The journey of crypto mining
Over the past decade crypto mining has grown exponentially. Back in 2009 the pioneers of the crypto world were mining bitcoin from a computer in their basement. Fast forward to 2021, mining has evolved into a fully fledged business, with companies setting up huge mining farms that use enormous amounts of computational resources and energy. Now there has been another step in the evolution of crypto mining - you can now mine it from your smartphone.
Pi - please enter the room
Pi is one of the first coins that you can mine from your smartphone. Pi was launched by 3 Standford Phd professors, Dr. Nicolas Kokkalis, Dr. Chengdiao Fan and Vincent McPhillip.
The aim of Pi is to become a truly decentralised, scalable secure network, that will transact on an open immutable blockchain.
What makes Pi unique?
There are thousands of crypto coins pumping into the world that all claim to be the next big thing.
The uniqueness of Pi is that it aims to create security circles within its' network. A security circle is a group of more than 3 people who know each other and can trust one another. By creating these pockets of security circles, the Pi network will inherently protect itself from bad actors and attacks, thus conquering the security issue that plagues many cryptos.
Furthermore, it is the first crypto that you can mine from your phone without using unnecessary amounts of wasted energy.
How do I mine Pi from my phone?
To earn Pi you simply download the app on your phone, log in once a day and then you will earn Pi at the current rate of 0.12 Pi per hour.
As the network grows, the hourly reward will drop to increase the scarcity of the coin.
Will mining Pi slow down my phone?
Nope, the app uses a very very very small amount of power to mine Pi. Rest assured it will not slow your phone down at all - I can personally vouch for this.
How big is the network?
The Pi network currently has 13 million active users. The aim is to have 100 million users. At this point, the reward rate for mining Pi will have reduced significantly to virtually zero. The point of this exercise is to add scarcity to the Pi in circulation. This supply and demand mechanism will hopefully drive value to the Pi coin.
How much is Pi worth at the moment?
Pi does not currently have a financial value as it not traded on any exchanges as of yet.
When will main net be launched?
The aim is that main net will be launched by the end of 2021 at which point it will be listed on some exchanges.
Is this a scam or a get rich quick scheme?
Pi right now is akin to bitcoin in 2010 - most people were skeptical of it. I am not saying Pi will be the next bitcoin, but I certainly do not think it is a scam or a get rich quick scheme. I have actively been in the community (discord channels, Youtube etc) for a while now and the general tone is that people are trying to build up an active network who are technically quite savvy.
If you are under the illusion that this will make you a quick buck, this is probably not for you.
How can I join the Pi network and earn Pi?
In order to join the Pi network you need to be invited. I have added my Pi invitation link here
Final thoughts
Only time will tell whether Pi will be a successful crypto currency, but given there is no risk involved in mining Pi, I think it is worth a shot.
