{"id":6160,"date":"2022-01-05T11:30:14","date_gmt":"2022-01-05T09:30:14","guid":{"rendered":"https:\/\/godex.io\/blog\/?p=6160"},"modified":"2022-01-05T11:30:14","modified_gmt":"2022-01-05T09:30:14","slug":"pi-network-mining-explained","status":"publish","type":"post","link":"https:\/\/godex.io\/blog\/pi-network-mining-explained","title":{"rendered":"Pi network mining explained"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_25_1 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table of Content\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/label><input type=\"checkbox\" id=\"item\"><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/godex.io\/blog\/pi-network-mining-explained\/#what_is_mining_pi\" title=\"What is Mining PI?\">What is Mining PI?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/godex.io\/blog\/pi-network-mining-explained\/#the_very_meaning_of_crypto_mining\" title=\"The very meaning of crypto mining\">The very meaning of crypto mining<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/godex.io\/blog\/pi-network-mining-explained\/#how_pi_network_mining_work\" title=\"How Pi Network Mining Work\">How Pi Network Mining Work<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/godex.io\/blog\/pi-network-mining-explained\/#how_to_actually_get_into_the_process_of_mining\" title=\"How to actually get into the process of mining\">How to actually get into the process of mining<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/godex.io\/blog\/pi-network-mining-explained\/#is_it_a_real_thing\" title=\"Is it a real thing?\">Is it a real thing?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/godex.io\/blog\/pi-network-mining-explained\/#should_i_get_into_it_or_not\" title=\"Should I get into it or not?\">Should I get into it or not?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_mining_pi\"><\/span><span style=\"font-weight: 400;\">What is Mining PI?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\"><a target=\"_blank\" rel=\u201dnofollow,noopener\u201d href=\"https:\/\/minepi.com\/\">Pi network cryptocurrency<\/a> 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 usin<\/span><span style=\"font-weight: 400;\">g an app for mining. Th<\/span><span style=\"font-weight: 400;\">us, anyone can access it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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, <\/span><span style=\"font-weight: 400;\">what is Pi mining<\/span><span style=\"font-weight: 400;\">? How it all works and what the future looks like for this venture? Let\u2019s get to know now.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"the_very_meaning_of_crypto_mining\"><\/span><span style=\"font-weight: 400;\">The very meaning of crypto mining<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">That\u2019s 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Speaking of profitability, there\u2019s 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 <a target=\"_blank\" rel=\u201dnofollow,noopener\u201d href=\"https:\/\/godex.io\/coin\/btc\">mine BTC<\/a>, miners need to get specific gear like GPU or ASIC hardware.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pi coin mining<\/span><span style=\"font-weight: 400;\"> seems way simpler in terms of the process and algorithms. So, let\u2019s get straight to how it works now.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"how_pi_network_mining_work\"><\/span><span style=\"font-weight: 400;\">How Pi Network Mining Work<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The truth about BTC mining is that it is still cumbersome, meaning significant costs and power inputs are needed. Then, <\/span><span style=\"font-weight: 400;\">how does the Pi network work?<\/span><span style=\"font-weight: 400;\"> 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"how_to_actually_get_into_the_process_of_mining\"><\/span><span style=\"font-weight: 400;\">How to actually get into the process of mining<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Now, we\u2019ve figured out that for mining the coin, the app is helpful. So,<\/span><span style=\"font-weight: 400;\"> how to Pi mine<\/span><span style=\"font-weight: 400;\">? Here are the steps to follow:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Install software\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pass the registration with a Facebook account or phone number<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Create your particular credentials for this app (herewith, to claim the coins mined, the number should be valid<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enter your profile information, including your real name, place of residence, and mobile number<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Indicate the code of invitation. How to do this? You can ask your friend who\u2019s using the network already or just google it<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Start using. By the way, after the registrations, everyone gets 1 Pi.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Here\u2019s the thing: for the system to make sure you\u2019re 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\u2019ll need to reactivate the mining process. it is preferable to turn on notifications not to forget about it.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u2018Play\u2019 a bit with the app, investigate it.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The app has a few ranks for users. Let\u2019s have a look.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pioneer. It\u2019s just for the very beginning. The volume here is 0.39 \u03c0\/h;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Contributor. To have access to this rank, you need to mine for seventy-two hours;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ambassador. This one is for those inviting others to become a part of the community.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Node. These are users who added an extra gear to the network. This level is &#8220;work in progress&#8221;. They promise to launch it any time soon.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"is_it_a_real_thing\"><\/span><span style=\"font-weight: 400;\">Is it a real thing?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So, <\/span><span style=\"font-weight: 400;\">what is Pi mining<\/span><span style=\"font-weight: 400;\"> in terms of legitimacy or not? It\u2019s always complicated to predict for sure whether the project is legitimate or not. Keep in mind the following: if you\u2019re not ready to share personal data, do not jump into the project. The technology in use is still budding and unproven.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Early bird network participants also mine at a higher rate compared to those that join after them. However, yet it\u2019s hard to see where exactly the value hides for users.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For now, that\u2019s 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.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"should_i_get_into_it_or_not\"><\/span><span style=\"font-weight: 400;\">Should I get into it or not?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The venture has its pros and cons &#8211; 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, we\u2019re 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Amongst the advantages, the best points are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">the whole process is simple. It\u2019s a good one to start and, if necessary, to proceed to BTC\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">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\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rewards. Users that add to the development of the network are rewarded.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The project is promising and revolutionary, should the team keep their promises and deliver on them. Thus, keeping an eye on what\u2019s going on with the project is the very first step before starting with the company and the coin.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Table of Contents What is Mining PI?The very meaning of crypto miningHow Pi Network Mining WorkHow to actually get into the process of miningIs it a real thing?Should I get into it or not? What is Mining PI? Pi network cryptocurrency is a baby of Stanford grads. The idea was to create the first social [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":6161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133,1870],"tags":[113,1479,1511,1901],"yst_prominent_words":[],"class_list":["post-6160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-talks","category-crypto-mining","tag-blockchain","tag-crypto-mining","tag-mining-software","tag-pi-network"],"lang":"en","translations":{"en":6160},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/posts\/6160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/comments?post=6160"}],"version-history":[{"count":3,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/posts\/6160\/revisions"}],"predecessor-version":[{"id":6180,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/posts\/6160\/revisions\/6180"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/media\/6161"}],"wp:attachment":[{"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/media?parent=6160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/categories?post=6160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/tags?post=6160"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/godex.io\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=6160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}