After years of expectation, Pi Network finally launched its mainnet on February 20, making Pi Coin tradable. The launch has created buzz with millions of users having mined Pi via its mobile application, looking forward to moving their coins to the open market.
What is Pi Network?
Pi Network is a decentralized platform that enables users to mine the Pi cryptocurrency using a mobile app. The platform functions on a decentralized system with its Pioneers community providing support for the network. The project seeks to build a Web3 environment where individuals can engage in digital applications and transactions without accessing the usual mining hardware.
How to Earn Pi Coin on a Mobile Phone
Unlike Bitcoin, which requires specialized mining equipment, Pi Network allows users to mine coins using a mobile app. Here’s how:
Download and install the Pi Network app
Tap the lightning bolt icon to start earning Pi
After three days, add 3-5 trusted contacts to increase your earning rate
Referring friends with your unique code can further boost rewards
To sell Pi Coin, one needs to finish KYC, transfer their coins to the public mainnet, and move them to an exchange where Pi is available, for example, CoinDCX, OKX, or Bitget. After the transfer, they can put up a sell order and withdraw the money after selling.
Pi Network Warns Off Impersonal Pi Listings
Pi Network has cautioned users regarding scams that are being conducted through Pi trading pairs on decentralized exchanges (DEXs). As per their official tweet on X (formerly Twitter), all listings of Pi currently listed on DEXs are unauthorized and possibly fake. It may lead to losses. For safety, Pi Network recommends that users only deal with verified businesses on their official KYB services page, such as OKX, Bitget, Gate.io, and Pionex.
Current Price of Pi Network
At the time of writing this article, as per CoinGecko, Pi Coin was priced at $0.6722, or Rs 57.83, with a fall of 47.9 per cent. The trading volume is $1.29 billion, with an all-time high at $1.97 or Rs 170.89 on February 20.
