What is Mining PI?
Pi network cryptocurrency is a baby of Stanford grads. The idea was to create the first social coin to be mined specifically on phones. It actually gives a strong promise not to drain the phone battery if using an app for mining. Thus, anyone can access it.
Obviously, the Pi coin circulates on the network itself. But it does stay in a pre-release mode. At present, the Pi Network is in its second phase of development, and, to be honest, no one knows when the third one will start. Yet, the promise seems attractive. So, what is Pi mining? How it all works and what the future looks like for this venture? Let’s get to know now.
The very meaning of crypto mining
That’s the process of solving blocks that defines the emergence and existence of all cryptos globally. When miners are doing their job, huge numbers of calculations are made to add particular transaction blocks to one chain. As a result, miners get new cryptos as compensation.
The type of digital currency might influence the sophistication of every calculation and how quickly users can deposit an e-wallet The simpler the process of mining, the lower the exchange rate is. The bigger the complexity of the algorithm is, the higher the value is. Besides, it results in a shortage of new coins.
Speaking of profitability, there’s no absolute answer. Newbies in this field should realize that the process of obtaining is quite complicated. All types need different mining algorithms. For example, to mine BTC, miners need to get specific gear like GPU or ASIC hardware.
Pi coin mining seems way simpler in terms of the process and algorithms. So, let’s get straight to how it works now.
How Pi Network Mining Work
The truth about BTC mining is that it is still cumbersome, meaning significant costs and power inputs are needed. Then, how does the Pi network work? The creators of Pi Network crypto came up with a better solution. They suggested a hassle-free, smooth network, where members create chains and mine coins with the lowest possible expenses and less battery drain by using Pi mining software.
This tool takes no big effort to get Pi, contributing to the whole Pi community. Unfortunately, for now, users cannot withdraw money, while founders are promising everything under the sun.
How to actually get into the process of mining
Now, we’ve figured out that for mining the coin, the app is helpful. So, how to Pi mine? Here are the steps to follow:
- Install software
- Pass the registration with a Facebook account or phone number
- Create your particular credentials for this app (herewith, to claim the coins mined, the number should be valid
- Enter your profile information, including your real name, place of residence, and mobile number
- Indicate the code of invitation. How to do this? You can ask your friend who’s using the network already or just google it
- Start using. By the way, after the registrations, everyone gets 1 Pi.
Here’s the thing: for the system to make sure you’re real, you need to use it on a daily basis. It will take a day for the cryptos to be credited; right after that, you’ll need to reactivate the mining process. it is preferable to turn on notifications not to forget about it.
- ‘Play’ a bit with the app, investigate it.
The app has a few ranks for users. Let’s have a look.
- Pioneer. It’s just for the very beginning. The volume here is 0.39 π/h;
- Contributor. To have access to this rank, you need to mine for seventy-two hours;
- Ambassador. This one is for those inviting others to become a part of the community.
- Node. These are users who added an extra gear to the network. This level is “work in progress”. They promise to launch it any time soon.
Is it a real thing?
So, what is Pi mining in terms of legitimacy or not? It’s always complicated to predict for sure whether the project is legitimate or not. Keep in mind the following: if you’re not ready to share personal data, do not jump into the project. The technology in use is still budding and unproven.
The team announced a big deal of promises but yet there are no guarantees they will fulfill it. Some suspect a pyramid here, while others deny it saying money has not changed hands here yet. Therefore, the only right answer here is to do homework, do a little research and find out if the project is worth investing in.
At present, Pi is not available for trading, meaning it has no value. But the app promises to give users the opportunity to increase their mining rate by adding friends and family members to the community of users.
Early bird network participants also mine at a higher rate compared to those that join after them. However, yet it’s hard to see where exactly the value hides for users.
For now, that’s the phone battery that gets drained intensively. The fact is upsetting considering the fact that Pi coin has no value now and cannot be currently spent. But a lot of users hope that one day the coin will be worth a lot.
Should I get into it or not?
They claim it is the first and only digital currency minable on smartphones. Although mining takes so much energy and costs a lot, this one offers a complex computer program that allows facilitating it drastically. It all comes down to a set of votes and exchanges of data to check transactions.
The venture has its pros and cons – do your research to decide whether the project is worth your attention. To finish the piece on good terms about the project, here are a few final thoughts.
So, we’re dealing with a brand new social crypto that ordinary people support. The coin can be easily mined on smartphones thanks to an application. No expensive devices are required. They say it is not draining the battery.
Amongst the advantages, the best points are:
- the whole process is simple. It’s a good one to start and, if necessary, to proceed to BTC
- Always in stock. As the power of the device does not influence the number of coins mined, the process of mining should not need a complex gear
- Rewards. Users that add to the development of the network are rewarded.
The project is promising and revolutionary, should the team keep their promises and deliver on them. Thus, keeping an eye on what’s going on with the project is the very first step before starting with the company and the coin.
Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.