The9 Signed a US$10 million Framework Agreement on the Purchase of Filecoin (FIL) Mining Machines

The9 Limited, an established Internet company, announced that it signed a US$10 million framework agreement with a Filecoin (FIL) mining machine vendor to purchase Filecoin mining machines by cash.

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The9 had already purchased and deployed Filecoin mining machines, and Filecoin mining has been started. Currently The9 owns an independent node on Filecoin blockchain and 8 Pebibyte of effective storage mining power in the Filecoin network.

The9 will continue to purchase Filecoin mining machines under the Framework Agreement based on the trend of Filecoin price and Filecoin’s economic incentive model.

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Filecoin is an open source, decentralized storage and digital payment system that enables users to store data, with built-in economic incentives to ensure files are stored reliably over time. Users pay to rent hard drive space using the native cryptocurrency (FIL), and storage miners are responsible for storing files and proving they have stored the files correctly over time. Available storage, and the price of that storage, is not controlled by any single company, instead Filecoin facilitates open markets for storing and retrieving files that anyone can participate in. Filecoin builds on top of the existing IPFS (InterPlanetary File System) protocol, which has helped power the distributed web.

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