What Is Pi Coin? Everything You Need To Know About Pi Network

By now you may have heard about the mysterious Pi Network that promises to let you mine crypto just by tapping a button every 24 hours.

Since it began in 2018, Pi has been a regular trending discussion that has managed to capture the imagination of more than 60 million crypto users.

And now that the project has confirmed its Open Mainnet will go ahead on 20 February 2025 at 8am UTC, the crypto community is alight with excitement for its next phase and new trading opportunities on exchanges such as OKX, HTX, Bitget, BitMex, and MEXC.

Looking for a safe place to buy and sell Pi Coin? See the leading platforms for buying and selling Pi

But there are still so many questions surrounding its legitimacy and whether or not the project is one giant data-collecting scam.

The hot topic of Pi Network and its Pi Coin (PI) token continues to spark both interest and skepticism in the crypto community.

So is it for real or could Pi Coin be a fraud?

Let’s explore what makes the Pi Network stand out and whether Pi Coin is a genuine opportunity or just another clever gimmick.

Key takeways

• The Open Mainnet launch is set to finally launch on 20 February 2025 at 8:00am UTC.
• Users will be able to trade Pi Coin on OKX, HTX, Bitget, BitMex, MEXC, and other trading platforms.
• Pi Network and its Pi Coin remain a hot topic in the crypto community – however, questions still swirl around its authenticity.

Pi Network explained

The California-based Pi Network was first introduced more than five years ago by Stanford University academics Dr Nicolas Kokkalis and Dr Chengdiao Fan. On 14 March 2019, they published a white paper and released the Pi Network app.

Since then, Pi has slowly built a committed community with millions of users known as ‘Pioneers’ signed up to it.

After years of waiting, Pi Network mainnet launch will move from a closed phase to a fully open phase on 20 February 2025. This marks a major step forward for the project.

The closed phase has been active since 28 December 2021. A security system blocked outside access during this time.

What will change?

• Outside transactions: Users will be able to send Pi Coin to other digital wallets.
• New apps: Developers will be able to create and release apps on the Pi Network.
• Exchange listings: People will be able to trade Pi Coin on the OKX, HTX, Bitget, BitMex and MEXC trading platforms.
• Real-world use: Pi Coin will gain real-world value with more ways to use and exchange it.
• Ongoing participation: Users can continue earning Pi Coins, explore Pi apps, and contribute to network growth, though earning rates may change.

To make this transition as smooth as possible, users need to complete a few important steps. These include setting up a wallet, verifying their identity, and finishing the transfer process.

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Is Pi Network worth mining, or is it really a scam?

Pi Network initially captivated users worldwide with its simplistic approach to crypto mining.

Users could earn Pi Coin by engaging with the app daily, which presented a novel method for crypto enthusiasts and newcomers alike. This ease of use is a central part of Pi Network’s appeal, allowing anyone with a smartphone to participate in the crypto economy.

However, the project cannot escape mounting criticism and questions on its validity, with some people believing that they are merely mining personal user data.

Others argue that Pi Network does not involve real mining or transaction verification, which are essential components of genuine crypto networks. This has raised questions about the true nature of Pi Coin and whether it holds any real value.

Adding to the skepticism is the app’s referral scheme, which resembles multi-level marketing (MLM) tactics. Users are incentivized to bring more participants into the fold, which critics liken to a pyramid scheme. This model has drawn attention not just for its rapid user growth but also for the ethical questions it raises about sustainable crypto practices.

This upcoming new launch could determine whether Pi Coin will gain any monetary value and if the network can introduce real utility beyond its current model.

Meanwhile, it uses many marketing initiatives to show that it is constantly active, including Pi Day and Pi Hackathon. In September 2022, the Pi Network also launched PiBridge for Pi Network users to make cross-chain trades with other networks such as Ethereum, Binance Smart Chain, and Polygon.

What is the value of PI?

Pi Coin has drawn significant interest as crypto enthusiasts await its launch.

The shift from speculative IOU prices to actual trading values marks an essential step in determining its true worth.

When Pi Coin officially launches, its trading value is expected to differ from the speculative IOU market, where prices have ranged from $61 to $70.

IOUs are agreements to provide tokens in the future rather than the real coins themselves. This means they do not reflect actual market activity or conditions.

Several factors will influence Pi Coin’s initial trading value:

• Platform support: Listings on major platforms such as OKX, MEXC, and Bitget may increase interest from buyers. However, the lack of confirmation on Binance might limit opportunities for trading.
• Early selling pressure: Many individuals might sell their mined Pi immediately, which could lower prices if the number of buyers is insufficient.
• Market interest: The usefulness of the token and how much demand it generates will play a key role in stabilizing its price.
• Price predictions: Estimates vary widely, with forecasts suggesting a price range of $20 to $80. Extremely high values, such as $314,159, are seen as unrealistic.

