Some cryptocurrencies have unconventional features that catch the attention of many crypto enthusiasts immediately. That is the case of Pi Network (PI), a virtual currency that can be mined on a smartphone. The developers behind this project claim that Pi is the first cryptocurrency that can be mined with a simple mobile application.
The above claim in itself is not that impressive. It can be disputed since Monero was the first digital coin to have a Minergate application. However, the striking feature is that mining Pi doesn’t consume resources from your mobile phone. It means you won’t notice any change in the performance of your phone when you are mining. What’s more, Pi mining won’t drain your phone’s battery. We all know the enormous amounts of energy that mining other cryptocurrencies (Bitcoin in particular) requires. So, mining crypto with minimal resources is quite interesting.
What is Pi mining? How can you mine Pi? Is it worthwhile giving it a try? Find the answers in this article.
What Is Pi Network?
Pi Network is a social coin that can be mined on a smartphone. It was launched on Pi Day, March 14, 2019. The project is the effort of the so-called “Core Team,” a group of Stanford graduates. The project is envisaged to have three phases: beta, testnet, and mainnet.
Unlike other cryptocurrencies, the mining of this coin is not energy-consuming. The developers of Pi Network aim at creating a blockchain with Stellar Consensus Protocol (SCP). It will make the use of resources more efficient. Moreover, the network will be more user-friendly owing to Drake’s security circle system.
A security circle is a group of 3-5 trusted people that a Pi member builds. The circle ensures its members don’t execute fraudulent transactions. All security circles build a global trust graph that secures the cryptocurrency. In this way, Pi Network doesn’t depend on energy-consuming validation mechanisms like proof-of-work (PoW) used by Bitcoin and other cryptocurrencies.
What Is the Value of Pi?
As of October 2021, Pi cannot be exchanged, i.e., its value is zero dollars during the beta phase. However, you should not find it discouraging. When Network Pi reaches the mainnet phase, the developers expect that Pi holders will be able to change their virtual coins into “real” money. They envisaged two options for cashing out:
- A Pi marketplace where Pi holders will be able to buy products and services.
- Pi Network being listed on crypto exchanges, which would allow converting the coin to fiat money (US dollar, euro, etc.). An instant exchange like LetsExchange.io will allow converting Pi Network to a different cryptocurrency (Bitcoin, Ethereum, etc.) easily. Currently, our exchange supports more than 4,000 cryptocurrencies and digital tokens. Without liquidity problems, Pi holders will be able to exchange their coins for the cryptocurrency of their preference without hassle.
Is it worthwhile mining a coin that currently has no value? It is up to each user to decide. However, Pi Network doesn’t call you to invest any money. You don’t have to spend resources either. So, you don’t lose anything by learning how to mine Pi on your mobile phone.
How Does PI Mining Work?
If you have decided to give Pi crypto mining a try, you should follow the instructions below.
- Download the Pi Network mining app.
- Open the app and register for a Pi Network account. You can do it by using your mobile phone number or your Facebook account. It is recommended you use your mobile phone number for easier authentication on your device.
- Select your location and enter your phone number.
- Set up your password and confirm it.
- Enter your name and surname. Use your real name. Also, choose a username.
- After submitting all the above information, you need to enter a referral code. You can get it from an acquaintance that’s already a member of Pi Network. Alternatively, you can Google it.
- After entering the code, you can mine Pi crypto. To do it, you have to tap the lighting button you will see on the screen.
There are a few things to take into account. First, you have to log in to the app every day to prove you are not a bot. You can see the amount of Pi that you mine per hour in the total section. The Pi Network project started operating with a mining speed of 3.1 Pi/h. This speed halves when the number of active users increases by a factor of 10. Hence, eventually, it won’t be possible to mine Pi this way. However, miners will continue getting transaction fees at this stage.
Why Mine PI?
Although Pi doesn’t have any value at the moment, the Core Team is genuinely working to build something of value. The members of the Core Team have written a whitepaper in which their goals and vision are outlined. One of their plans is to have developers build apps on the Pi network and benefit from the large community already created. The Core Team doesn’t guarantee the success of the project, but they are trying hard to make it succeed. In the meantime, you can store your Pi coins in your smartphone, which will serve as a wallet. If the Pi Network project reaches the mainnet phase, then you’d be able to cash out your Pi holdings.
Conclusion
Pi Network is an interesting project in the crypto sphere. It aims at being a social and inclusive cryptocurrency. The network will be secured by ordinary people based on mutual trust. Mining will be available to whoever owns a smartphone. It all sounds great, but will it work? You can give it a try and wait to see if the developers manage to build something of value. If it doesn’t happen, you won’t lose anything.
FAQ
Is Pi Worth Mining?
At the moment, Pi has no value. You’d be mining for virtual coins only. If the founders build something of value in the future, then you’d be able to cash out your Pi holdings. But the founders don’t guarantee the project will succeed. So, it is up to you to decide whether you want to invest a little of your time in Pi mining.
Is Pi a Real Cryptocurrency?
If by real we mean a cryptocurrency with a value that you can exchange for fiat money or other digital coins, then Pi is not a real cryptocurrency yet.
How Much Pi Can You Mine in a Day?
As of October 2021, the basic mining rate is 0.39 Pi/h. Since you can mine 24 hours a day, you can easily calculate the basic amount of Pi you can mine a day. However, you can boost your earning by increasing your miner rank.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.