Professional traders and investors make their livings out of buying and selling crypto. Lay people can partake also. Cryptocurrencies have opened many possibilities to generate additional income. You do not need to be tech-savvy or a financial expert to profit from cryptocurrencies. There are simpler ways to earn some money in the crypto sphere.
A profitable activity is crypto mining. It consists of helping to secure a cryptocurrency network in exchange for some rewards (usually cryptocurrency). But mining for some cryptocurrencies like Bitcoin may not be so easy. You need to buy special mining hardware and pay enormous electricity bills. In most cases, this type of mining is not profitable if you do it independently.
That is why Pi mining has caught a lot of interest from crypto enthusiasts. The developers of the Pi Network claim that you can mine for this cryptocurrency using your smartphone. Although other cryptocurrencies have allowed mining on a smartphone before, Pi mining does not consume many resources. It means that you can mine for this crypto without draining your mobile device’s battery. It will not degrade the performance of your smartphone either.
Should you give this mining option a try? How can you mine this cryptocurrency? What is its current value? Let us discuss everything about this intriguing cryptocurrency and its unique mining process.
A Review of Pi Network
This cryptocurrency takes its name from its launch date (Pi Day on March 14, 2019). The developers of this crypto call it a social coin. The most remarkable feature of this coin is that users can mine it using a simple mobile app. Mining is the process by which blocks of information are verified before appending them to a blockchain.
The Pi Network uses the so-called Stellar Consensus Protocol (SCP) to reduce energy consumption to verify blocks. This protocol applies Drake’s security circle system. How does it work? A security circle is formed by three to five people who trust each other. A user of the Pi Network can build a security circle. The members of a security circle monitor each other, ensuring that no one commits fraud.
Currently, Pi Network is in its beta phase (the initial out of three phases). As such, this cryptocurrency has no value for the moment. The developers claim that users will be able to exchange their Pi holdings in the mainnet phase (the final phase). You will be able to swap PI to BTC like you convert SHIB to CRO nowadays. Alternatively, the developers envisage a marketplace where users can buy products and/or services with their Pi coins.
The Pi Mining Process
Some crypto enthusiasts question the worthiness of mining a cryptocurrency that has no value for the moment. After all, the developers do not guarantee the success of the project. However, you don’t lose anything by trying, do you? In case you decide to mine this coin, you need to follow these simple steps:
- Get the mining app from the Pi Network’s website.
- Create a Pi Network account using your mobile phone number (recommended) or Facebook account.
- Enter your name and surname, select a username, and set up a password.
- Enter a referral code that you can get from a Pi Network member. Alternatively, you can use Google to find one.
- After entering the code, you must tap the lighting button to mine this crypto.
You have to
log in to the app daily to confirm you are not a bot.