Pi Network increases its base mining rate by 18% as it approaches mainnet launch, enhancing the mining incentives for users and maintaining network fairness.
Points
- Pi Network raises its base mining rate by 18%.
- The increase follows recent changes to the network’s base mining rate.
- This decision aims to maintain legitimacy and fairness by stopping rewards for duplicate nodes and dormant accounts.
- The network’s commitment to fairness boosts miners’ motivation to operate honestly.
On August 1st, Pi Network announced a significant 18% increase in its base mining rate, contrary to the anticipated decrease. This unexpected rise follows recent announcements about substantial changes to the network’s base mining rate for August and October, designed to enhance network legitimacy and fairness.
Maintaining Legitimacy and Fairness
Pi Network’s decision to stop rewarding duplicate nodes and dormant KYC （Know Your Customer） accounts is a strategic move to ensure the integrity of the network. By eliminating these rewards, Pi Network aims to prevent exploitation that could undermine the community’s trust and the network’s stability. This action highlights Pi Network’s commitment to creating a fair and sustainable ecosystem for its users.
Increased Mining Rate
The increase in the base mining rate is attributed to the over-issuance of Pi’s monthly supply limit due to an unexpected surge in the number of pioneers and their mining rates facilitated by lockups. This rise gives miners additional motivation to participate honestly and legally, ensuring a more robust and active network.
Preparation for Mainnet
As Pi Network approaches its mainnet launch, these adjustments reflect its ongoing efforts to prepare the network for a smooth transition. The increased mining rate not only incentivizes current miners but also attracts new participants, thereby expanding the network’s reach and capabilities.
Conclusion
Pi Network’s strategic decision to increase its base mining rate by 18% underscores its commitment to fairness and network integrity. By addressing issues related to duplicate nodes and dormant accounts, Pi Network enhances its legitimacy and ensures a sustainable future for its community. As the mainnet launch approaches, these measures will likely contribute to a stronger, more active network, ready to achieve its long-term goals.
Explanation
- Increased Mining Rate: The 18% rise in the base mining rate incentivizes miners and enhances network participation.
- Fairness and Integrity: Stopping rewards for duplicate nodes and dormant accounts maintains the network’s legitimacy.
- Mainnet Preparation: Adjustments ensure a smooth transition to the mainnet, attracting more participants.
- Network Sustainability: Pi Network’s strategic measures aim to create a fair and sustainable ecosystem for its users.