It's been just a month since I last paid attention, and even the most loyal supporters of Filecoin have started to complain. Someone who recently re-engaged with this project looked at the latest data and shook their head.

The once-celebrated decentralized storage project Filecoin is undergoing changes that are hard to react to instantly. The data is right in front of us—the number of active miners has dropped to only 1,063, and the total effective network hash rate has fallen below the psychological threshold of 20 EiB, now hovering around 19.8 EiB.

Miners are disappearing

A month ago, the situation was still acceptable, and the project team didn’t signal any major changes. But looking back now, it’s a completely different picture.
The number of miners has been halved from its peak, now only 1,063 remain. In other words, people are pressing the shutdown button and leaving every day. What’s behind this? It’s worth pondering carefully.
The decline in hash rate is even more painful. 19.8 EiB isn’t just a number achieved through technological iteration; it’s real hash power being lost. Breaking below the 20 EiB key point has obvious symbolic significance.

Strategic shifts cause anxiety

The poor data isn’t the whole story. Recently, some strategic adjustments announced by the Filecoin project team have directly hit the community’s sore spots.
Some pointed out that the project might be copying the logic that led Luna to collapse—over-relying on algorithmic stability mechanisms to forcibly maintain the ecosystem, pursuing short-term impressive numbers without regard for whether the fundamentals are truly healthy. The lesson from Luna is still very clear, and the current approach of Filecoin makes long-time supporters nervous. Will history repeat itself? That’s the question hanging there.