TLDR
“Pi Crypto” is a digital cryptocurrency that allows users to mine and earn coins through mobile phones and devices. It offers a user-friendly approach to mining, requiring no specialized hardware or excessive energy consumption. Pi Network utilizes the SCP consensus algorithm to ensure secure transactions and network integrity.
The project aims to democratize cryptocurrency mining, making it accessible to the general public and empowering individuals economically.
However, it’s crucial to acknowledge that Pi Network differs from others and is still in its early development phase. The future value of the Pi network app, ecosystem, network users, and Pi cryptocurrency remains uncertain. Some rumors are that PI Networks’ profit comes from an MLM-based structure.
Process of Crypto Mining
To comprehend Pi Network, we must delve into crypto mining. In conventional cryptocurrencies like Bitcoin, mining involves verifying and adding transactions to the public ledger, known as the blockchain. Mining is essential for purchasing and exchanging cryptocurrencies. It also introduces new coins into circulation, with miners receiving tokens as rewards.
However, mining Pi, like other cryptocurrencies, requires significant computational power and energy consumption, which has led to environmental concerns and limited accessibility for many everyday users. You can follow and lead many trading strategies in any crypto coin, which will benefit you in any possible way.
What Is Pi Network?
Pi Network, developed by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, is a unique cryptocurrency and developer platform. It enables all mobile device users to mine Pi coins without draining their batteries, reducing environmental impact.
The platform aims to provide accessible and universal apps where developers can offer real-life utilities and products to Pi users in exchange for Pi coins. With over 30 million engaged users as of December 2021, Pi Network strives to democratize economic power. Based on the Stellar Consensus Protocol (SCP), its blockchain offers decentralized control, low latency, flexible trust, and security at a reduced environmental cost.
Pi Network’s economic design emphasizes fair distribution, scarcity, and meritocracy to ensure maximum supply and a balanced ecosystem. The developer platform provides pre-built infrastructures, such as a crypto wallet and user authentication, for seamless integration into the Pi ecosystem/ pi node software.
Pi coins are unavailable for sale as the network transitions from Testnet to Mainnet. Users can join Pi Network by downloading the mobile app from the Google Play Store for Android and the Apple App Store and start mining Pi today.
It’s important to note that any unauthorized sales of Pi coins have no affiliation with the Pi Network, and the network does not own or mine Pi coins for users to conduct ICOs or crowdfunding activities.
How Pi Network Mining Works
Pi Network utilizes the SCP (Stellar Consensus Protocol) consensus algorithm, which enables mining without relying on the computational power of users’ mobile devices alone. This approach ensures that mining on smartphones doesn’t drain battery or data.
To get the Pi app and begin mining, individuals must download the Pi Network app and register using an invitation code, typically obtained from a referrer announced by the Pi Network. It is optional to keep the app open for mining to take place. Users must check every 24 hours and tap the lightning button to enhance their mining rate.
PI remains in pre-release mode
As of April 6, 2023, it is impossible to mine pi cryptocurrency coins and officially include PI coin in your portfolio. Users with mined PI cryptocurrency can withdraw or exchange their coins once the main net blockchain is fully launched.
During the testing phase, the PI wallet amount cannot be transferred to prevent the accumulation of coins by fake accounts. The project’s website states that wallet balances will be respected and maintained when PI transitions from development mode to a fully operational network. Therefore, the coin is currently not listed on any cryptocurrency exchange or trading platform for official trading.
Trusted Partners
5
Fees
0.1 – 0.5%
Tradable Coins
600+
Payment Options
+ 3
4.7
Fees
0.01 – 0.10 %
Tradable Coins
100+
Payment Options
4.3
Fees
0.04% – 0.10%
Tradable Coins
145 +
Payment Options
Pi Network Mining: Risks and Benefits
Pi Network offers a unique perspective in the cryptocurrency space by aiming to democratize mining and make it accessible to all users. Unlike many other cryptocurrencies, Pi Network allows mining through mobile phone apps, making it user-friendly and appealing to newcomers. The simplicity of mining without requiring specialized knowledge or expensive hardware is a notable advantage.
Pi Network takes a cautious approach regarding user data by not requiring sensitive information during the signup process. Only an email address or a Facebook account is necessary for Pi network users. However, once the network transitions from the test phase, a KYC (Know Your Customer) procedure will be implemented to verify miners’ everyday users’ legitimacy.
