Pi Network is the latest cryptocurrency to make waves in the world of mining, and it looks like it's going to continue doing so. Cryptocurrencies and blockchain currencies are increasingly establishing themselves as legitimate and viable methods of investing and trading, and Pi Network has been hailed as an innovative and user-friendly approach to digital assets.
Pi Network is the rising star of cryptocurrencies
The aspect of Pi Network that seems to be gaining attention is its user-friendly experience and accessibility to all miners of all experience levels. New buyers in particular seem to be gaining confidence from the way Pi cryptocurrency accounts operate. Historically, other cryptocurrencies have been prohibitively complex to track and trade, deterring many potential buyers from entering the crypto market.
Pi’s potential is yet to be revealed, but it looks like it will continue its upward trajectory, especially given the early interest from new traders and network builders. Experts are optimistic about its future performance and benefits for users.
How does cryptocurrency mining work?
Crypto mining involves validating transactions on a blockchain network and adding them to a public ledger, which requires people to sit down and mine as an essential component. Super-powerful computers are used to solve mathematical problems that add new transactions to the blockchain after securing the network. Miners are given cryptocurrency in exchange for their work.
What is Pi Network?
Pi Network is a mobile-first application. This means that it is specifically optimized for mobile devices (smartphones or tablets). This is one of the aspects that makes it easy to use and attractive for miners without experience or confidence.
Pi Network also encourages peer-to-peer (P2P) transactions through the app. This means that individuals can exchange cryptocurrencies directly without going through a decentralized exchange. The Pi Network deals in Pi coins, and miners receive rewards for performing basic tasks from their mobile devices.
Pi Network, launched in 2019 by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, is in Phase 3 of development, which the developers are calling Enclosed Mainnet. The full mainnet launch has been delayed until the end of 2024, but once it launches, miners will be able to easily mine Pi and interact with the network blockchain from their mobile devices.
The Pi coin and network has three interesting characteristics. Unlike Bitcoin, there is a limited supply of coins in circulation at any one time. Also, the maximum supply has not yet been set. Since the mainnet is still closed, the coins are not yet listed on trading platforms and cannot be traded or shared on the network. In theory, the value of Pi coin is zero until the mainnet launch, but its value is expected to be around $33-40 and reach $163.46 in 2025.
Risks and benefits of virtual currency mining
There are many aspects of cryptocurrency mining that make it less than ideal compared to other forms of trading and investment. It consumes a large amount of energy in the form of computing power and has a negative impact on the environment. Markets are volatile and cryptocurrency mining involves risks, as prices can fluctuate significantly and frequently. Cryptocurrency mining is more dangerous to illegal financial activity than traditional forms of trading.
On the plus side, there is great profit potential, and mining helps ensure the security and integrity of the network, preventing fraud and maintaining a distributed ledger. Mining is also essential to maintaining and growing blockchain systems and decentralizing digital currencies. Cryptocurrency mining allows individuals to take control of their money.
