Pi Network is an app created by a group of Stanford PhD students to allow anyone with a phone to mine cryptocurrency, specifically Pi. After the huge success of Bitcoin and the subsequent spike in popularity of crypto, the students saw a gap in the market of mobile capacity to mine, and very soon, you could be enjoying the spoils of their idea.
Is Pi Network Legit?
Pi is most certainly legit, I’ve personally been using the app for a few months now and can confirm it is 100% what it says it is. The site is also backed by a 3.9 star review on trustpilot.
In fact, not only is Pi legit, but it may be one of the only legit ways to mine crypto off your phone. I’ve seen countless apps for both Android and IOS such as Phoneum that are similar to this but riddled with issues and earning rates so low you shouldn’t even bother. Nothing screams scam more than an app like that. But Pi is different, the team are committed to creating a new platform with a different way to earn.
What Is Pi Network and How Does It Work
The Pi Network app is essentially using your phones processing power to solve algorithms and be paid in Pi for it. To best understand it though, we must look back to Bitcoin. Bitcoin went and still goes through this exact same mining process, however nowadays you would be competing with warehouses full of purpose built machines designed to earn the owners ridiculous amounts and squash competition.
It wasn’t always like this though, in fact in the early days of Bitcoin you could easily download mining software to your PC and make multiple Bitcoins a day, which at the time wouldn’t have been worth the electricity it cost to mine them, but lets not forget that many years later Bitcoin peaked at just short of $20,000 USD.
This is where Pi comes in, the new crypto that can be mined by literally anyone, with a tool you already have instead of a warehouse filled with millions of dollars of equipment and a power bill equally as high. Currently Pi is only in stage 1 of 3, meaning that you are welcome to mine, but not currently withdraw and nor is it listed. Does this mean you shouldn’t use it? Not a chance.
How To Start Earning Pi
After downloading the app, make sure you enter all your details correctly, as this ensures you are not a robot (don’t worry they won’t steal your data). You will also need an invite code to create your account, mine is tommyk01 or you can follow the link here.
Once you’ve signed up, you just have to click on the little lightning bolt on the home screen and that’s it! The app will display the hourly rate it mines at and you will need to come back every 24 hours to click the lightning bolt again to get it going. Simple!
The home page regularly gets updated with different content from the team. The messages are usually regarding any changes coming, or just general news worth reading about the cryptocurrency world.
How Much Money Will I Make Mining Pi
This is where it gets a bit tricky, Pi Network is currently in phase 1 of 3, meaning there is no way to withdraw or sell yet. The big question is will the developers ever make it possible to do these things. In my opinion yes they will; obviously they are claiming they will (without giving any dates), but I’m confident purely based off the fact that it will make them money.
After a crypto trading platform agrees to trade Pi, there is no knowing how much it will be worth, however as the developers have taken a very structured and careful approach in the way they have allowed distribution so far, I have high hopes for the potential of it. Pi could very well be a big cryptocurrency in the future, as the idea and execution behind it are both very solid and while there is no way of predicting these things, I believe it could be a major crypto contender in the future.
How To Increase Your Mining Rate
As with most other crypto mining apps, you can increase how much you earn based off referring and connecting with other people. Each person you refer will increase your base mining rate by 25%, with no limit on how many people you can benefit from.
You can also add people to your ‘security circle’, which becomes available to view after 3 days of mining. The security circle will most likely consist of the person who’s code you used to sign up plus anyone that’s used your code. Every member of your security circle will gain you another 20% of your base rate.
The best way to earn the most out of Pi Network though, is to start earning right now. Normally, as more people try and mine a certain cryptocurrency, like Bitcoin, the algorithm to be able to mine it becomes more complicated, which limits how much an individual device can earn in relation to how many other devices around the world are doing the same.
But one of the major points the developers of Pi are concerned with, is providing a crypto with low energy consumption. So their solution is this: instead of making the algorithm more complicated, each user will be able to mine a set amount (base rate) until the amount of users reaches certain milestones (1 million, 10 million, 100 million etc.) at which point it will halve each time one of these are reached.
Currently there are more than a million users, but I expect 10 million to be reached within the year.
Is It Worth It?
Absolutely. Pi is the most structured mobile cryptocurrency available right now, which equals long term success. Interest around the app and the currency are increasing every day, which in time will drive the value of the currency to a competitive price. Out of all the mining apps I have tried, I have the most confidence in Pi generating a return more than just a few measly dollars.
Or use my referral code to set up your account: tommyk01