Ice Announces Strategic Shift: Halts Mining to Focus on Mainnet Development

Today marks a significant turning point in the journey of Ice, a community-driven project at the forefront of blockchain innovation. In a strategic move aimed at ensuring long-term sustainability and success, Ice has announced the cessation of mining activities, redirecting resources towards the development of its mainnet.

Halting Mining Activities

After careful analysis and consideration, Ice has made the decision to halt mining activities, effective immediately. While Phase 1 of mining was instrumental in building the user base and distributing Ice coins, the project recognizes the considerable financial and resource costs associated with sustaining mining operations. With monthly expenses exceeding $50,000 and valuable team time diverted from mainnet development, Ice has opted to shift its focus towards achieving its primary objective: delivering a robust and user-friendly mainnet app.

Important Changes and Actions Required

To facilitate a smooth transition and ensure eligibility for the upcoming final distribution, Ice has outlined several critical steps for its users to complete before February 28:

1. Pass the Quiz: Users must successfully pass a quiz available within the app.

2. Add BNB Smart Chain Address: It’s essential to add a BNB Smart Chain address to receive the distribution.

3. Tap to Mine: Despite the halt in earnings, users must continue tapping the Ice button in the app every 24 hours to avoid slashing before February 28.

Failure to complete these steps by the specified deadline will result in the loss of distribution of Ice coins.

Resetting Prestake and Distribution Details

In a bid to ensure the sustainability of the mainnet, Ice has reset the prestake to zero for all users. Distribution rewards will now be based solely on the amount of Ice coins mined. Additionally, 30% of distributed balances will be allocated to the mainnet rewards pool, locked for five years to incentivize creators, nodes, and validators.

Ice remains committed to transparency and community involvement as it charts its course forward. In the coming weeks and months, the project plans to make several exciting announcements, including the launch of the testnet complete with Ice Open Network (ION) wallet and explorer, the introduction of the Frostbyte app – a vital component of IceNet in the mainnet, and the commencement of the beta testing phase for the mainnet app, inviting community members to participate and provide feedback.

Ice extends its heartfelt gratitude to every member of the community for their unwavering support and dedication. As the project embarks on this new chapter, it invites the community to join in shaping the future of Ice, building a decentralized ecosystem grounded in trust, transparency, and meaningful connections.

As the project progresses, stay tuned for further updates and opportunities to engage with the Ice community as it continues to push the boundaries of innovation in the blockchain space. Read Similar Story