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