Crypto mining, which is considered a complex process, is slowly but certainly becoming less popular even when the crypto space is gaining traction with each passing day. When you look back in time, investing in or getting cryptocurrencies was more sophisticated than it is now. Pi is a blockchain that allows you to mine coins through your mobile phones. The goal of the Pi network is to make crypto mining accessible to everyone in the world. Unlike other cryptocurrencies that use expensive hardware to mine coins, Pi users, known as Pioneers, can mine PI coins using their smartphones.
This article will guide you through the complete Pi coin mining process, giving details about the Pi Network, the risks and benefits involved in the mining, and the steps to maximize your profit while mining.
What Is Pi Network?
The Pi Network, launched in 2019, is a blockchain that combines a developer environment with a decentralized social network powered by the Pi coin. The platform aims to transform PI into the world’s most widely used cryptocurrency, it is designed to become the world’s most inclusive peer-to-peer ecosystem. Network participants, otherwise known as Pioneers, and community members can mine Pi coins through their smartphones using the Pi Network app.
The PI coin
The PI coin is the native token of the Pi network and can be mined through a smartphone application. Created in 2019, the aim of Pi is to make crypto accessible to every ordinary person in the world without the need for external hardware and technical skills. Expensive hardware like ASIC is not needed in the mining of PI coins, users can earn them by just verifying their presence through their smartphones.
How the Mining Process Works
As we discussed, the Pi network mining process does not require the computational power of your device. Instead, the network uses the SCP consensus algorithm, which allows the coin to be mined on a smartphone without overusing the battery or data. To start the mining process:
- Download and install the PI network App from the Google Play Store for Android or the Apple App Store for iOS.
- Once the installation is complete, open the application and tap on the lightning bolt icon to start the mining process.
- Build your security circle by inviting 3-5 trusted contacts to increase your mining rate.
- Share your referral codes with friends and family to increase your earnings.
- Participate in the chats and polls, increasing your engagement in the application.
- Study and learn about the various roles like Pioneers, Contributors, and Ambassadors to heighten your earning potential.
Major exchanges like OKX, Bitget, and BitMart can be used by users to avail their PI coins with promotional intensives for greater adoption.
Risks and Benefits Involved in Mining
Pi Networks focuses on bringing a fresh perspective to the crypto landscape, aiming to democratize token mining by making it accessible to everyone with a smartphone. Almost no other cryptocurrencies let you mine coins with your smartphone, making Pi mining unique in the industry. Miners don’t need sophisticated hardware or skills to mine the tokens, which can be an appealing feature for beginners.
Moreover, Pi network treats its user data with caution. Users don’t need to provide any sensitive information to join. They can join with an email address or a Facebook account. However, after the network’s test phase, users will need to complete a KYC procedure to confirm their legitimacy.
Yet, the Pi Network does come with some risks, like the fact that the PI coin does not hold any value at the moment, which makes it untradable on cryptocurrency exchanges, and its future price is still not announced. The project’s success heavily depends on its ability to move from a test network to a fully functional blockchain, which is still uncertain.
Increase Your Mining Profit
We all know that PI coins do not hold any value for now, but there are several ways to heighten your potential outcomes if the Pi network becomes successful.
- Increase your mining rate: The more frequently you tap the lightning icon in the app, the more your mining rate will heighten. Make sure to do it every 24 hours.
- Make others use your referral link: Share your referral link with friends and family and encourage them to participate in the ecosystem, as it will increase your mining rate, consequently increasing the number of PI coins you earn.
- Join a security circle: To increase your overall mining speed and network security, add 3-5 trustworthy people to your security circle.
- Setting a lockup configuration: This significantly stabilizes the Pi blockchain network.
- Utilize the apps in the Pi Browser directory: This increases app usage rewards and also helps to develop the Pi ecosystem.
Conclusion
The Pi Network offers a distinctive opportunity within the cryptocurrency revolution. Its approachable platform could attract a new crowd to the thrilling realm of crypto mining. While it remains uncertain if Pi will successfully progress from its testing phase to a fully operational blockchain ecosystem, the journey of the Pi Network, with millions of active users, is definitely worth monitoring. Nonetheless, it’s essential to perform detailed research and seek insights from market analysts and financial advisors before investing in PI.