Ice Network now announced that they will stop mining ice coins on their mining app and face mainnet after the first phase of distribution but that’s not the end.
They are still something you need to do so as not to lose the ice coins that you have mined previously.
And not to miss out on the next upcoming second phase distribution.
Make sure you read this article that will help you know when the next snap shop will take place to receive your mined ice coin.
But you should know now that the ice network has ended or stop ice mining for now.
Ice Network Stop Mining
The day when this article was published marks the date when ice network officials announced that they would halter the ice mining process.
They mention that they will shift their focus to mainnet development.
My move further with the project that evolves in different landscapes of blockchain technology.
They finally decided to stop Mining but still instructed their members to carry out some tasks.
According to them with a lot of consideration and different analysis, they wish to put a stop to ice mining.
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They also announced that they’ve spent over $50,000 on the project, including the first phase distribution of ice coins they’ve made already.
With more consideration, they now wish to stop ice mining and proceed to focus on working on mainnet fully.
As we said as ice coiner or ice coin mining you shouldn’t stop mining still which involves tapping on the mine button daily on the ice app.
And carry out some other tasks we will explain below so as not to miss the next distribution to keep your mine ic coin safe as well.
Ice Network’s Main Focus On The Mainnet Development
Ice Network made it official that their primary goal is to provide users with a user-friendly mainnet app.
Which can be used as a tool to empower the ice community more than how it has been before.
And that should bring more engagement to the ice network community which is one of the project’s main aims.
Stopping the mining activities will help them to allocate more resources which is what they said in addition.
What To Do After Ice Mining Stopped
There are important things to consider after ice mining has stopped that are now official.
Some action has been changed on the ice mining app and some other things need to be done before February 28.
Every task needs to be done so as not to be left Aside from the next ice coin distribution.
The second phase distribution which is the final distribution will allow users to get 30% of their already mined icecoin.
Important Things To Put In Place After Ice Network Stop Ice Mining
- The first Thing is the KYC 3 Quiz Question which is something we have been empathizing with earlier.
They made it compulsory that all members must pass the Ice network KYC question that is available on the Ice app.
We’ve made available Ice Network KYC 3 questions and answers go through them to pass the Quiz and get a correct answer for the quiz when taking it.
- The next one is to submit or add your BNB smart chain address. The Binance smart chain address.
If you don’t know how to do that you can learn how to submit a binance smart chain address to the ice network app here on our site.
- And last you will need to keep Tapping on me mine button daily every 24hrs
That’s even though they have stopped the mining that will stop you from earning more ice coins daily.
You just have to keep a tap on tap to mine to not slash out on February 28 when the next distribution will be made available.
If you fail to carry out a task you will lose your ice coins when distribution is on.
Ice Prestake Distribution Reset
What does this mean? This means the ice network has reset the ice you prestake back to zero.
Which involves the amount of ice you mine will be distributed to the wallet you submit.
Also, 30% of the ice that is being distributed to you will be locked for five years.
Which should be carried out by incentivizing creators, validators, and nodes.
As of February 28, your ice coin balance will be available but the balance might later be slashed based on the success rate at which you were able to complete the quiz.
Lock Period Of Ice Network
Ice network lock periods are also present in different aspects which start from.
- Community pool
- Mainnet Reward pool.
- Team pool.
- DAO pool.
- Treasury Pool.
- Growth Pool.
Community Pool
This is the only pool that does not have any lock period out of the lock period.
Mainnet Pool
The mainnet reward pool or mainnet pool has a lock period of up to 5 years which will start from the mainnet release date which is 7th of October 2024.
Team Pool
The pool is related to the mainnet pool which also has a 5-year lock period starting from the same date.
DAO Pool
It also has the same lock period as that of the mainnet reward pool.
Treasury Pool
It has a lock period of 5 years as well but it started when BNB smart chain distribution was made.
Growth Pool
The growth pool is the last out of the lock period which also has a 5 year lock period relating to the treasury pool lock period.
What are your thoughts about this ice network lock period? Let us know below in the comments section.
Conclusion
What are your thoughts about the way in which Ice Network decides to end mining? Is it okay or not? Discuss with us below and also come back for more related updates on the ice network.