You can mine Pi coins for free with your phone, which is one of the main reasons it’s so popular. Millions of people around the world are using Pi Network mining, which is making a lot of noise in the crypto world and many wants to know what is pi mining?
The mining system in Pi Network is simple and based on merit: the more different ways you help the network, the higher your mining rate. What is mining pi, though, and how does it work? Let us explain it in simple words.
Pi Network Mining: Risks and Benefits
- 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 pi it using an pi mining app on your phone.
- People who want to mine Pi coins don’t need any special skills or expensive equipment to do so, which may appeal to people who are new to cryptocurrencies.
- Furthermore, Pi Network handles user data with caution.
- 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 make sure that 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 at this time.
- 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 right now because of how long it’s been taking.
Step-by-Step Guide on How to Mine Pi Network
Here is an easy explanation of how to begin mining Pi cryptocurrency:
Get the app for Pi Network
You can get it from both the App Store and Google Play.
Sign up
Sign up using your email address or Facebook account.
Create a password
To make a strong, unique password, follow the steps on your phone’s screen.
Code for invitation
Type in the invite code that the person who sent you here gave you.
Begin to mine
Start mining by clicking the lightning button. Don’t forget to do this every 24 hour to keep mining Pi coins.
You are now ready to begin mining on the Pi Network! If you want to stay up to date on Pi blockchain stories and changes, check out the app and join the community places. Every person gets 1 PI after signing up.
How Does Pi Mining Work?
“Stellar Consensus Protocol” (SCP) is a unique agreement method used by Pi Network. It lets users mine Pi coins without using too much data or draining their phone’s power. If you press a button on your phone once every 24 hours, you can mine Pi. You do not need to keep the app open after mining has begun, and it does not operate in the background. The Pi ecosystem has four roles:
- Pioneer: Someone who mine Pi every day by hitting the button.
- Contributor: You may increase your pi coin mining rate by adding other reliable users to your “security circle,” which you can do after three days of usage.
- Ambassador: If you get other people to join the network through your invitation code, you’ll get more Pi.
- Node: Users who contribute to the decentralized network by running the Pi Network software on their PCs.
Note that the Pi environment uses Know Your Customer (KYC) to make sure that all users are real people.
Pi Network Mining: How To Maximize Your Profit
Even though PI coins don’t have any value right now, there are a few things you can do to make the most of your possible earnings if the Pi Network works.
Mine faster
Your mine pi speed will go up more often as you click the lightning button in the app. Do it every day, for sure.
Request people to use your referral 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
Expand your security circle with reliable individuals. At the same time, this makes the network safer and speeds up your mining.
Setting a lockup setup
This makes the Pi blockchain network a lot more stable.
Use Pi Browser applications
This raises the benefits of using apps and also helps the Pi community grow.
Pi Network Mainnet: What is the Pi Network Mainnet Checklist and How You Can Complete It
Users, who are called Pioneers, must finish the Mainnet Checklist in order to move to Pi Network’s mainnet. Pioneers can use this list to make sure they are ready to 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.
Create a Pi Wallet
Pioneers use the Pi Browser App to make a Pi Wallet that will safely store their digital assets.
Confirm your Pi Wallet
Users must check their wallet after making it to make sure 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 amount of time. This can help keep the network stable.
Submit your KYC application
Know Your Customer (KYC) verification is important for security and following the rules, as it makes sure that users are real.
Wait for KYC results
Pioneers have to wait for their KYC application to be handled and accepted after they send it in.
Sign Acknowledgement for Tokens
Following the approval of KYC, users must sign a confirmation form to receive their Pi coins.
Migrate to 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 that makes the move to the mainnet much faster. This update improves the migration method, which speeds up the process and lets the network handle more migration requests than it normally gets every day.
To take advantage of the better transfer capacity and help the network reach its goal of 10 million mainnet moves, new users and members are urged to quickly finish their tasks. Pioneers help the Pi Network grow and stay stable by doing these things. They also get closer to the Open Network phase.
Is Pi Network Dead? The Future of Pi Mining
A lot of crypto companies make big claims that they will keep but never do. No one, including me, can say for sure that it’s 100% real. Still, Pi and its Referral Team mining bonus are not unfair because the bonus is split evenly between the sender and the judge. In addition, Pi coins are the only cash used. No real money is used, and there are no fake activities in the app.
A lot of people use the environment, as shown by the large number of downloads for the Pi app on both iOS and Android. As of the end of May 2024, Pi Network had also reached over 11 million KYC Pioneers, which are users whose IDs have been verified. In other news, the project said that more than 5 million people had already finished their Mainnet Checklists.
Over 11.1 million Pioneers have been KYC’d, and over 5.58 million Pioneers have moved to the mainnet. Open the app and look at the whole change. You can join the millions of Pioneers who are already on the Mainnet once you finish your Mainnet Checklist.
This doesn’t mean that Pi tokens will be successful in the future, but it’s still a good sign. You are the only one who can really decide if it is worth investing in, but at the time this was written, Pi Network was definitely not “dead.”
FAQ
Is Pi Mining Legit?
More than a million people use Pi Network, but it’s still very new. Even though it’s easy to mine Pi, no one knows how much it will be worth in the future. Some people think it’s a great way to get more people interested in crypto, while others are still not sure and thinks that pi mining scam and are waiting for more real developments.
Is mining pi worth it?
Pi Network is something you should think about if you want to get into cryptocurrency with little risk. It doesn’t cost anything; all you need is a few seconds a day to press a button. But there’s always a chance that a project, especially one in the crypto world, will lose value in the future.
How Much Pi Can You Earn?
As more people join the network, pi mining price rate or pi mining worth goes down to keep things scarce over time. At first, people made more Pi per hour, but as the network has grown, the rate has dropped. You can make more money by inviting other people to the app or building a strong security group.
Mine Pi Conclusion
Cryptocurrency mining on the Pi Network is a simple and easy way to get involved. It’s not clear what Pi is worth right now, but it might be worth more once its open mainnet goes live. Pi Network could be a fun and easy way to start mining cryptocurrencies if you’re interested in them but don’t want to spend a lot of money on gear.
