Step-by-Step Guide to Pi Network (PI) Mining
12 Aug, 2022
Step-by-Step Guide to Pi Network Mining
Launched in March 2019, the Pi network (PI) social coin represents an exciting development for cryptocurrency, being the first digital coin you can mine on your smartphone. The relative accessibility and novelty of this model swiftly caught the attention of crypto consumers, who decided to jump on board and join this new network.
As of yet, the coin has not been listed on any crypto exchanges whatsoever and is not available for purchase. This makes it difficult to predict its performance going forward. However, with the general excitement and fascination, it has encouraged so far, many more people are choosing to get in early and mine Pi. What is this new coin, though, and how can you mine it yourself?
This article is an in-depth guide that can help interested readers mine Pi crypto. In the following sections, we’ll explain the basics of crypto mining and how Pi mining, in particular, works and will also give you a step-by-step guide to mining the coin yourself.
An Explanation of Cryptocurrency Mining
Cryptocurrency mining is the name given to the process by which crypto coins are put into market circulation. It is an essential part of developing and maintaining a blockchain network.
To newcomers to cryptocurrency, the mining process may seem complicated and daunting. However, in essence, it is fairly simple to understand. Crypto mining uses highly sophisticated hardware to solve a number of complex equations in a block. Solving these problems combines transaction blocks into a single blockchain, and whichever computer is first to decipher the equation is rewarded with cryptocurrency.
The value of a coin correlates with the complexity of these equations. That is, the more difficult the problems are, the more the coin costs, as it will be in shorter supply compared to ones with simpler calculations.
Is It Worth Mining Cryptocurrency?
While it isn’t difficult to understand how cryptocurrency is mined, finding success as a miner is quite challenging. For one thing, you require special hardware to mine most cryptocurrencies, and different coins necessitate different methods as well. Mining cryptocurrency can be rewarding, but it requires a significant investment.
That’s where the Pi network coin differs. Since it can be mined using a smartphone—far more accessible than, for example, the GPU or ASIC hardware needed to mine Bitcoin—it’s a lot easier to get into. This makes Pi one of the easier coins to mine for beginners.
What Is Pi Cryptocurrency and How Does Mining It Work?
So—what is Pi mining? As we’ve already explained, with the Pi Network app, you can mine crypto on a phone. This is one of the main attractions of mining this particular type of cryptocurrency. When compared to other popular digital coins like Bitcoin (BTC) or Ether (ETH), Pi costs far less money and energy to mine. This means that not only is it cheaper for newcomers to crypto mining to start with the Pi Network, but Pi coin mining has a far smaller impact on the environment than mining, for example, BTC.
When Stanford graduates Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, Vincent McPhillips, and Aurelien Schiltz conceptualized Pi, it was with the notion of creating a user-friendly crypto network with low mining costs. All this was to be made possible through a mobile app with little power drain. The Pi Network app is the result of their labors: a user-friendly application that makes it possible to mine crypto on your phone.
A Step-by-Step Guide to Mining Pi
Now that we’ve explained what Pi cryptocurrency is and have briefly touched on how it is mined, we’ll now explain the mining process more thoroughly. If you’re new to crypto mining, don’t worry; through the Pi Network app, mining coins is an exceedingly simple process. All you need to do is sign up and use your account regularly.
If you’re interested in learning how to mine Pi, read on for our comprehensive guide, where we break down the process into seven simple steps.
Step One: Download
The first step is simple. All you have to do is download the Pi Network app, available through Google Play and the App Store.
Step Two: Sign Up
As with any application, the next step in the process is to make an account. There are a couple of different ways you can do this. Either you can sign up with the Pi Network app using your Facebook account or your phone number. It’s up to you.
Once you’ve signed up, it’s time to move on to step three.
Step Three: Input a Password
Next, set up your password. Make sure you either choose a password you can remember or take note of it somewhere.
Passwords must meet a certain level of complexity to be accepted by the app. Firstly, all passwords must be at least eight characters long. They must also have several key features: at least one digit, one uppercase letter, and one lowercase letter.
Step Four: Fill Out Your Profile
Once you’ve chosen your password, you can complete your profile details. The app requires your first and last name. Make sure that you use your real name when filling this out as opposed to an alias. You will also be required to select a username for yourself. Usernames can be anywhere between four and twenty characters in length and can only contain letters and numbers.
As well as your name, you will also have to provide your country of residence and your phone number. You will have to verify this number before you can claim coins; otherwise, whatever you’ve mined will be burned.
Step Five: Submit Your Invite Code
After filling out your profile details, you must then enter your invitation code. If a friend referred you to the app, you would find this code in their referral message. Either ask this friend to share their code with you or simply search for the Pi Network invitation code on Google.
This is the final step in the signup process! Once you’ve completed this, you are at last ready to begin mining. As a reward for signing up, each user receives one Pi coin.
Step Six: Tap to Earn
Mining with the Pi Network app couldn’t be simpler. All you have to do to mine Pi coins is open the app and tap the lightning icon on the right-hand side of your screen.
To ensure that real people are using the app and not bots, the Pi Network requires you to open the application every day. Tapping the previously mentioned lightning icon proves that you are a person, not a bot, and is the only way to mine coins through the app.
Your Pi coins will be accredited every twenty-four hours. Once they have been credited to your account, you will have to open the app to activate mining again. If you’re worried about forgetting, you can always set a daily reminder on your device to keep you on track.
Step Seven: Climb the Ranks
Now, you’re off to a good start and are ready to climb the Pi Network ranks! The app has four ranks in total:
Pioneer. This is the initial rank all users start at. At this level, the mining volume is 0.39 PI per hour. Contributor. After mining the coin for three days, you will unlock this level. Ambassador. This rank is attained by inviting others to join the Pi mining app. Node. The fourth and final rank is still under development. It will be made available to users who connect additional hardware to the Pi network.
Is Mining Pi Crypto Worth the Effort?
You may be wondering: “But what is the value of Pi cryptocurrency? How can I be sure that it’s worth mining?” And the short answer is, you can’t. By its very nature, cryptocurrency is extremely volatile. As such, it’s impossible to place one hundred percent accurate guesses about future coin prices. The best investors can do is make educated guesses regarding a currency’s future.
This is made especially difficult by the fact Pi has not yet been released on the market. The high popularity of the coin would seem to indicate that it has potential. But it is impossible to know for certain. If you’d like to mine Pi, review all the available information first.
While it’s difficult to gauge the true value of the Pi coin at this time, it’s clear that many people believe in its potential—and it’s not hard to see why. Prioritizing accessibility and sustainability, the Pi Network app makes it easy for even the most inexperienced crypto enthusiasts to start mining.
Whether or not Pi cryptocurrency meets with overwhelming success, it is certainly a worthwhile experiment in the crypto sphere. Assuming its developers keep pushing the app forward and assuming it continues to draw in an enthusiastic audience, this social cryptocurrency may come to mark a great evolution in digital currency.
Caution should always be exercised when mining or investing in cryptocurrency. However, the simplicity and accessibility of the Pi Network app make it a good choice for people looking to get a foot on the ladder. If you are interested in mining the coin yourself, this guide should help you on your way.