How to mine crypto currency for free
As the world becomes increasingly digital, cryptocurrency is a next natural step in the evolution of money. I’m not going to waste much of our time and just get to what I have for you. Pi is the first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide. This app allows you to access and grow your Pi holdings and serves as a wallet to host your digital assets. Pi is fairly distributed, eco-friendly and consumes minimal battery power.
More light on Pi Network?
Pi Network is a project that aims to keep crypto mining accessible. It is based on the view that the centralisation of the first generation of cryptocurrencies like bitcoin has put them out of reach of everyday users.
While early bitcoin adopters could mine the digital coin from a regular computer CPU, the process of mining — validating transactions on its distributed record, or blockchain — has been taken over by massive mining pools with specialist hardware.
The project, developed by a team of Stanford graduates, aims to redress the balance, enabling users to mine coins from its smartphone app.
With branding based on the number π, Phase 1 of the project launched in 2019 on Pi Day, 14 March, with its free PI mining app. By June 2019, the network had more than 100,000 active users, and a year later when Phase 2 launched there were more than 3.5 million. The app started running ads in May 2020 to provide a source of financing for the project. The user base reached 18 million at the end of May 2021, having crossed the 12 million mark in February.
Pi Network (PI) is causing a stir in the cryptocurrency community, even before it has fully launched. The project has been in development since 2018 and remains in testing mode. But there are already predictions for the Pi Network value when the cryptocurrency goes live.
Value of Pi
If you are wondering about the current worth of Pi coin, it is not yet available to buy on any of the cryptocurrency exchanges or trading platforms and has no tradeable value. Users that have mined the Pi cryptocurrency will only be able to withdraw or exchange their coins during the third phase of the project, when Pi moves to a completely decentralised blockchain.
Pi cannot be transferred during the testing phase. According to the project website, this is to prevent fake accounts from accumulating coins. Pi wallet balances are expected to be honoured when Pi shifts from the testnet to mainnet, when the blockchain protocol comes out of development and is fully deployed.
Once Phase 3 launches, holders will be able to take full control of their private and public wallet keys and use the coin to buy products and services on Pi’s peer-to-peer marketplace or exchange it for fiat currency. Without the keys, users cannot transfer or spend the currency they hold.
The Pi mobile app acts as a cryptocurrency wallet, linked to a user’s phone number or Facebook account. As with other public blockchains, the Pi blockchain will allow external wallets to hold Pi coins and transact with them by submitting transactions directly to the blockchain. However, unlike other blockchains, its developers have not yet released its source code.
Early adopters are accumulating Pi crypto in anticipation that the price will rise sharply after Phase 3 goes live. Although the coin’s mining rate has been reduced by halving, users can increase their mining rate by connecting with other active miners. New users can only join the Pi Network if they have a referral code from another user.
The project’s developers claim that the security of the Pi Network is enhanced by personal networks, encouraging users to bring in friends and family — which is prompting scepticism that it is a multi-level marketing (MLM) or pyramid scheme. However, it is worth noting that users can only earn coins from their own direct networks — not from their connections’ networks, as with an MLM scheme.
In the meantime, the developers have increasingly warned users that “scams claiming to involve Pi have recently popped up”.
How to mine Pi
This is the main and last part of this article. Mining Pi isn’t difficult, all you need to do is follow this few steps
- Download the Pi Network App and Sign up with it.
- Fill in your correct name and profile details.
- Set up your password and use this invitation code…..tony9199
- That’s it, now you can mine Pi network mining.
- Just make sure that you are actively mining, as it works on a daily basis of credibility.
6. You will be rewarded as per your performance in the app.
7. You can increase up to the level of Node, by crossing levels of Ambassador.