Pi Network (PI) cryptocurrency is the first social coin that you can mine on your phone. It was launched as a beta version on Pi day, March 14, 2019, by Stanford grads, Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, Vincent McPhillips, and Aurelien Schiltz. The cryptocurrency quickly gained the interest of users who desire to be a part of a new social network and try to mine crypto. Changelly monitors young and promising projects and their work, that is why we made a guide with some simple Pi mining steps that will make you a Pi Network miner.
Cryptocurrency Mining Explained
All cryptocurrencies emerge and exist due to the process of solving blocks. During the mining, a large number of calculations are performed to combine individual transaction blocks into a single chain. As a reward, a miner receives new cryptocurrency coins.
The complexity of calculations, as well as the speed of replenishment of an electronic wallet, depends on the type of digital currency. A simpler way of cryptocurrency mining means a noticeably lower exchange rate. Increased complexity of the algorithm immediately leads to a shortage of new coins and value increasing.
Is it profitable to mine crypto today? If you are a beginner in crypto mining, you need to understand that the process of getting coins is incredibly difficult. Different currencies require different mining techniques. In order to mine Bitcoin you need to have special equipment such as GPU or ASIC hardware.
However, there are many simple solutions for beginners, including Pi Network (PI) Mining. How does it work and what should you do to mine coins? Keep reading the Pi network review to find out.
How Pi Network Mining Works
While Bitcoin mining still demands huge expenses and power inputs, which is harmful to ecology, the developers of Pi Network crypto made a huge step forward evolution in mining processes. The main idea was to create a user-friendly network, where people can form chains and mine coins with a minimal cost and limited battery drain, using a mobile application. The PI Network mobile app is user-friendly. By the way, Changelly service also has an app that is convenient to use.
This app allows you to gain PI by making simple steps and contributing to the Pi community. However, while developers are promising the moon it is still impossible to withdraw money. We’ll see.
Pi Network (PI) Mining Step by Step Guide
How to mine PI? Follow the steps below and get your coins.
Step 1. Download Pi Network app here.
Step 2. Sign up with Facebook or phone number.
Step 3. Set up your password
Step 5. Enter the invitation code. There are two ways where to find it:
- Ask your friend who uses Pi Network to share his code with you
- You can use my code Danciko05
Step 6. Congratulations, you have just signed up. Then tap the lightning icon on the right.
To prove that you are a real person, not a bot, you need to go to the application every day. The cryptocurrency will be credited within 24 hours, after which you need to activate Pi Network mining again. If it is very hard to keep everything in your mind, turn the notifications on.
Step 7. Make a small tour with the Pi mining app. Now you are ready to mine PI. After signing up, every user receives 1 PI.
The system provides the following ranks:
- Pioneer. This is the initial level for all users. The mining volume is 0.39 π/h;
- Contributor. To unlock this level, it is enough to mine cryptocurrency for three days;
- Ambassador. This rank is for users who invite other participants to join the Pi Network.
- Node. Those participants who have connected additional hardware to the network. This level is still in development and will be available later.
Final Thoughts
Pi network coin is a new social cryptocurrency that is protected and supported by everyday people. Developed by a team of PhD and graduates from Stanford University, Pi can be easily mined on smartphones without any expensive devices, or battery consumption. The main idea is to create an inclusive online ecosystem, where ordinary people can mine digital coins.
To sum up, there are important advantages:
- Simplicity. A user who has never heard of Bitcoin before can mine and use cryptocurrency;
- Availability. The number of mined coins does not depend on the power of the device, the mining process does not require a complex device;
- Fair earnings. Users who participate in the development of the platform are rewarded.
For sure, Pi Network is a great experiment in the world of digital money. If the Pi team keeps developing the project, it will be a great evolution in the crypto sphere.
Pi is a new social cryptocurrency that is protected and supported by everyday people. Developed by a team of PhD and graduates from Stanford University, Pi can be easily mined on smartphones without any expensive devices, or battery consumption. The main idea is to create an inclusive online ecosystem, where ordinary people can mine digital coins.