Pi tokens are not available for trading on any exchanges until its mainnet launch.

Previously, Pi Network has disapproved of unauthorized IOU listings of its tokens on exchanges.

In a statement on 29 December 2022, the organization stated: “Pi Network is aware of reports that several unauthorized third party exchanges, and potential unknown third parties, are seeking to list Pi or tokens purporting to be Pi, or some purported derivative of Pi, without the consent, authority or involvement of Pi Network.

“It is important to reiterate that Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings.”

This highlights Pi Network’s effort to protect the community from misleading claims. It also shows their focus on communicating directly with members through official announcements.

As the token debuts on Pi Coin trading platforms, it is important to rely on trusted sources when exploring how to sell Pi Coin. Exercising caution and staying updated can help avoid unauthorized options.

With prices likely to fluctuate, it is crucial to stay informed as Pi Coin to fiat transactions begin in the market.

How to mine PI

Mining Pi Coin remains simple and accessible, even after the Pi Network’s mainnet launch. Here is a breakdown of how to get started, understand the changes, and maximize mining rewards.

Mining process adjustments

Mining Pi coins continues through the Pi Network mobile app, with the primary activity being tapping a button every 24 hours to start a new mining session.

The mining rewards now follow a declining exponential issuance model. This adjustment helps balance growth and scarcity. Over time, rewards reflect each user’s contributions.

The mining rate may also depend on engagement with the Pi ecosystem and participation in the Know Your Customer (KYC) verification process.

Staying active and contributing to the community can positively impact daily earnings.

Eligibility requirements for new miners

To mine Pi Coin post-mainnet, a few key requirements must be met:

1. KYC verification: Every user must complete KYC by 28 February 2025. Without this, restrictions may apply to accessing mined tokens and participating in the network.
2. Account setup: Download the Pi Network app, create an account, and use an invitation code from an existing user to join the network.
3. Wallet creation: After setting up an account, create a Pi Wallet using the Pi Browser app. This non-custodial wallet provides full control over private keys and securely stores Pi coins on the mainnet.
4. Engagement with the ecosystem: Build a security circle by adding trusted contacts and participating in Pi community initiatives. This helps increase the mining rate and contributes to network security.
5. Sign the acknowledgement agreement: Before receiving tokens on the mainnet, users must sign an agreement that outlines the terms for using Pi tokens. This helps all miners understand their rights and responsibilities within the ecosystem.

Mining rewards and limitations

The Pi Network’s tokenomics allocates 65% of the total supply (65 billion Pi) for mining rewards. These rewards are distributed based on mobile mining, referrals, and operating nodes.

• Referrals: Mining rates can increase by inviting new members to join the network.
• Nodes: Operating network nodes also earn additional mining rewards.

However, there are important limitations:

• Decreasing rewards: As the Pi Network grows, mining rewards will gradually decrease to maintain scarcity and value.
• Lock-up periods: Many users have chosen to lock their Pi coins for extended periods, with some opting for lock-ups of up to three years. This mechanism supports the network’s stability and long-term vision.

By staying informed and active, miners can continue benefiting from Pi Coin as the network evolves. KYC, wallet creation, and ecosystem engagement play key roles in maximizing rewards and creating a smooth experience.

Conclusion

As we watch Pi Network move towards its next phase, the big mystery remains: Is it pioneering a new path in cryptocurrency, or is it simply a well-marketed mirage?

While Pi gives the opportunity for anyone to mine crypto with the aim of making blockchain tech more usable, overall, the project raises more questions than answers.

With concerns remaining over the safety of Pi Coin and the Pi project, it’s always best to do your own research and be wary of the latest crypto developments before handing over your data or making any financial decisions.

Further reading
How To Sell Pi Coin
Pi Coin Launch Price On Mainnet: How High Could Pi Go?

Frequently Asked Questions

1. 01.

   Is Pi Coin a legit coin?

   

   There are many questions over the validity of the Pi Network. Whether or not Pi Coin is a real project remains to be seen. Remember to always do your own research.

2. 02.

   Will Pi ever launch?

   

   The Open Network mainnet will launch on 20 February 2025 at 8am UTC.

3. 03.

   Is Pi worth money now?

   

   When Pi Coin officially launches, its trading value is expected to differ from the speculative IOU market, where prices have ranged from $61 to $70.