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New mining Pi Network release plan

 


New mining Pi Network

On December 28, 2021, we launched the Mainnet along with new chapters of the updated Pi white paper (December Whitepaper). One chapter, “Token Model and Mining”, communicated Pi’s supply model, new mining mechanism, and mining rewards within the supply limit. Please use the December Whitepaper linked on the home screen as a reference for the following announcement.

As stated in the December Whitepaper, the supply for mining rewards is 65 Billion Pi, which includes rewards Pioneers have mined in the pre-Mainnet phase and rewards for future mining through the new mining mechanism. The new mining mechanism is meant to incentivize more types and amounts of contributions from Pioneers to the network necessary for its Mainnet phase. The network rewards issuance going forward and supply limits of a given time period will be based on a declining formula (rewards issuance formula).

The Core Team has been working on the rewards issuance formula through economic modeling and simulations. The first version of the specific formula will be released on March 1, 2022. On the same date, Pi Network will also adopt the first step of the new mining mechanism. Because the network rewards issuance formula is a declining function, the systemwide base mining rate (B) will be expected to decrease based on the calculation specified in the December Whitepaper. Thus, mine and remind your team to mine at a higher rate while you can before March 1.

The network adoption of the new mining mechanism will be independent of and in parallel with the mass migration to the Mainnet blockchain. New mining mechanism is composed of two major aspects: 1) supply limit of a given time period and 2) new mining rewards in the new mining mechanism. While KYC and Mainnet migration are ongoing, the network will concurrently follow the timeline below to put each aspect of the new mining mechanism in effect.

  • March 1, 2022 - The rewards issuance formula that defines the supply limit of a given time period will take effect. Systemwide base mining rate will be reduced based on the supply limit. The mining mechanism otherwise stays the same until March 14.
  • March 14 (Pi Day), 2022 - The new mining mechanism including the new types of rewards specified by their respective formulae in the December Whitepaper will take effect. Pioneers will be able to increase their individual mining rate by making diverse types of contributions to the network.

The new mining mechanism will usher in a new era for the network. Mine at higher rates while you can. Happy Mining!

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