People who want to mine PI coins don’t need any special skills or expensive equipment, which may appeal to people new to cryptocurrencies. Slowly but surely, cryptocurrency mining is losing its appeal, even though cryptocurrency itself is becoming more well-known. Getting crypto or investing in crypto is much easier now than 5 or 10 years ago.
Because of this, mining, even mobile mining, which is a lot harder than buying a coin on an exchange or even staking tokens in your wallet, has naturally lost its appeal. However, some groups want to fix the problems of crypto mining. The Pi Network is the most well-known of these.
Pi Network Overview
Pi Network is a new project that was started in 2019 by Stanford Ph.D. Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. Its goal is to make it easier for people to own crypto. Pi cryptocurrency, Pi Network’s main offering, aims to be much easier to use than other cryptocurrencies. Pi Network’s unique method is a mobile blockchain mining project. This means you can do the “mining” on your phone or tablet without affecting its performance. Currently, 100 billion PI coins are in circulation, with 25 billion going to the Pi core team.
It’s important to know that Pi’s mainnet is closed, meaning that its crypto coins can’t be sent outside the network or bought and sold on crypto markets. At the moment, there are no PI coins in use. Because of this, there is no real price for a Pi coin, and any price estimate will only be that. Scammers may offer to buy or sell your PI, so be careful.
How Mine Pi Works?
Before understanding Pi Network, we need to learn more about crypto mining. Mining adds events to the blockchain and public record, ensuring they are correct in standard cryptocurrencies like Bitcoin. In this case, network security is also very important since miners help verify transactions and protect the blockchain’s stability, which makes it hard to attack. Buying Bitcoin or trading it on sites like Binance or Changelly without mining is impossible.
New coins are also made through mining, and miners are paid a certain number of tokens for their work. However, crypto mining usually needs a lot of computing power and energy, making people more concerned about the environment and making it harder for regular people to get started.
A normal mining rig can cost anywhere from $500 to several thousand dollars and must be serviced often. The power costs are also high. It is possible to mine cryptocurrency without having to buy your mining gear. One way is to sign up for a cloud mining service. But even this choice can be hard to understand and isn’t always the best way to invest in crypto.
How Mining Works on the Pi Network
In the Pi Network, the mining process doesn’t depend on how fast your gadget is. Stellar agreement Protocol (SCP) is the agreement method that it uses. This means it can be mined on a smartphone without using much data or energy.
Users must get the Pi Network app and sign up with an invitation code, which they normally get from the person who told them about the network. The Pi mining app doesn’t have to be open for the mining to happen. To speed up their mining, users must log in every 24 hours and press the lightning button. You can also increase your mining rate by giving your recommendation code to other users. This shows that Pi Network wants more people to use its service. Knowing that each person can only have one Pi account is important.
Pi Network: Date of the mainnet launch
Pi Network has been in development for more than six years. The mainnet start date has been pushed back several times, but the project is still progressing. By the end of 2023, the project’s mainnet was supposed to be open to everyone. However, it is still in its “enclosed” phase, meaning Pi coins can’t be sent or sold outside the network. Users can test and confirm the system on the closed mainnet before it opens up to the rest of the crypto world, but many people are getting impatient as start plans remain unclear.
The Pi coin for the network hasn’t been publicly released yet, but it has been seen as an IOU token on some platforms, such as Huobi and Bitmart. The real Pi coin, which will be sold once the mainnet starts, will be replaced by this symbol. This change has caused joy and worry, but it’s important to remember that selling IOU tokens doesn’t mean the real Pi coin will be listed on big markets when the network goes live. Read on to learn more about IOU pieces!
Is Pi Mining Legit
With its goal of making mining open to everyone, Pi Network brings a new point of view to the crypto space. Pi Network is one of the few cryptocurrencies that lets you mine it using an app on your phone. For added security, Pi Network is careful with user info. To join, you don’t have to give out any private details. It’s enough to have a Facebook or email address. However, once the network is no longer in testing, a Know Your Customer (KYC) process will be needed to ensure the miners are real.
