These days, Filecoin's high fees have been criticized by miners. Let's take a look at the recent trend of Gas fees. This afternoon, it broke a new high. The miners are grieving again, but they are still working hard to increase their computing power.
So what is the GAS fee? How much FIL fee does it need to consume packaging computing power? So what is the motivation for the miners to continue working at such a high cost? Will the GAS fee keep rising?
Someone specifically counted the amount of gas burned:
We can ignore the intermediate calculation process and look at the conclusion directly.
To pack 1T effective computing power on average, it will permanently consume 2.88 FIL.
A miner with 50PB of computing power needs to consume more than 3500FIL to add 1PB of computing power a day.
What is the concept of 3500 FIL, combined with the current price of FIL 200RMB/piece, nearly 700,000 RMB! That is to say, a large miner of 50PB, in the case of such an abnormally high handling fee, the handling fee alone will cost 700,000 a day! It also raises the threshold for new computing power. 1T computing power increases, plus nearly 10 FIL pledges.
With such a high fee, why are the miners still working hard? Let's take a look at the logic behind it!
A currency system can be divided into buying (purchasing power) and selling (market supply). From the perspective of monetary policy, Filecoin's gas fee burn is a buy. Then what are Filecoin's buying? Buying may include the following behaviors: Destruction + miners' computing power growth mortgage, maintenance + secondary market buying. Therefore, the current daily consumption is equivalent to buying so many FIL in the market and never entering the market.
The total amount of Ethereum tokens will be issued every year. By destroying BaseFee, the inflation of ETH can be reduced. But the total amount of Filecoin is constant (2 billion). If all the BaseFee of the message fee is used for destruction, it will accelerate the deflation of Filecoin, which will support the price increase of FIL, which is equivalent to using the price increase to make up for the loss of the miner’s FIL. .
Therefore, based on the current handling fee, miners can still live and accept it. It's a big deal, 2-3 coins less than a T per year. The price is still supported, so it can still be tolerated.
Will the GAS fee keep going up?
Although affordable GAS fees are beneficial to the network, too high GAS will also cause a huge burden on the network, because the immediate consumption has increased the threshold and burden of the miners. If the GAS fees continue to increase, it will even make the miners powerless. When paying the fee for the proof of time and space, that is the arrival of disaster, but this situation is almost impossible to happen, and at most it will lead to slow growth of computing power, because when the transaction price is too high, the market will avoid the transaction because the price is too high ( Increasing computing power), leading to a gradual decrease in the scale of gas fees, so you don’t have to worry about rising gas fees. This is the invisible hand that the market will secretly regulate.
When the gas cost is high, miners with low wealth should not increase the computing power, just ensure the stability of the computing power, which can effectively reduce unnecessary losses, and the other is technical optimization. But in essence, the current performance of the Filecoin chain still needs to be improved, and the TPS is not high, so improving performance is fundamental. However, the government has been optimizing the cost of GAS. I believe that in the near future, the cost of GAS will no longer be the biggest burden on miners.