Pi Network Unlocks More Mining Rewards
Pi Network has freed up to 25% of total Pi mining rewards, the latest activity on the blockchain protocol showed.
According to the newest mainnet metrics, locked mining rewards currently stand at approximately 1.2 billion (1,218,602,971.0768094) from a total migrated mining rewards of about 1.6 billion (1,621,790,457.8859322).
As a result, the difference of 400 million Pi tokens (or 25% of total migrated mining rewards) are now available for Pi miners (collectively known as Pioneers) who use their mobile phones to contribute to the validation and verification of transactions involving the cryptocurrency.
Many analysts have attributed the unlocking of tokens to the increasing number of transactions and rewards for Pi miners.
The milestone by Pi Network comes a month after the project’s core team announced a Hackathon to grow its ecosystem. In the crypto and blockchain industry, a Hackathon is an event that enables developers to build decentralized applications (DApps) and other products for a particular project.
The midpoint check for the Hackathon is slated for 12 February, with teams using Pi's Open Source license software in their final project standing a chance to receive 20 PI in rewards.
Mobile crypto mining is on the rise thanks to the use of smartphones and devices powered by Android and iOS systems. However, its future remains largely unknown due to a lack of a clear global regulatory framework.
What is Pi Network?
Founded by Chengdiao Fan and Nicolas Kokkalis as a developer platform and social cryptocurrency, the network allows all smartphone users to mine the tokens without causing harm or destroying the lifespan of their mobile devices.
PI appeared on cryptocurrency exchanges in December 2022 and reached an all-time high (ATH) price of $330.65 on 30 December. With a substantial plunge in trading volume despite the soaring of Bitcoin (BTC), altcoins, Metaverse stocks, AI, and big data tokens, PI has shed more than 80% of its ATH and was exchanging hands for $55.53 in the early hours of 10 February.
Pi is currently supported by several exchanges, such as BitMart, XT.COM, Huobi, Hotcoin Global, SuperEx, and CoinW.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.