Filecoin Miners Will Receive 25% Of The FIL Rewards Immediately After A Successful Network Upgrade
Filecoin (FIL) miners set to receive 25% of their rewards instantly for miners that successfully activated the FIP-004 protocol at block number #170,000. Given that Filecoin miners are working 24 hours to verify transactions on the network, over 40,000 FIL tokens will be released to miners daily without the vesting period.
According to a message posted on Filecoin’s Slack channel by lead developer Molly, Lotus 1.1.0 upgrade has been released for download. The upgrade is mandatory for all Filecoin users who want to continue participating in the decentralized file storage system.
The new upgrade brings in a slew of changes, including activation of FIP-004 at block 170,000 on Thursday. The upgrade feature will “improve miner’s ability to reinvest FIL by making 25% of storage-mining rewards immediately available with no vesting,” the statement from Molly reads.
According to previous proposals, the FIL miners had to wait for 180 days vesting their tokens but can now immediately withdraw and reinvest 25% of the rewards. The rest of the rewards will still be vested for 180 days before being released to the miners.
Following the launch of its mainnet last week, Filecoin became a quick sensation in the crypto market, with three large exchanges listing its FIL token way before the mainnet release. However, a fear of a “miner strike” due to the rising prices of FIL token and lack of profits before the 180-day vesting period elapsed led to the Filecoin community deciding to release 25% of the miner reward immediately.