Altcoins

Filecoin (FIL) Launches Co-mining Pilot with Livepeer (LPT)

In brief:

  • Filecoin and Livepeer are launching a co-mining pilot project
  • The test will see Filecoin miners become Livepeer video miners
  • The similarities between the two projects in terms of the equipment used (GPUs) makes the idea feasible
  • Participating miners will receive LPT and FIL grants

The Filecoin (FIL) and Livepeer (LPT) projects have announced the launch of a co-mining pilot project. The co-mining test will allow Filecoin miners to become Livepeer video miners ‘while continuing to mine on the Filecoin network by storing transcoded video data’.

Both Livepeer and Filecoin Use Similar Infrastructure – GPUs

Miners of both networks are in a unique position to foster co-mining as Livepeer video miners serve as the backbone of a decentralized video network whereas Filecoin miners serve as the backbone of a decentralized storage network. The same miners can utilize their infrastructure to co-mine both networks thus availing additional technical and product opportunities for web3.0 applications.

According to the official announcement by Filecoin, both projects utilize GPUs and are best positioned for the pilot as explained below.

Given these similarities between the ideal profile of a Livepeer video miner and that of a Filecoin miner, a Filecoin miner could be well positioned to also be a Livepeer video miner while continuing to mine on the Filecoin network by storing transcoded video data.

The miner would benefit from an additional revenue stream and the networks would benefit from a larger, more geographically distributed shared pool of hardware and bandwidth resources that more miners can contribute to.

Hardware Requirements for the Pilot

The announcement went on to provide the following technical requirements for mining hardware.

  • Must have Nvidia GPUs that:
    • Have the NVENC/NVDEC hardware video encoder and decoder
    • List of GPUs with NVENC/NVDEC support
    • List of GPUs that have been tested with Livepeer

Miners Who Participate in the Pilot will Be Eligible for FIL and LPT Grants

The pilot project is therefore seeking to recruit miners for the pilot project of co-mining Livepeer and Filecoin. Furthermore, participating miners will be eligible for LPT and FIL grants.

   

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