﻿Hey Pioneers! Today, you will see the new Pi mining mechanism in action and learn how to explore and interact with your Mining page.
We’ll explain how your total mining rate is calculated from various components.
Overall, mining rewards help meritocratically reward Pioneers for their diverse contributions
to the network's security, growth and inclusion, utilities creation, and stability and longevity.
To get started, access the Pi mining page by tapping the lightning button here after completing your daily mining session.
This new Pi Mining page is your one stop for all information related to your mining rate.
From here you can understand how your total mining rate is calculated from the 3 main inputs -
base rate, boosters, and rewards- and explore and interact with each of them.
Let's spend some time exploring the page - we'll start with the summary at the top.
This top section gives Pioneers an overview of the time until a current mining session ends, so you know when to come back to mine,
a Pioneer's current Total Mining Rate in Pi per hour,
and the overall calculation, where your Total Mining Rate equals the base mining rate multiplied by the Pi Boosters and by the Rewards.
Next, we'll look at the base rate calculation.
The current mechanism of the Pi systemwide base mining rate adjustment became effective on March 1st, 2022
based on a declining rewards issuance formula and adjusts on the first day of every month.
This change is in line with the direction outlined in the three updated whitepaper chapters released on December 28, 2021 along with the launch of the Enclosed Mainnet.
In combination with mining activities, the systemwide base mining rate is adjusted dynamically based on a monthly supply limit determined by the formula.
This ensures that Pioneer mining rewards are within the total supply limit of 65 billion allocated for mining rewards as announced in the December Whitepaper.
The monthly base mining rate will continue to be adjusted based on the formula.
This new base mining rate differs from the old base mining rate,
which had a static value and halved every time the network of Engaged Pioneers increased in size by a factor of 10.
This formula, along with the new mining mechanism,
balances the network’s need for growth, accessibility, longevity, and long-term incentives.
Additionally, it right-sizes the Pioneers’ rewards for contribution to the network.
Next, let's visit the Boosters section.
While the base mining rate stays constant for all Pioneers each month,
there are several ways that Pioneers can individually boost their respective mining rates.
The first requirement to receive boosters (or mine any Pi at all) is active mining.
Active mining is at the heart of the meritocratic principle,
so Pioneers must renew their mining session everyday in order to continue to mine Pi.
A status of 100% indicates that the Pioneer is actively mining.
The Security Circle Booster is derived from the number of Pioneers in your network that you know and trust.
Pi’s consensus algorithm relies on a global trust graph,
which is aggregated from the millions of intertwining Security Circles of individual Pioneers.
Thus, a Pioneer is given an additional boost for each new valid Security Circle connection, up to 5 such connections.
A security circle with 5 members boosts your mining rate by an additional 100%.
This action alone can essentially double your mining rate.
Additionally, Pioneers can voluntarily lock up their Pi to earn the right to mine at a higher rate.
This is meant to support a healthy and smooth ecosystem and incentivize long-term engagement with the network,
while the network is bootstrapping and creating utilities.
You can set up or increase your lockups by tapping "configure" here.
The higher the lockup percentage and the longer the lockup duration, the higher the lockup mining boost will be.
Finally, the Rewards section offers additional ways that Pioneers can increase their individual mining rates.
Again, Pioneers must be mining daily in order to receive any mining rate at all.
This "1.00" figure indicates active daily mining.
This part indicates rewards for your active Referral team.
Inviting more people to join Pi increases your mining rate.
Reminding your existing Referral Team to actively mine also increases your mining rate.
This Referral Team reward recognizes Pioneers’ contribution to the growth of the network and the distribution of the Pi cryptocurrency.
The Utility usage bonus rewards Pioneers for using Pi Apps on the Pi Browser.
This helps increase engagement and ecosystem bootstrapping for Pi's Developer platform.
The Node Bonus rewards are available to Pioneers running the Pi Node,
and are computed based on the reliability, accessibility, and computing power of the Node you are running.
Like on any blockchain, Nodes are at the heart of the decentralization of Pi Network
and are thus critical to the security and longevity of the Pi blockchain.
Thanks, Pioneers, for your support.
Pi Network can only succeed through your continued diverse contributions,
as you have demonstrated over the last 3 years.
We hope this guide helps Pioneers understand our meritocratic mining mechanisms.
Please visit your own Pi mining page to understand how your inputs and activities impact your overall mining rate.
The more active you are and the more ways you contribute, the higher your mining rate will be.
Leave a comment in Pi chats,
or interact with the Pi Core Team on our official social media accounts to let us know your thoughts!