It’s important to note that as Pi coins are currently in their development stage, they do not possess any value and cannot be traded on cryptocurrency exchanges. The proof of work project’s success relies on transitioning from a test network to a fully functional blockchain. Consequently, it is advisable not to allocate significant resources to mining PI at this time unless there is unwavering faith in the project’s potential.
Step-by-Step Guide on How to Mine Pi Network
Pi Network mining operates through the SCP consensus algorithm. Here’s a simplified breakdown of the process:
- Download the Pi Network App
Get the Pi Network app from the official app stores (App Store or Google Play).
- Sign Up
Create an account using your e-mail or Facebook and use an invitation code.
Then, set up your account with a username.
- Start Mining
Click the lightning button in the app every 24 hours to mine Pi and secure the network.
- Build a Security Circle
Add trusted contacts to your security circle, which helps validate transactions and enables users to enhance network security.
- Increase Mining Rate
Invite friends using your referral code to boost your mining rate and earn more Pi.
- Consensus and Verification
Pi Network relies on users reaching consensus to verify transactions and maintain network integrity.
Remember, the Pi Network is still developing, and the Pi cryptocurrency holds no market value. The project’s success relies on transitioning to a fully functional blockchain.
Pi Network Ranks
Upon signing up for Pi, each user receives 1 PI. The Pi Network has four ranks that provide additional benefits during mining:
- Pioneer: is the starting level for all users, with a mining volume of 0.39 π/h.
- Contributor: This rank is unlocked after three days of mining.
- Ambassador: Users who invite others to join Pi Network can achieve this rank.
- Node: Participants who connect additional hardware, such as laptops or PCs, to the network can reach this level.
Pi Network Mining: How To Maximize Your Profit
To maximize potential profits if the Pi Network becomes successful, consider the following strategies:
- Increase your mining rate: Click the lightning button in the Pi Network app regularly, ideally every 24 hours. This action boosts your mining rate, allowing you to earn more PI coins.
- Share your referral code: Encourage friends, family, and acquaintances to join the Pi Network using your referral code. Doing so can increase your mining rate and the number of PI coins you earn.
- Join a security circle: Form a security circle with trustworthy individuals within the Pi Network. This increases the network’s overall security and can increase mining speed, potentially leading to higher earnings of PI coins.
It is important to note that these strategies are contingent upon the success and future value of the Pi Network.
Conclusion
Pi Network offers a unique opportunity within the cryptocurrency revolution by providing a user-friendly approach to mining. It can potentially attract a new audience to the world of crypto mining. However, the outcome of Pi Network’s transition from the test phase to a fully established cryptocurrency is still uncertain.
Nevertheless, for mobile blockchain mining projects with a significant user base in the millions, the progress and ongoing research and development of the Pi Network are worth keeping an eye on.
As the cryptocurrency landscape continues to evolve, the Pi Network represents an intriguing venture that aims to make cryptocurrency mining accessible and inclusive for everyone, potentially revolutionizing the way we engage with cryptocurrencies in the future.
The value of Pi Network is speculative, but potential rewards could be substantial if its ecosystem fully develops and PI coin value increases. Mining Pi is convenient via the Pi app, requiring minimal effort and resources. Therefore, some users may find it worth trying.
Yes, Pi Network is seen as legitimate, backed by Stanford graduates and active developer engagement. However, it remains speculative until it's listed on exchanges. Users should still exercise caution, research, and consider risks before sharing personal data or investing resources.
No, Pi app mining won't hurt your phone. Unlike traditional crypto mining, which uses significant computational power and may cause overheating or battery drain, Pi app's mining is based on your engagement level, ensuring your device remains unharmed while generating digital currency.
Pi crypto isn't tradable on any exchanges, so it doesn't have a set price. Its value will be speculative, depending on the project's success and demand for the coin post-launch. Predictions about its price need access to price history on certain exchanges or market data.
Investing in Pi coin, like any crypto, has risks. It requires thorough research on the project's fundamentals, including the team, technology, potential adoption, and market conditions. Given Pi Network's early stage and market volatility, investors should proceed cautiously. Consulting a financial advisor or conducting detailed due diligence is recommended for informed decisions.
Susan Oh
Susan Oh is a leading figure in the integration of AI and blockchain for social good, serving as the CMO for BeOmni by Beyond Imagination and a civic technologist dedicated to creating scalable solutions. She is a board member of the Blockchain Commission For Sustainable Development supported by the UN GA Office of Partnerships, and a member of the Global Sustainability Network, a joint initiative by the Vatican and the Church of England to combat human trafficking. Recognized with the...
