Good morning Asia, here's what's making news today: 1. Filecoin is wrestling with China exposure and cost of subsidy concerns. 2. Bitcoin holds around $24.5K as it awaits remarks by Fed Chair Jerome Powell. TheSamReynolds writes
Bella Yang, a research manager with IDC China’s enterprise research team, told CoinDesk in a note that Filecoin miners were buying a large number of storage servers known as. These are uncomplicated arrays of HDDs designed to scale a company’s ability to archive data quickly.
“During this time, a large number of JBOD products were sold directly to mining companies and prices of high-capacity HDDs began to rise, even driving many out of stock when there was a shortage of 8 terabyte-plus HDDs,” Yang said, explaining that the Filecoin-induced demand for HDDs came as COVID closed factories in China.
Although bitcoin mining has largely left China, and ether mining has been made redundant with the Merge, Filecoin miners still have a large presence in-country.around its top-10 miners, many of which are based in China and owned by cloud storage companies. “The fact that the most important miners are linked to cloud storage companies highlights that Filecoin is far from being concretely decentralized market storage because these companies are dominating the storage market and monopolizing the mining operations,” the authors wrote.
“What I think is going to be the most important thing to watch there is if the storage demand can still keep up when storing data is no longer free,” Messari enterprise research analyst Sami Kassab said earlier to CoinDesk.
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