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Tech Consortium to Spend $1.3B to Build Filecoin Mining Facility in China
Upon its completion, the facility will be the largest filecoin distributed storage infrastructure project in China.
Updated Dec 12, 2022, 12:50 p.m. Published Apr 15, 2021, 11:59 p.m.
A blockchain infrastructure provider headquartered in China is funneling $1.3 billion in funding to build the largest filecoin (FIL) mining facility in the country.
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According to a blog posthttps://filecoin.io/blog/posts/ipfsunion-announces-1.3-billion-investment-in-filecoin-mining-facility/ on Tuesday, distributed storage service provider IPFS Union's funding is part of a grand vision of building the "Big Data Industrial Park" based in the Jiangxi Province of Fuzhou City.
Upon its completion, the facility will be the largest filecoin distributed storage infrastructure project in China – a major development for a network that only recently pivoted to a mainnet.
IPFS Union boasts core members from Microsoft, Alibaba, SAP, Huawei, SNDA, Giant Network, AMD, Inventec and others. The union also has large-scale server cluster architecture design experience while having involved itself in cloud storage and internet infrastructure for more than ten years.
Read more: Filecoin Surges 42%, Replaces Litecoin as 9th Largest Digital Asset
The union also focuses on research and development of blockchain technology as it seeks to develop distributed storage applications and the ecosystem around Filecoin, according to the post.
"We’ve been active in the blockchain space since 2016, primarily focussed on digital currency investment, but not really participating in development," the post reads. "We were looking for a project with both investment value and a mature ecosystem."
Meanwhile, Filecoin is aiming to become the leading decentralized storage network by enabling users to buy and sell unused storage on an open market.
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