But Pi Network does come with some risks. The project’s mainnet has been started, but PI coins still have no value. Because of this, they can’t be bought or sold on coin platforms, and no one knows what their price will be in the future. The project’s success rests on how quickly it can go from a test network to a fully working blockchain. Users may be wary of the project because of how long it’s taken.
How to Mine Pi?
Here is an easy explanation of how to begin mine Pi cryptocurrency:
- Get the Pi Mining app: You can get it from both the App Store and Google Play.
- Sign up: Sign up using your email address or Facebook account.
- Passphrase/Password: To create a strong, unique password, follow the steps on your phone’s screen.
- Code for invitation: Type in the invite code the person who sent you here gave you.
- Begin to mine Pi: The mining pi will begin when you click the lightning button. Don’t forget to do this every 24 hour to keep mining Pi coins.
Pi app
Check out the app and join the community places to stay updated on Pi blockchain stories and changes. Every pi miner gets 1 PI after signing up. This site has 4 ranks that give people extra rewards when they mine PI:
- Pioneer: This is the first level that all players start at. The Pi mining value or pi mining price is 0.39 π/h.
- Contributor: You only need to mine cryptocurrency for three days to reach this level.
- Ambassador: This rank is for people who get other people to join the Pi Network.
- Node: People at this level have added more gear to the network and are associated with it. Instead of cell phones, nodes are run on computers and PCs.
Note that the Pi environment uses Know Your Customer (KYC) to ensure all users are real people.
Pi Network Mining: How To Maximize Your Profit
Even though PI coins don’t have any value right now, you can do a few things to make the most of your possible earnings if the Pi Network works.
- Increase your Pi mining: Your mine Pi speed will increase as you click the lightning button in the app more often. Do it every day, for sure.
- Share Your invitation code: Get your family and friends to join using your unique reference code. As a result, you’ll make more PI coins because your mine rate goes up.
- Join a security circle. Add people you can trust to your safety group. At the same time, this makes the network safer and speeds up your mining.
- Setting Pi lockup configuration: This makes the Pi blockchain network a lot more stable.
Pi Network Mainnet: What is the Pi Network Mainnet Checklist and How You Can Complete It
Users, called Pioneers, must finish the Mainnet Checklist to move to Pi Network’s mainnet. Pioneers can use this list to ensure they can move their digital assets from the Pi mobile app to the mainnet. This is a list of the steps that need to be taken:
- Get the Pi Browser app: Pioneers must first get the Pi Browser App, which lets them access many features and tools on the Pi Network.
- Make a wallet for Pi: Pioneers use the Pi Browser App to make a Pi Wallet to store their digital assets safely.
- Make sure your Pi Wallet works: Users must check their wallet after making it to ensure it is set up correctly and linked to their Pi Network account.
- Commit to Lockup Configuration: In this step, you choose how many Pi coins to lock up for a certain time. This can help keep the network stable.
- Know Your Customer (KYC): Know Your Customer (KYC) verification is important for security and following the rules, as it ensures users are real.
- Wait For KYC: Pioneers have to wait for their KYC application to be handled and accepted after they send it in.
- Sign the acknowledgment form: Following the approval of KYC, users must sign a confirmation form to receive their Pi coins.
- Move to the mainnet: Pioneers can now move their Pi balance to the mainnet since all the previous steps have been finished.
In addition, the Pi Network team has made a big technical change, making the move to the mainnet much faster. This update improves the migration method, speeding up the process and letting the network handle more migration requests than it normally gets daily.
New users and members are urged to quickly finish their tasks to take advantage of the better transfer capacity and help the network reach its goal of 10 million mainnet moves. Pioneers help the Pi Network grow and stay stable by doing these things. They also get closer to the Open Network phase.
FAQ
Conclusion
Pi Network is a one-of-a-kind chance to be a part of the Bitcoin change. It could bring a whole new group of people into the exciting world of crypto mining thanks to its ease of use. We still don’t know if Pi can reach the testing stage of a real crypto. Still, the Pi Network’s journey is interesting because it has millions of active users.
