Pi Network (PI) Mining Complete Guide: Seize the Opportunity of Mainnet Launch in 2024

Mainnet Launch Imminent, Pi Mining Enters a New Era

Since its inception in 2019 by a team of Stanford PhDs, Pi Network has been a revolutionary mobile cryptocurrency platform that attracts global attention with its unique low-energy consumption mining model. By the end of 2024, the project has accumulated over 45 million active users. As the mainnet launch date approaches, many are considering how to prepare for this critical moment.

According to the latest data, the current trading price of PI is $0.21, with a 24-hour decrease of -0.01%, and a circulating market cap of $1.72 billion, demonstrating ongoing market interest in the project.

What Are the Core Competitive Advantages of Pi Network?

Unlike traditional cryptocurrency mining that requires high-performance hardware and massive electricity consumption, Pi Network has fundamentally changed the game—allowing anyone with a smartphone to participate in network security maintenance. This inclusive design aligns with Pi Network’s mission: breaking down entry barriers and enabling the general public to enter the cryptocurrency ecosystem.

Using the Pi Network app is very simple: just open the app daily and tap the lightning button to start mining. This low-threshold participation method is a key factor in attracting a broad user base.

Pi Network employs a unique four-layer user architecture, categorized by participation level:

• Pioneers: Basic miners who verify identity daily upon login
• Contributors: Add trusted members within security circles
• Ambassadors: Invite new users to join the ecosystem
• Nodes: Run Pi node software on personal computers to further promote network decentralization

This community-driven structure makes Pi Network a truly user-built platform.

How Does Stellar Consensus Protocol (SCP) Enable Low-Energy Mining?

The core technological innovation of Pi Network lies in adopting the Stellar Consensus Protocol (SCP), rather than the energy-intensive Proof of Work (PoW) used by Bitcoin. The main advantages of SCP include:

Energy Efficiency: The protocol is designed to consume minimal resources, making mining on mobile devices feasible while protecting the environment.

Transaction Throughput: SCP allows the network to efficiently handle large-scale transactions, solving scalability bottlenecks common in traditional blockchains.

True Decentralization: Through federated Byzantine agreement, SCP avoids central control, and any network upgrades require user consensus.

This mechanism makes Pi Network a cryptocurrency platform characterized by inclusiveness, environmental friendliness, and decentralization.

Practical Guide to Pi Mining: Five Quick Steps

Step 1: Download the Official App
Search for Pi Network in the iOS or Android app stores to download.

Step 2: Complete Registration and Verification
Register using your phone number or Facebook account.

Step 3: Start Mining
Tap the lightning icon within the app; mining can be activated once every 24 hours.

Step 4: Build a Security Circle
Invite friends to join your security circle to increase your mining rate.

Step 5: Maintain Daily Activity
Log in daily to keep mining sessions active, which is essential for continuous rewards.

Pi Network’s mining process consumes very little battery and data, allowing users to participate long-term with confidence.

Beyond Basic Mining: Multi-Dimensional Ways to Increase Pi Earnings

Relying solely on daily clicks is not enough. Pi Network offers multiple channels for users to increase income:

Security Circle Mechanism: Adding trusted users to your security circle not only enhances network security but also directly boosts your mining speed.

Referral Rewards: Share your invitation link to recruit new members; you will earn a percentage of their contributions.

Time-Based Rewards: Periodic reward activities provide active users with additional Pi earning opportunities.

According to project data, many of the 45 million active participants worldwide are attracted by this multi-faceted earning mechanism.

Pi Token Economics: Distribution Plan of 10 Billion PI

Pi Network’s token design follows principles of openness and transparency, originating from the technical white paper released in March 2019.

Total Supply Cap: 10 billion PI, with an 80/20 distribution split:

Community Allocation (8 billion PI) accounts for 80%, divided into three main purposes:

1. Mining Rewards (6.5 billion PI): Incentivize current and future active users. Before mainnet, about 3 billion PI have been generated, but after KYC verification, this may decrease to 1-2 billion. The remaining portion will be allocated through new mainnet mechanisms, with annual limits decreasing over time to ensure stable returns.

2. Community Building and Ecosystem Development (1 billion PI): Managed by the future Pi Foundation to fund community activities, developer grants, and ecosystem initiatives, promoting network growth.

3. Liquidity Funds Pool (500 million PI): Ensures sufficient liquidity within the ecosystem to support trading and developer needs.

Core Team Allocation (2 billion PI): Gradually unlocked based on community mining progress, with additional lock-up conditions possibly imposed.

Mainnet Launch Timeline and Mining Reward Reduction Mechanism

Pi Network has designed a dynamic mining reward system, with annual reward caps decreasing according to a decay formula:

• Annual Supply Limit: Reduced each year based on a preset decay formula
• Time Cycle Calculation: Can be based on daily or shorter periods, depending on lock-in rates and remaining supply
• Multi-Dimensional Incentives: Besides mining, pioneers will also be rewarded for app usage, running nodes, and locking PI

This mechanism ensures a smooth, gradual distribution of PI, supporting long-term network stability.

