What if I told you that there was a cryptocurrency out there that you have absolutely no way to lose on and everything to gain? Would you be interested? What if I told you it was developed at Stanford University? How about if I told you that you can mine it without spending hundreds or thousands of dollars on equipment because it is so low resource that it can be mined on a basic smartphone. It doesn’t even have to be a good smartphone, and your equipment doesn’t matter at all. A $40 phone from Walmart will mine just as well as a $1500 phone from…. wherever you people buy $1500 phones from because this guy does NOT buy $1500 phones. What if I told you that you can earn 25% more than you would signing up on your own by using my PI Network referral link?
Over the last several months since my release I have been trying to learn more about the various cryptocurrencies that are out there and one has really gotten my attention. Mostly because it is designed for the average user to be able to mine on their cellphones. It was sent to me by my long time friend Caleb while I was still in the halfway house after I was released from prison.
Pi Network (PI) is a blockchain initiative that blends multi-level marketing (MLM), an app, and cryptocurrency. Its aim is to make cryptocurrency mining accessible to anyone with a mobile or desktop device, enabling everyday transactions with digital currency.
Launched in 2019 by three Stanford University alumni, the name Pi Network refers to the mathematical constant pi (π), symbolizing the ratio of a circle’s circumference to its diameter.
To mine Pi, users simply download the Pi Network app and tap a button every 24 hours to confirm they’re not bots. This mobile mining system is designed to distribute Pi coins fairly and prevent the concentration of wealth often seen with Bitcoin. Additionally, users can elevate their mining level by inviting others, allowing them to earn more digital currency daily.
I have found the system to be very intuitive in progressively unlocking features. I have recently been asked to transfer to the MainNet but I had had difficulty confirming my identity. You have to upload a copy of your identification and then do a photo looking at the camera in various positions, straight ahead, right, left, up and then down. I for some reason kept getting stuck on the looking up part. So I waited about a month and was finally able to get through the KYC. Now I have access to the MainNet screen which tells me exactly how much of my balance is transferable.
It’s a pretty cool system. I can also increase my transferable balance by helping people within my security circle complete their KYC, It seems like the further you go into assisting with PI the faster they allow you to mine PI. I was mining at a rate of 0.03 per hour only when a couple of other people were mining with me in the early stages but now I get that rate on my own most of the time.
One of the first mining rate updates I used that made a big difference was locking up my PI. The system gave me the option to lock up a percentage of my balance for a specific amount of time and they will give me a higher mining rate. I selected 90% lockup for 3 years because I’m playing the long game, but I wanted that 10% on the small chance that it flops I’ll have still received something tradeable in the early stages so it is very unlikely I’ll lose even if PI fails miserably.
The best way I’ve found to earn more pi (at least so far) is to refer other people to the network. I’ve referred 5 people so far which is the base amount they recommended so I thought at first that alone would increase my mining rate, but it doesn’t actually work quite like that. The way the PI Network works is I get a 25% increase in my mining rate for every person that I refer THAT IS ACTIVELY MINING PI. So I don’t get an increase for just having the people referred, they have to be active at the same time I am in order for me to receive the boost. That is part of why I am creating this post because I can help the PI Network by referring more users which increases the value of PI over time as it becomes more well known and also it helps you because if you hear about it without an active referral you won’t get the 25% boost from the person that referred you to the PI Network. So it’s actually in your best interest to use my referral link, unless you know someone else that is actively involved in mining PI. But choose carefully. The person that referred me has been slacking and now I don’t get his boost most of the time. I am a very active PI miner with very little downtime. If you use my link I can pretty much guarantee you will receive the 25% boost in your mining rate most of the day because I’m in this for the long run.
Last month they finally began allowing migration via KYC to the MainNet that you keep hearing me talk about. Basically what that means is they use a verification system to confirm your identity. KYC stands for “Know Your Customer”. The PI Network interface will request for you to upload a copy of your photo identification, both front and back and then it will ask for a face shot from the front, right, left, up and then down angles to check against your photo identification. This will allow you to transfer your PI to your virtual wallet. This process is required in order to actually use your PI. This is most likely their best safeguard against fraud. nb
Complete Mainnet Checklist For Mainnet Migration
- Create a Pi Wallet.
- Download Pi Browser App. Android
- Confirm your Pi Wallet.
- Commit to Lockup Configuration.
- Submit your KYC application.
- Wait for KYC results.
- Sign Acknowledgement to receive Tokens.
- Migrate to Mainnet.
Pi’s price has fluctuated since its all-time high of $330.65 in December 2022, reaching a low of $19.7 in July 2023 before recovering to $56 in August. As of July 20, 2024, Pi’s price is $41.54, with a 24-hour trading volume of $395,606.
As of July 18, 2024, Pi Network is not available for trading because it is in the Enclosed Network period of Mainnet. Exchanges that list Pi may only offer “IOUs” and not actual ownership of the coin.
I will be covering updates on this cryptocurrency coin as I learn more that I think will be useful to users.