that FIL breaks through key LTF resistance levels while targeting a swing back to its 2023 range high.
FIL hit its yearly high of $9.51 back in March, and has since been in a consistent downtrend where it has fallen -71%. The +30% move in the past month has been the first major sign of strength since Q1 2023, and FIL is expected to sustain this bullish momentum heading into the new year.
With a +125% move forecasted by the FIL price prediction algorithm, it looks likely that FIL can break through the top end of its 2023 range. The Bitcoin halving event is due to take place shortly afterwards, which may usher in a macro uptrend that benefits FIL even further.
Bottom line: FIL trending upwards after positive performance for the blockchain network in 2023
Messari’s State of Filecoin report showed a major increase in demand for Filecoin storage space. Users have been actively trading storage peer-to-peer throughout the year, with a demonstrated uptick in the number of deals being made in recent months.
The introduction of an accessible mining app through Filstation should also not be understated. For the first time, users can supply computational power and begin generating FIL token rewards without the need to purchase expensive hardware or shoulder costly energy bills.
Rising demand for decentralized storage space and greater accessibility for token mining both have a direct impact on FIL price action. More network activity necessitates higher trading volume, and the FIL price prediction algorithm has reinforced bullish sentiment by targeting a 2x gain for FIL in the next two months.