Today we are announcing the general release plan of the new mining. The first stage of the new mining mechanism will take effect on March 1, 2022. Read More Bellow to learn more details about the release plan. Mine at higher rates while you can. Happy Mining!
Pi Network Mining New Plan Release
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. A 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 Pi 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. The 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 rates 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!
What Is Pi Network Mining?
Pi Network Mining is a component to mine digital money, for example, bitcoin, utilizing leased distributed computing influence and without introducing and straightforwardly running the equipment and related programming. Pi Network Mining firms permit individuals to open a record and remotely take an interest during the time spent on digital currency Mining for a fundamental expense, making mining available to a more extensive number of individuals across the world. Since this type of mining is done by means of the cloud, it lessens issues, for example, support of gear or direct energy costs.
Cloud excavators become members in a mining pool, where clients buy a specific measure of “hash power.” Each member procures a favorable to rata portion of the benefits with respect to how much hashing power leasing.
Understanding Pi Network Mining
Pi Network Mining use distributed computing to deliver blockchain-based digital forms of money. Distributed computing, all the more for the most part, is one of the quickest developing innovation patterns wherein registering administrations, for example, handling, server limit, information base administrations, programming, and record stockpiling are gotten to by means of the cloud, over the Internet. Such organizations charge on a utilization premise very much as we pay for our water or power use.
Then again, mining is the foundation of the digital currency model, for example, bitcoin. It is the cycle by which exchanges are confirmed and added to the public record, known as the blockchain. It is likewise the means through which new coins are delivered. A blend of the two opens the universe of mining to individuals at far-off areas with almost no specialized information and equipment foundation.
Pi Network Mining Models
Facilitated mining is the most well-known type of Pi Network Mining. In this model, the client buys or rents mining equipment situated in a digger’s office. The digger is liable for keeping up with the gear and guaranteeing its capacities as performed. Through this model, clients have direct command over their cryptographic money. The economies of the size of a mining ranch guarantee that costly expenses related to mining, like power and capacity, become sensible. Yet, there is an extensive forthright expense related to this kind of mining.
Rented hash power is one more model that is utilized in Pi Network Mining. In this model, hash power, or figuring power related to cryptographic money, is rented from a mining ranch. Clients get a portion of the homestead’s general benefits from mining cryptographic forms of money. As per reports, rented hash power is a famous type of Mining for altcoins (i.e., digital currencies other than bitcoin). The interaction requires an individual to open a record with a Pi Network Mining organization by means of its site and select specific things like the agreement period and hashing power.
While there are benefits to Pi Network Mining, for example, less interest in equipment and repeating costs, the cycle likewise has a few drawbacks. For instance, industry tricks have multiplied quickly with the prominence of digital currencies. Then, at that point, there is the possibility of decreasing benefits. Altcoins particularly are helpless against the request, and a decrease in their hash power could prompt fewer benefits for diggers. Pi Network Mining models likewise advance the centralization of digital currencies, in any case, a decentralized biological system.
How Cryptocurrency Mining Works
Mining for digital forms of money, for example, bitcoin, regardless of whether by means of the cloud or locally, doesn’t really include any mining. And keeping in mind that this cycle produces new cryptographic money tokens that are granted to excavators, the mining activity fills a substantially more vital need for keeping up with the security of a disseminated record, for example, a blockchain. Bitcoin mining is performed by powerful PCs that take care of intricate computational mathematical questions; these issues are perplexing to such an extent that they can’t be settled the hard way and are muddled to the point of burdening evening unimaginably strong PCs.
At the point when digital money diggers add another square of exchanges to the blockchain, an aspect of their responsibilities is to confirm that those exchanges are exact. Specifically, bitcoin diggers ensure that bitcoin isn’t being copied, an interesting eccentricity of advanced monetary standards called “twofold spend.” With printed monetary standards, falsifying is generally an issue. However, for the most part, when you burn through $20 at the store, that bill is in the assistant’s hands. With computerized money, in any case, it’s an alternate story. The diggers utilize their computational ability to tackle cryptographic riddles that forestall twofold spending in a decentralized way.
Is Pi Network Mining productive?
Indeed, it very well maybe. There are forthright expenses – you’ll need to pay to lease these diggers, and mining pools can likewise take a cut of your benefits – however, it tends to be advantageous.
Your benefit will rely upon the force of the diggers utilized by the pools – more current excavators will flaunt preferable specs over more seasoned models and will probably produce more significant yields – and the condition of the market. For example, on the off chance that you decide to clutch your bitcoin as opposed to selling it for standard cash, similar to the U.S. dollar, you’ll stay present to the cost of bitcoin.
Is Pi Network Mining unsafe?
Pi Network Mining is unsafe insofar that you are depending on another person to mine digital currency, without at any point really checking they own the equipment important to mine bitcoin, or whichever coin you pick.
Heaps of deceitful Pi Network Mining administrations guarantee to mine bitcoin for your sake yet suck up your cash all things considered. USDminer is one of the numerous models. They frequently work totally secretly, making it difficult to realize who deals with the stage, and guarantee incredibly high paces of return throughout a brief timeframe. Other warnings include:
As a reference, you’re likewise dependent on the well-being of the market. Bitcoin and other mineable digital forms of money are exceptionally unstable – meaning their costs can change significantly within a brief timeframe. This represents a gamble to your contributed capital, as any coins you in all actuality do acquire from mining can possibly crash in cost.
There’s likewise a lot of administrative gamble for Pi Network Mining. Countless cloud excavators used to be housed, for example, since the nation offered modest power, and in wet seasons the business utilized efficient power energy, as well. Yet, in the spring of 2022, Took action against its digital currency mining industry and constrained diggers to quiet down shop or shift somewhere else. That implied anybody leasing cloud excavators from pools lost pay.