Filecoin has changed the miner’s reward distribution system

Filecoin has changed the miner's reward distribution system

In the Filecoin blockchain, the FIP-004 improvement proposal is activated on the 170,000 block. Now miners will receive 25% of the reward for the extracted block immediately, and 75% – after six months.

Filecoin miners who install the latest network update will now receive 25% of their block rewards immediately. Previously, Filecoin distributed all rewards within six months of the block’s creation, leading to a” strike ” of miners shortly after the launch.
the main network.

The lead developer of Filecoin under the pseudonym Molly on Wednesday announced on the Slack channel that the Lotus 1.1.0 update is available for download. This is a mandatory update for those who want to continue to participate in the operation of a decentralized storage network.

“You must perform an update to the 170,000 epoch (Thursday, October 22, ~ 22: 40 UTC), otherwise you will lose synchronization with the chain,” she wrote on the channel.

One of the features of the update includes the activation of FIP-004, which aims to ” improve the ability of miners to reinvest FIL, releasing 25% of mining rewards immediately.”Over the past day, Filecoin miners have produced about 150,000 FIL. Based on this indicator, 37,500 FIL daily block mining rewards will be distributed to miners under the new system. According to CoinGecko, the current Filecoin offering is approximately 19.3 million FIL, of which more than 13 million FIL are locked in for miners as initial collateral.