Back in May 2020, HBTC launched Filecoin mining to provide users with the equipment and the solution to mine FIL. This was done in the form of a subscription to FILM (Filecoin Cloud Mining) at the price of 88 USDT to 130 USDT per terabyte hash power that provided users with block rewards in FIL.
The configuration for mining equipment according to the standard of the testnet was relatively low in price. However, due to the changes in the rules of staking for mining FIL after the release of Filecoin mainnet led to an increase in the cost of staking and mining, making it impossible to generate returns and thus, resulted in a much lower output than what we expected.
To protect our users from the Filecoin Cloud Mining competition, HBTC will temporarily stop FILM (Filecoin Cloud Mining). We will conduct a buyback of the remaining hash power from HBTC users at the price of 260U/T which is double the initial subscription price.
The initial prices for the subscription were around 88U/T to 130U/T. HBTC will buyback the remaining 210 days of mining hash power at the price of 260U/T. Users who have received the FIL block reward from the first 150 days of Filecoin Cloud Mining will have full access to his/her FIL tokens.
According to the overall returns, the block rewards from the first 150 days of Filecoin Cloud Mining plus the 260U/T from the buyback of the remaining 210 days of mining hash power add up to 2.5x to 3x returns.
HBTC will execute the buyback within 3 working days after the release of this announcement. HBTC will automatically remove FILM and credit the equivalent USDT based on the price of 260U/T to the users' account.
Thank you for your kind understanding and continuous support.
Digital Asset Trading can be a challenging and potentially profitable opportunity for investors. Users are strongly encouraged to carefully consider their investment objectives, level of experience, and risk appetite.
25 March 2021