Pi Network: Mining Slows and Coin Locking Policy Tightens Ahead of 2024 Open Mainnet

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As July 2024 unfolds, Pi Network users are feeling the impact of significant changes within the coin mining ecosystem. The mining rate for Pi coins has now dropped to approximately 0.02 Pi per hour, making the coin collection process increasingly challenging, especially for new users. With the imminent launch of the Open Mainnet, these measures are designed to ensure the long-term sustainability and stability of the Pi network.

Slowing Mining Rates

The drastic reduction in mining speed is part of Pi Network's strategy to control the circulating supply of coins. This move not only prevents coin inflation but also encourages users to actively seek referrals and participate in reward events hosted by Pi Network. In this way, only those who truly contribute to and commit to the network will reap the maximum benefits.

New Coin Locking Policy

In addition to lowering the mining rate, Pi Network has introduced a new coin locking policy post-migration. In a recent announcement during the Pi2Day event, Pioneers who have successfully migrated to the Mainnet now have the option to voluntarily lock their coins on the blockchain. Previously, after the migration process or once their initial lock expired, users could no longer lock their coins on the Mainnet blockchain.

This new policy, known as staking, allows users to lock their coins and earn additional rewards. Through this mechanism, users can increase their mining rate by up to 200%, as detailed in the 2021 Pi Network White Paper. This approach not only supports the growth of a strong and stable ecosystem but also encourages long-term engagement from Pioneers with the Pi Network project.

Benefits of Pi Lock

The official launch of the Pi Lock feature offers new opportunities for Pioneers to enhance their contribution to the network. By locking their coins, users can ensure a more controlled and stable coin supply while earning significant additional rewards. This feature also provides an incentive for users to remain active and involved in the community, thereby supporting the overall growth of the Pi Network ecosystem.

Moving Towards the 2024 Open Mainnet

With these strategic measures, Pi Network is demonstrating its commitment to building a sustainable and beneficial ecosystem for all users. The launch of the Open Mainnet in 2024 will mark a crucial milestone for this network, ensuring that only users who genuinely contribute and commit will gain the maximum benefits from this network.

The challenges of mining Pi coins and the new locking policy may seem daunting to many users. However, these are strategic steps to ensure the long-term stability and sustainability of Pi Network. Pioneers are encouraged to stay active, engage with the community, and participate in various events organized by Pi Network to maximize their opportunities.

With all these steps, Pi Network is further establishing itself as one of the most dynamic and innovative cryptocurrency projects globally, ready to face the future with confidence.


Source : PiNews

 

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