Base

On August 1st, Pi Network experienced a significant increase in its Base mining rate, rising by 18%, contrary to the anticipated decrease. This unexpected rise follows recent announcements of substantial changes to the network’s base mining rate for August and October.
Pi Network made the calculated decision to stop rewarding duplicate nodes and dormant KYC accounts to maintain legitimacy and fairness throughout the network.
The purpose of this action is to stop any exploitation that would endanger the Pi community. As a result, there has been a notable rise in the base mining rate for August, which gives miners even more motivation to operate honestly and lawfully.
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.
Social media discussions suggest that the mining rate might continue to increase over the next couple of months. However, there is anticipation that the rate will be a <a href="https://www.cryptotimes.io/2024/07/31/pi-network-may-announce-major-mining-rate-reduction/" target="_blank" rel="noopener noreferrer nofollow">decrease in the mining rate</a> by the end of this month.
This reduction is seen as a strategic move to align with <a href="https://www.cryptotimes.io/2024/07/31/what-to-expect-from-the-pi-network-mainnet/" target="_blank" rel="noopener noreferrer nofollow">the network’s long-awaited mainnet launch.</a> The mainnet launch will unlock the network’s full potential, allowing integration with exchanges and other blockchains, and moving the Pi ecosystem towards a more open and accessible framework.
The Pi Network, known for its novel approach to mining cryptocurrencies, continues to make adjustments that reflect its commitment to creating a fair and sustainable ecosystem for its users.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/08/03/pi-network-faqs/" target="_blank" rel="noopener noreferrer nofollow">Pi Network FAQs: Your Questions, Answered</a>
</blockquote>

Pi Network’s Mining Rate Rises 18% As Mainnet Approaches

The Crypto Times

Other articles published on Aug 3, 2024

Crypto Meets AI:From Digital Limits to Infinite Possibilities

Bitcoin Network Faces Centralization Challenge as Two Pools Dominate Mining

MEET48 GIPR2 Dapp Ranks Top Globally, Announces the 1st Web3 Metaverse Idol Popularity Ranking in...

Ripple Unlocks 500 Million XRP as XRP Rises 5.56%

Bullish on WTK, WadzPay’s Executive Expansion and Upcoming Crypto Conference with Ripple and Visa

New Solana Memecoin Trump vs SEC Will Rally 19,000% Before Exchange Listing, As SHIB and DOGE Lag

Join our free newsletter for daily crypto updates!