How to start mining the Pi network on your mobile and what is a PI? Pi Network (PI) is the latest cryptocurrency that has caught the attention of the community even before it has been fully launched. Some users see it as a way to get involved in cryptocurrency mining from the start and profit in the future, just like the early bitcoin miners who made huge profits from mining. However, some have likened Pi to a multi-level marketing (MLM) scam that has no value. We don’t currently know if this cryptocurrency will have any value in the future, but after the experience of Bitcoin’s development, it seems short-sighted to dismiss this attempt at a new cryptocurrency.
What is the Pi Network and how does it work? Have you heard about the Pi cryptocurrency and are looking for more information about it as a potential investment? This article provides an overview of what the Pi Network aims to achieve and how to start mining Pi on mobile.
What is Pi Network?
The Pi Network is a digital currency project that aims to provide access to cryptocurrency mining to all users with zero mining costs, so it is a so-called “green cryptocurrency” because it does not require special mining rigs to mine, nor is it energy intensive. The Pi network, developed by a team of Stanford University graduate students, allows users to mine coins using a mobile phone app and verify transactions on a distributed record.
With branding based on the number π, Phase 1 of the project launched on Pi Day, March 14, 2019, with a free Pi mining app. By June 2019, the network had more than 100,000 active users, and a year later, when Phase 2 launched, there were more than 3.5 million. The app began showing ads in May 2020 to provide a funding source for the project. By March 2021, the user base had reached 14 million.
Pi Coin is a cryptocurrency that runs on the Pi network, and like other cryptocurrencies such as bitcoin, PI was designed to undergo periodic “halving” to protect itself through coin shortages. Pi’s mining rate was halved from 1.6 π per hour when it reached 100,000 users, halved again to 0.4 π per hour when it reached 1 million, and halved again to 0.2 π when it reached 10 million. It will continue to halve until it reaches zero at 1 billion users.
Pi Coin remains in pre-release mode
If you’re wondering how to buy a Pi for your portfolio, unfortunately this isn’t possible yet. Users who mine Pi cryptocurrency will only be able to withdraw or exchange their coins during the third phase of the project, when Pi moves to a fully decentralized blockchain. According to the project’s website, Pi cannot be converted during the testing phase to prevent fake accounts and coin hoarding. Pi wallet balances are expected to be respected once the Pi moves from the testnet to the mainnet when the blockchain protocol is fully deployed.
As a result, Pi Coin is not yet available for trading on any of the cryptocurrency exchanges or trading platforms. The project is expected to reach phase three by the end of 2021, but this is not certain.
Once Phase 3 is launched, holders will be able to take full control of their private and public wallet keys and use the coin to purchase products and services on the Pi peer-to-peer marketplace or exchange them for fiat currency (USD, EUR..). Without keys, users cannot convert or spend the currency they hold.
The Pi mobile app acts as a cryptocurrency wallet linked to a user’s phone number or Facebook account. As with other public blockchains, the Pi blockchain will allow external wallets to hold Pi coins and trade them by entering transactions directly into the blockchain. Unlike other blockchains, however, its developers have not yet released its source code.
The first million users are now mining Pi cryptocurrency in anticipation that the price will skyrocket after the launch of Phase 3. Although the coin mining rate has been cut in half, users can increase their mining rate by connecting with other active miners.
How to start mining Pi on your mobile
- Download the Pi Network app for Android here, or for iOS here.
- Sign up using Facebook or your phone number.
- Set your password
- Fill in your profile details. Don’t forget to include your real name. Then follow up with your country and phone number. (when registering with a phone number)
- Enter the invitation code. Use the code hcportos to join our network, or the code you have for example from a friend who sent you an invitation. This code will increase your mining rate by 20%.
- Congratulations, you have just registered. Then click on the lightning bolt icon on the right. This is how your Pi mining started.
- Pi mining is active for 24 hours, after which it will be interrupted. This is to prevent mining robots from mining. The app will show you a notification that mining has been stopped. Just open the app again and start mining again, it will run for another 24 hours.
- Currently, the mining rate is 0.10PI per hour, with an invitation code of 0.12PI. If you want to increase your mining rate, send the mining invitation with your code to your friends. You will get some extra mining percentage for each one.