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.

filecoin (FIL) Live Price

1 FIL/USD =30.5774 change ~ 3.70

Coin Market Cap

1.23 Billion

24 Hour Volume

199.42 Million

24 Hour Change

3.70

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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