2025-12-25 13:24:09

In just one month, Filecoin is experiencing a silent ecological crisis—massive miner withdrawals and continuous decline in hash rate. Most dangerously, the project's operational route seems to be copying the old paths of some failed projects.

Remember a month ago? FIL was still regarded as a beacon of hope in the decentralized storage field. Now, looking at the data, the situation is concerning: only 1,063 active miners remain, and the total network hash rate has dropped to 19.8 EiB. A project that once aimed to revolutionize internet storage is now facing such a silent crisis.

**Miners are Retreating**

The numbers reflect reality. The figure of 1,063, once associated with the ambition to build a global decentralized storage network, now seems somewhat ironic. Miners are the foundation of the entire network; their collective withdrawal reflects not emotion but cold economic reality: mining rewards can no longer keep up with maintenance costs.

When rational choices turn into fleeing, everything has changed. This is not just a simple fluctuation in numbers but a true reflection of ecological health.

**Hash Rate is Declining**

The total network hash rate of 19.8 EiB has plummeted compared to its historical high. Hash rate is like the "muscle" of the storage network—muscle atrophy means the entire network's computing capacity and security defenses are weakening.

The dual deterioration of key indicators (number of miners and hash rate declining simultaneously) often points to deeper systemic issues. This cannot be explained by short-term fluctuations.

FIL-0.31%

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AirdropNinja

· 7h ago

I already said that FIL cannot be mined for money, and now you’re only realizing it. This time, it’s really miners voting with their feet... Over a thousand miners are still holding on? That’s really bold. I didn’t expect it, the once shining star of storage... to end up like this. FIL’s tactics... it feels like a replay of how certain projects met their demise. The miners have all left, can they come back? It seems uncertain. Another story of an ecosystem’s collapse... I’ve seen many. 19.8 exahash of computing power, what does that mean? It means nobody believes in this anymore. It was hyped so much at the beginning, and now look at what it’s become... it’s heartbreaking.

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OnchainGossiper

· 7h ago

Wait, 1063 miners? Is this a joke... Is FIL really that cold? --- Damn, I was still waiting for it to turn around, but the hash rate has dropped like this... Could it really be going down the same old path? --- What does it mean if all the miners have left? The profits can't cover the costs, that's the most honest vote. --- In just one month, hope has turned into a dilemma. This speed is a bit frightening... --- 19.8 EiB... Just looking at this number, you know there's no hope. Muscle atrophy can't be saved at all. --- It's the same old story before a major crash... Remember, everyone, miner withdrawals are always the first signal. --- FIL? Why are some people still holding on... My friend sold all his holdings long ago. --- 1063 active miners hahaha, what’s the difference between this and liquidation? --- Basically, the economic calculations don't add up. No matter how grand the vision, it can't withstand not getting any gains.

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WalletsWatcher

· 7h ago

In just one month, from a beacon of hope to this, the speed at which FIL miners are fleeing is truly remarkable... What are 1063 miners still holding on for? --- Mining profits can't keep up with costs, simply put, it's a losing business. Miners are not philanthropists, so withdrawal is completely normal. --- It feels a bit like those previous projects, always the same套路... --- 19.8 EiB of computing power basically means the network is slowly dying. Who would still dare to participate? --- The collective exodus of miners isn't an emotional issue; it's economics, buddy. If there's no money to be made, who would stay? --- Is this the future of decentralized storage...? A bit disappointing. --- The term "double deterioration" is quite accurate; miners and hash power are both plunging, and systemic problems really can't be avoided.

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DeFiVeteran

· 7h ago

FIL is really running out of miners, only 1063 left, it's hilarious. How can they survive? Just one month and it's collapsed like this, even Bitcoin's father hasn't been this embarrassing. Wait, is this data real? Feels a bit exaggerated... Mining costs can't keep up with profits, this logic makes sense, if you need to withdraw, just withdraw. Another "light of hope" is about to go out. We're tired of this kind of routine in Web3. Miner exit is the real signal, more accurate than anything else.

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GweiTooHigh

· 7h ago

Another story-funded project heading towards decline, miners voting with their feet is the most honest --- FIL is really cooling off this time, over 1000 miners still holding on, what kind of ecosystem is that... --- Honestly, I saw it coming a long time ago, I've heard the project team's rhetoric too many times --- Decentralized storage was always a pseudo-demand, it's normal to drop the ball now --- Isn't the big withdrawal of miners just because the returns can't keep up with electricity costs? The economic model is fundamentally broken --- It feels like FIL is repeating the LUNA script, just a bit slower --- It's really funny, the once shining hope can't even keep 1100 miners now? --- That's why I never touch storage projects, they are inherently flawed --- A cliff-like decline is not just volatility, it's called a death spiral, everyone --- What does 19.8 EiB mean? Anyway, it's significantly below the all-time high

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