Filecoin miners begin receiving 25% of block reward immediately after mining

Miners who installed the new Filecoin software began receiving 25% of the block reward immediately after mining the block. The Block reports.

FIP-004 was activated on Thursday, October 22, at block 170,000. Before its addition, developers recommended all those who want to continue participating in supporting the decentralized data storage network to install Lotus 1.1.0.

Originally, the reward distribution scheme envisaged payments over six months from the time the block was mined. After the implementation of FIP-004, miners receive 25% of the reward immediately, and the remaining 75% within the next 180 days. According to one miner, IPSFMain, this will raise hardware utilisation to 80%.

Developers changed the reward scheme after Chinese portal 8btc reported about a miners’ “strike” following the launch of the Filecoin mainnet. They were dissatisfied with the project’s economic model, under which collateral in FIL tokens was required.

Although Protocol Labs CEO Juan Benet called this information nonsense, project representatives acknowledged that the equipment indeed did not operate due to miners lacking coins for collateral. The FIP-004 solution should improve their ability to reinvest FIL.

As of writing, 143,087 FIL have been produced in the network in the last 24 hours. The block reward stands at 11.1378 FIL.

Source: filfox.info.

As described, accused the Filecoin team of transferring 1.5 million FIL to exchanges to bypass vesting, which led to a price dump. Benet said that the project had not sold anything, and the tokens were sent to exchanges to boost market liquidity.

For details on what happened after the Filecoin network launch, read on ForkLog.

Subscribe to the ForkLog channel on YouTube!