#PI The first members mined at a higher rate to reward their contributions and faith in the network when it was small and young. Pi aims to be the most used and distributed cryptocurrency in the world. To achieve this goal, Pi needed to boost its network from the beginning and therefore incentivized its early members to make contributions that would steer it towards success (for example, securing and expanding the network). The pre-Mainnet mining mechanism started at 3.14 Pi/h and was halved every time the network increased in size by a factor of 10 without a maximum supply defined, starting with 1000 Committed Pioneers. This happened five times before the launch of the Mainnet Phase on December 28, 2021, when a new mining mechanism was introduced along with a clear supply model.

Starting March 1, 2022, the decreasing reward issuance formula based on the supply model came into effect. This formula adjusts the base mining rate of the system according to a monthly supply cap defined by the formula and replaces the previously explained milestone-based halving. Generally, the mining rate decreases month by month due to the supply cap, the increasing size of the network, and the mining activity of the Pioneers. This formula helps ensure that the mining rewards for the Pioneers remain within the total supply limit of 65 billion allocated to mining rewards, as announced in the new chapters of the white paper drafts published in December 2021. This decreasing reward issuance formula, along with the new mining mechanism ( that came into effect on March 14, 2022), balances the needs for growth, accessibility, longevity, and scarcity of the network. Additionally, it appropriately sizes the rewards for the Pioneers for their contribution to the network.