Some cryptocurrencies have odd features that immediately draw many crypto fans’ attention. This is the case with Pi Network (PI), an online currency that can be mined on a smartphone but how to mine Pi cryptocurrency on mobile? The people who did this project say Pi is the first cryptocurrency mined with a simple mobile app. Here you will learn about how to Mine Pi Cryptocurrency
The above claim is not that remarkable on its own. Since Monero was the first digital coin to receive a Minergate application, it can be argued. But the most exciting thing about mining Pi is that it doesn’t use up any of your phone’s resources.
It means that when you mine on your phone, you won’t notice any difference in how well it works. Also, Pi mining won’t use up all the power in your phone. We all know that mining other cryptocurrencies, especially Bitcoin, takes tremendous energy. So, it’s pretty cool to mine crypto with few resources.
What Is Pi Network?
Social coin Pi Network can be mined on a smartphone. It came out on March 14, 2019, Pi Day. The project is being done by a group of Stanford graduates called the Core Team. Planned for the project are three stages: beta, testnet, and mainnet.
Unlike other cryptocurrencies, this coin is not mined by using a lot of energy. The people who made the Pi Network want to use the Stellar Consensus Protocol to create a blockchain (SCP). It will assist in making better use of resources. Drake’s security circle system will also make it easier for people to use the network.
A Pi member builds a group of 3–5 trusted people into a security circle. All security circles work together to make a trust value graph that keeps the cryptocurrency safe. In this way, Pi Network doesn’t have to use proof-of-work (PoW), which is used by Bitcoin and other cryptocurrencies and uses a lot of energy.
What Is the Pi Value?
Since Pi can’t be traded after October 2021, its value during the beta phase is $0.00. But it would help if you didn’t let that get you down. When Network Pi gets to the mainnet degree, the developers think that people who own Pi coins will be able to turn them into “real” money. They thought of two ways to cash out:
A place where people with Pi can buy and sell goods and services. If Pi Network’s coin were listed on crypto exchanges, it would be possible to trade it for real money (US dollar, euro, etc.). A quick discussion like LetsExchange.io makes it easy to change Pi Network to another cryptocurrency like Bitcoin, Ethereum, etc. Currently, our exchange works with more than 350 digital currencies and tokens.
If there are no problems with liquidity, people who own Pi coins can easily trade them for the cryptocurrency of their choice. Is it worth it to mine a currency with no value right now?
The option is up to each user. But Pi Network doesn’t ask you to put money into it. You don’t even have to spend money. So, you have nothing to miss if you learn to mine Pi on your phone.
How does Mine Pi Cryptocurrency work?
- Get the app for mining on the Pi Network.
- Open the app and sign up for an account on the Pi Network. You can use your cell phone number or your Facebook account to do it. You should use your cell phone number for more effortless authentication on your device.
- Choose where you are and type in your phone number.
- Set up a password and make sure it is correct.
- Put in your first name and last name. Don’t use a fake name. Pick a name for yourself.
- After entering all the above information, you need to enter a referral code. Someone you know who is already a member of Pi Network can give it to you. You can examine it on Google.
- You can mine Pi crypto after you enter the code. To do it, tap the button that looks like a light on the screen.
You should think about a few things. First, you must sign in to the app daily to show that you are not a robot. In the whole section, you can see how much Pi you mine per hour.
When the Pi Network project started, it could mine at a rate of 3.1 Pi/h. When the number of users goes up by 10, this speed drops by half. So, in the long run, you won’t be able to mine Pi this way. At this point, though, miners will still get transaction fees.
Why does my PI?
Even though Pi isn’t worth anything, the Core Team is working hard to make it worth something. The Core Team members have written a whitepaper that explains their goals and vision. One of their plans is for developers to create apps for the Pi network and use the large community that has already been built.
The Core Team can’t promise that the project will be successful, but they are working hard to make it happen. In the meantime, you can utilize your smartphone as a wallet to store your Pi coins. If the Pi Network project gets to the mainnet stage, you will be able to sell your Pi.
Profitability of Pi Network (PI) Mining in 2022
There are four miner ranks on Pi Network. You can get more Pi coins based on your status.
- Pioneer. This is the first level you get when you sign up. At the moment, it can be mined at 0.39 Pi/h.
- Contributor. After three days of mining Pi, you can reach this level.
- Ambassador. You reach this level when you invite new people to the Pi Network. Remember that the people you ask mine Pi can help you make more money if they do it often.
- Node. This level will be for miners who add more equipment to the Pi Network. This level is being worked on right now.
Keep in mind that you are currently mining for virtual coins. You can’t get your Pi back or trade it for something else.
In the crypto world, Pi Network is an exciting project. It wants to be a Mine Pi Cryptocurrency that everyone can use. The network will be kept safe by regular people who trust each other. Anyone with a smartphone will be able to mine. Everything sounds fantastic, but will it work? You can try it out and see if the developers can make something worthwhile. You won’t lose anything if it doesn’t happen.