On December 28, 2021, we launched t

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”, described Pi’s supply model, new mining mechanism, and mining rewards within the supply limit. Please use the December Whitepaper linked here as a reference for the following details.On March 1, 2022, the declining rewards issuance formula took effect. In particular, the systemwide base mining rate (B) was reduced based on a monthly supply limit defined by the formula, which is described in the following sections. B stays constant for a month and then gets adjusted every following month based on the formula. On March 14, 2022, the new mining mechanism, which includes new rewards specified in the December Whitepaper, took effect. Pioneers are now able to increase their individual mining rate by making newer, more diverse types of contributions to the network via Pi lockup, app usage, and node operations.Based on the rewards issuance formula, the base mining rate (B) will drop again on April 1st, according to the plan.This new B will take effect when a Pioneer launches their first new mining session in April and will stay constant throughout the month. There will be a new B in May. Below are more details, announced on March 1st, about the rewards issuance formula, how B is calculated, and what Pioneers can do to increase their individual mining rate.New Mining Rate and Rewards Issuance FormulaThe first version of the Rewards Issuance Formula was announced March 1st 2022 —the declining exponential function described below—whereby in combination with mining activities, the systemwide base mining rate (B) is reduced based on a monthly supply limit determined by the formula. The monthly decrease in B occurs on the first day of each new month and remains constant through the end of that month. B will continue to be adjusted based on the formula and decrease on a monthly basis in the future. Note that the new base mining rate will take effect upon the start of each Pioneer’s first new mining session of the month.This formula intends to ensure that Pioneer mining rewards are within the total supply limit of 65 billion allocated for mining rewards as announced in the December Whitepaper. This declining exponential function along with the new mining mechanism balances the network’s need for growth, accessibility, longevity, and scarcity. Additionally, it right-sizes the Pioneers’ rewards for contribution to the network.Even though B is reduced, Pioneers now have many more avenues to make other types of contributions to the network and boost their individual mining rates. This, in fact, is one of the purposes of the new mining mechanism. On March 14 (Pi day), 2022, the new mining mechanism took effect along with the new types of rewards: lockup, app usage, and node operation—as specified by their respective formulae in the December Whitepaper.