Have you heard about the ‘Pi network’ app? Do you know what ‘Pi Coins’ is worth? or Have you started mining ‘Pi Coins’ hoping to earn some cash?
Well, you are not alone. More than 3.5 Million users(As of June 2020) are mining ‘Pi Coins’ using ‘Pi Network’ hoping to earn cash.
But, What if you don’t know anything about this ‘Pi Network’ and ‘Pi Coin Mining’ which is creating hype around the world in the sector of digital currency?
What is ‘Pi Network’?
Pi is a cryptocurrency project and it was developed by three PHDs and Graduates from Stanford- Nicolas Kokkalis, Chengdiao Fan, and Vince McPhillips. It was launched on March 14-2019, Official Pi Day(This day matches the mathematical value of Pi i.e 3.14). ‘Pi Network’ is a free cryptocurrency mining app that mines Pi coins.
It is a digital currency that is very easy to mine. Unlike Bitcoin and other cryptocurrencies, it doesn’t require a high-end graphics card, Powerful Processing CPUs & Complex hardware/software. ‘Pi coin’ mining is as easy as downloading an app on your smartphone. All you need to mine ‘Pi Coin’ is a Smartphone. And yes, Mining ‘Pi Coin’ on your smartphone doesn’t even use your RAM, nor drains your battery life. And what’s more awesome is, you don’t even need to be connected to the internet.
So, if its that easy to earn Pi Coins, how can we start mining it?
How to start mining ‘Pi Coins’?
The first step to mine ‘Pi Coins’ on your smartphone is to download ‘Pi Network’ on your smartphone. ‘Pi Network‘ app is available for free in App Store (IOS) and Play Store (Android).
Once you have downloaded the app on your phone, you need to register to ‘Pi Network’, Either by using Facebook or by using a Phone number.
Then, set up your account by typing your FIRST NAME, LAST NAME, and your USERNAME.
Once you have opened an account, you need to enter an ‘Invitation code‘ compulsorily. This is to make sure that the app is in between the closed circle and safe, and no one would interfere with the app,
(You can use my code ‘anishthapaliya11‘ as your invitation code)
And after completing this step, you have completed the registration process Pi Network Account. Now, You can start mining ‘Pi Coins’.
On entry-level, you can earn 0.25 Pi/ hr (As of July 2020) but the entry-level of mining rate may half or maybe zero once the total engaging users in the app exceeds 10 Million (As reported by the officials of the App)
And if you want to increase your mining rate, you need to invite people to use the app and make sure they use your Invitation Code while registering. If one person uses your Code to register their account, your mining rate increases by 25% of the entry-level mining rate.
(NOTE: Your invitation code will be your username which you entered while setting up your Account)
After everything is completed setting up, you will start earning ‘Pi Coins’. You have to open the app every 24 hours to prove you are an engaging contributor to ‘Pi Network’.
If you forget to relaunch the app after 24 hours, you will stop mining coins and it will start mining again after you have launched the app again.
You also don’t need to keep the app running in the background to mine ‘Pi Coins’
Is this Scam or Real?
The answer is complicated. This app is currently in Beta Stage of development. A lot of features are still in the process of being tested in this App. So, until and unless you have the developed version of this app, you can’t say much
(This app is currently being tested under phase-2. After the arrival of next phase, you might be able to buy and sell pi coins : According to the developers of the App)
So, Should you start mining ‘Pi Coins’?
The answer is, YES!
Yes, you should start using it. I mean, you don’t need any effort to start mining. All you need is a SMARTPHONE. It doesn’t drain your battery, doesn’t use your ram, and doesn’t even need the Internet. so, what’s stopping you?
And even if this project fails, you have nothing to lose.
But if this project succeeds, You will have some serious amount of money.
Just have a look at Bitcoin’s success. When it was launched in 2008, no one believed that it could be successful. But over time, it gained massive success and reached its record high price, valuing at USD 20,089.00 on December-17, 2017(Price per 1 bitcoin) and now it’s worth USD 9050 (As of June-28, 2020)
But don’t expect Instant cash from this. This might take a long time in order to gain its value. This is a long term project whose success depends on the collective contributions of its members. So, the more users get engaged with it, the more chance of it getting successful.
If you need any information regarding this app, you can visit their official website and you can have a look at their WhitePaper to see how it works.