PI Coin is perhaps the most anticipated coin in 2024. After several postponements to its mainnet launch, the crypto community is finally counting down days before the coin goes live on June 28. Until now, the lack of a mainnet has given room for speculation regarding the coin’s price, partnerships, airdrops and even development roadmap.
The PI Network has been conducting aggressive social media campaigns, including holding incentivized competitions. However, as things stand, Pi Coin has no real value, despite the multiple trades purportedly involving the coin being conducted on multiple platforms.
One of the key attractions about Pi Coin is that it allows users to mine using their smartphones. This means that in theory, it could eventually have the largest user base. The project team has been keen on building a network for the masses, and has built a following of more than 55 million people on X. In addition, as data integrity is central to the project, it has KYC’ed more than 10 million users. This ensures that miners are real human beings and not bits.
Whether you are in India or elsewhere in the world, you don’t need any specialized knowledge or expensive hardware to mine PI coins. After signing up, every user receives 1 PI.
Users must download the PI Network app and register with an invitation code in order to begin mining PI. Mining takes place in the background, and users do not need to keep the Pi mining app open in order for mine. However, they must sign in every day and press the lightning button in order to increase the mining rate. Evidently, the PI Network is keen on growing its user base, and it has a referral program that boosts users’ mining rate when their referral code is used by another user.
Steps for mining PI coin
The rate at which you mine PI will depend on the category you fall in. You can fall in one of the following 4 categories:
Unlike other cryptocurrencies, Pi Coin cannot currently be transferred to another wallet or exchange.
The Pi Network initially announced that users could withdraw a maximum of 50 Pi through their partner platform, Pi Chain Mall (PCM). However, some users have been using unofficial (but high-risk) methods of using peer-to-peer (P2P) marketplaces to sell their Pi as the coin isn’t listed on exchanges yet. It will become easier to deposit and withdraw PI like other cryptos once it is listed on exchange platforms. A key step to this will be the mainnet launch.
Developed by a two Stanford University graduates, the PI Network seems legitimate so far, and as of now, it remains an interesting prospect worth checking out. However, like any other crypto project, it is difficult to tell what could become of it before it launches its mainnet. Also, in the absence of an official listing price, the current prices are nothing more than speculative. Therefore, I would urge caution in any transaction involving the coin. Also, as far as mining goes, PI is one of the easiest to mine. However, considering that is yet to go mainstream, I wouldn’t advise you to employ lots of resources towards mining it, since no one knows what will become of it.
This post was last modified on May 21, 2024, 19:02 BST 19:02