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.

AccessTimeIconApr 15, 2021 at 11:59 p.m. UTC
Updated Dec 12, 2022 at 12:50 p.m. UTC

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.

According to a blog post 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.

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.