Cryptocurrency mining is the process of introducing new coins into circulation. Miners receive a share of the cryptocurrency as a reward for verifying and recording transactions on the blockchain. In the past, individuals could mine Bitcoin from their home computers. However, as the network expanded, mining became more challenging without expensive hardware.
One cryptocurrency that has attracted a diverse range of users is Pi Network (PI), a virtual currency that can be mined on a mobile phone. According to its creators, PI is the first cryptocurrency that can be mined using a simple smartphone app, sparking interest in how to mine Pi.
While some may argue that Monero was the first digital currency to offer a Minergate program, mining Pi does not drain resources from your phone, meaning there is no impact on performance or battery life.
Pi Network has faced controversy, so it is essential to conduct your own research before investing. The value of Pi is not yet available on exchanges, but the community is growing rapidly. The app has over 7 million members, with a mining rate of 0.4 Pi/h as of August 2020.
To mine Pi using the Pi app, follow these steps:
1. Download the Pi mining app.
2. Sign up using your phone number, name, and create a username.
3. Complete your profile by entering personal information and an invitation code.
4. Finish signing up by tapping “Join Pi Network.”
5. Visit the app daily to show you are a real person and receive cryptocurrency within 24 hours.
Pi Network uses a unique security protocol called “Proof of Work (PoW)” to verify transactions using your smartphone’s processing power. As the user base grows, the mining rate decreases, making it more challenging to earn Pi coins.
The Pi blockchain does not rely on proof of work or proof of stake, but rather on a security circle where users vouch for each other’s credibility. The security circles determine who can be trusted to work with the network’s ledger.
Although Pi currently has no value, the Core Team is working towards creating a valuable ecosystem where developers can create applications for the Pi network. The success of the project is not guaranteed, but storing Pi coins in your smartphone wallet may pay off if the network goes live on the mainnet.
Overall, mining Pi on your phone is a simple way to participate in a growing cryptocurrency community without draining your device’s resources. The project is still in development, with plans to release Pi coins when the mainnet is launched.
