Have you ever thought about mining cryptocurrency directly from your smartphone without overloading the device? That’s exactly the concept behind Pi Network. This mobile app allows anyone to participate in creating a new digital currency with a simple tap of a button. But is it as easy as it seems and what the PI price would be? Let’s take a closer look.

Why is Pi Network attracting attention?

The Pi Network crypto project has drawn a large audience due to several key factors:

• Accessibility: Mining Pi doesn’t require technical expertise or powerful hardware. A smartphone and internet connection are enough.
• Social aspect: The project actively builds a community, giving users a sense of belonging to something bigger.
• Free participation: Anyone can join without any financial investment.

Pi Network has a low entry threshold, appealing to both beginners and experienced users. In addition to mining coins, users play an active role in network development—they can become transaction validators, ensuring the network’s security and stability.

How does Pi Network work?

The ecosystem includes various features such as Pi Chats, Fireside Forum, and the Brainstorm app, which promotes Web3 development and community engagement.

Pi Network focuses on accessibility, creating a decentralized digital environment. The Pi referral program is not a multi-level marketing scheme and is limited to one level, ensuring fairness and benefits for all.

The utility of Pi is centered around using the network for exchanging time, goods, and services. The long-term goal is to create a peer-to-peer marketplace where users can purchase goods and services with Pi, thereby increasing the cryptocurrency’s practical value.

Pi Network mining

Mining Pi Coins is energy-efficient and won’t drain your phone battery, using a trust mechanism based on the Stellar Consensus Protocol (SCP) to secure the network. To start mining Pi, follow these steps:

1. Download the Pi Network app from the App Store or Google Play.
2. Register using an email address or Facebook account.
3. Create a unique, secure password by following the instructions.
4. Enter the referral code from the user who invited you.
5. Press the lightning icon to activate mining and remember to repeat this every 24 hours.

After registering, you’ll receive 1 Pi. The app offers four tiers to increase Pi mining speed. Pi users take on different roles:

• Pioneers – regular users participating in mining.
• Contributors – users who increase their mining speed after completing certain tasks.
• Ambassadors – users who boost their rate by inviting new participants.
• Nodes – users who maintain network stability by running computer nodes and are rewarded for it.

Pi Network news

Earlier this year, the team advised users to complete the Know-Your-Customer (KYC) procedures by September 30, a deadline known as the “Grace Period.” The deadline has since been extended to November 30, 2024. The final deadline for users to transition to the main network has been moved to December 31, 2024.

An important event occurred in late August when PiBridge (a decentralized financial platform bridging Pi Network with other blockchains) hosted a major discussion. While the much-anticipated mainnet launch was expected to be part of the discussion, no additional details were shared by the working group.

Shortly after, the core Pi team announced that the open mainnet roadmap, which would allow the official buying and selling of Pi tokens, would be revealed in December 2024.

Pi coin price

It has been just over a year and a half since Pi Network’s pre-market debut, and its initial price has experienced significant changes. On December 30, 2022, when discussions about the network launch began, the price of Pi was $48. However, by January 1, 2023, the pre-launch price had surged to $244. This rapid growth inevitably led to a correction, and the PI price stabilized between $18 and $35 for an extended period.

By March 2024, Pi Network was expected to undergo major developments, but the project team postponed the launch. As a result, we saw a spike in Pi’s estimated price, followed by a noticeable decline.

You can find the list of exchanges that have already announced readiness to accept Pi cryptocurrency on the analytics site CoinMarketCap.

Pi price forecast

Predicting the price of any cryptocurrency, especially one in its early stages like Pi, is extremely challenging and carries a high degree of uncertainty. However, by analyzing the current state of the project and the main factors affecting its value, we can attempt to make some predictions.

• Short term (2024-2025): Over the next few years, Pi Network’s price will largely depend on the successful mainnet launch and listing on major cryptocurrency exchanges. If these events happen, there could be significant interest in the project, leading to a rise in value. However, such events are often accompanied by high volatility, and the price could both surge and drop. Most likely, the early price will hover around $1.
• Medium term (2026-2028): In the medium term, Pi Network’s price will be determined by the project’s success in achieving its key goals, such as building a full-fledged ecosystem, attracting new partners, and expanding the user base. If the project demonstrates stable growth and development, its price may rise significantly. Successful execution may lead to Pi reaching a price of $25-40.
• Long term (2029-2030): In the long term, Pi price potential will depend on its ability to become a global digital currency and capture a significant share of the cryptocurrency market. If the network can successfully compete with industry giants, its price could reach impressive heights. In the best-case scenario, Pi’s value could range from $100-150, while in a worst-case scenario, it could drop below $5.

What affects Pi price?

Several factors will influence Pi’s value:

• Mainnet development: The success of the mainnet launch and its future growth will be key in determining token value.
• Partnerships and integrations: Collaborations with other companies and projects could significantly boost Pi’s visibility and worth.
• Regulatory environment: Government regulations regarding cryptocurrencies, and Pi in particular, will have a substantial impact on its price.
• Scalability: The network’s ability to handle a large number of transactions without sacrificing speed and security is crucial for any cryptocurrency.
• Community: The activity and loyalty of the Pi community play an important role in the success of any crypto project.

Conclusion

Pi Network is an ambitious project that aims to create a decentralized digital currency accessible to everyone. The project holds great potential, but its future largely depends on addressing key issues such as regulatory uncertainty, scalability, and liquidity. We advise you to treat any investment responsibly and choose trusted tokens and services to invest in.