Pi Network Hit by Major Securities Fraud Lawsuit — What It Means for Pi Coin Holders

Pi Network has recently announced significant changes that will affect the base mining rate for August and October. The removal of rewards for duplicate nodes and inactive KYC accounts is expected to result in an increased mining rate, marking a crucial step in the preparation for the Open Mainnet phase.

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Elimination of Duplicate Node Rewards: Impact on August Mining Rate

In August, Pi Network announced the removal of rewards for duplicate nodes. This move was taken to ensure fairness and authenticity within the network and to prevent exploitation that could harm the Pi community. As a result, the base mining rate for August saw a significant increase. This provides additional incentives for miners operating legitimately and honestly.

Removal of Referral Rewards for Inactive KYC Accounts: Increase in October Mining Rate

Pi Network has set a deadline of September 30 for users to complete the Know Your Customer (KYC) process. Accounts that remain inactive after this date will no longer receive referral rewards. This policy aims to boost active participation in the network and ensure that every account receiving rewards is legitimate and verified.

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As a result of this policy, the base mining rate for October is expected to further increase. This provides additional incentives for active users who comply with the verification process while cleaning the network of inactive or illegitimate accounts.

Preparation for Open Mainnet

These measures are part of Pi Network's preparation for the Open Mainnet phase. By ensuring that only legitimate nodes and accounts can participate, Pi Network aims to create a stronger and more secure ecosystem. The removal of rewards for duplicate nodes and inactive KYC accounts is a crucial step in achieving this goal.

Pi Network remains committed to creating a fair and secure network for all users. The removal of rewards for duplicate nodes and inactive KYC accounts is an essential step towards increasing the base mining rate and preparing for the Open Mainnet phase. With these policies, Pi Network hopes to strengthen the community and ensure that every participating user is legitimate and active.

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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