Mainnet Launch and Trading: Seize Opportunities on Pi Exchanges

The mainnet launch of Pi Network has been highly anticipated. While the exact date has not been announced, the Pi core team has hinted at a planned mainnet launch by the end of 2024. This marks the transition of PI from testnet assets to real assets tradable on exchanges.

Key steps to prepare for mainnet and airdrops

Pi Network plans to conduct an airdrop at mainnet launch, distributing PI to verified users. To participate, users should:

1. Complete KYC Verification: This is a prerequisite for transferring PI balances to the mainnet. The project has set November 30, 2024 as the critical deadline for KYC verification.

2. Configure Compatible Wallets: Prepare supported crypto wallets (such as Pi Wallet) to receive the airdrop.

3. Follow Official Updates: Subscribe to Pi Network’s official channels for the latest information.

Users who do not complete KYC by the deadline will have a grace period timer but should process it promptly to avoid risks.

Post-mainnet Trading Paths

Once the mainnet is live, users will have multiple options to handle PI:

Centralized Exchanges (CEX): Major trading platforms will offer direct PI trading services, supporting conversions to fiat or other cryptocurrencies. Users simply deposit PI into exchange wallets and place orders for convenient trading.

Decentralized Exchanges (DEX): Web3-savvy users can trade on DEXs, connecting self-custody wallets for peer-to-peer trading with various crypto assets.

P2P Trading: Directly exchange PI with others, but caution is advised to prevent scams.

Pi Network’s Three-Phase Development Roadmap

Pi Network follows a clear three-phase plan to gradually build a truly decentralized community ecosystem:

Phase 1: Testnet Launch (Dec 2018 – Mar 2020)
Mobile app launched in December 2018, with pioneers mining daily through login. On March 14, 2019, the white paper was released, outlining core principles of accessibility, decentralization, and eco-friendly mining.

Phase 2: Testnet Activation (Mar 2020 – Dec 2021)
Testnet launched in March 2020, with global node operators validating transactions. Users obtained node software and test PI, laying the foundation for a secure, decentralized mainnet.

Phase 3: Mainnet Operation

• Closed Mainnet (Dec 2021 – present): Mainnet runs in a controlled environment, allowing safe development of applications and KYC migration.
• Open Network (In Progress): After ecosystem completion, Pi will fully connect, PI will be tradable on exchanges, integrated with other networks, and realize the vision of a community-managed cryptocurrency.

Current Risks and Challenges: Viewing Pi Network Rationally

Despite promising prospects, investors should be aware of potential risks:

Mainnet Delay: Multiple postponements of the mainnet launch have raised doubts among some users and concerns about network scalability and readiness.

Uncertain Price: As of November 2024, PI has no fixed market price. While speculations exist, the true value can only be determined after market opening.

Security Risks: Growing attention has led to frequent phishing and scam activities targeting PI users. Users should verify information through official channels and avoid unofficial trading platforms that may promote early PI trading.

Regulatory Uncertainty: Global cryptocurrency regulations are tightening. While Pi Network aims for accessibility and convenience, it must navigate increasingly strict regulatory frameworks, which could impact its global operations.

Latest Developments: KYC Verification and Mainnet Timeline

Since 2022, Pi Network has been in the closed mainnet phase, with PI only tradable within the ecosystem for testing. The planned open mainnet in late 2024 will be the first to open PI to external exchanges.

KYC verification is critical. To ensure network integrity, Pi Network requires users to complete Know Your Customer verification. The project has set a hard deadline of November 30, 2024. Users who do not complete KYC will receive a personal grace timer to prevent loss of PI. After expiration, Pi Network will release a more transparent mainnet roadmap update, directly affecting PI’s tradability and market value.

FAQ Quick Reference

Q: When will the Pi Network mainnet launch?
A: Expected by the end of 2024, but the exact date is not finalized.

Q: Can I trade PI now?
A: Currently, PI is only tradable within the Pi ecosystem. Trading on exchanges will be possible after mainnet launch.

Q: Will mining damage my phone?
A: No. Pi mining consumes very little energy and will not significantly affect your battery or data.

Q: What is Pi IOU?
A: PI IOU is a PI option token issued by some speculative platforms, not guaranteed or endorsed by Pi Network.

Conclusion: Seize the Mainnet Moment of Pi Network

With its innovative mobile mining model and inclusive design, Pi Network has resonated widely in the cryptocurrency space. Through a user-friendly platform and cutting-edge consensus protocol, it offers ordinary users a new gateway into the digital asset world.

However, the ultimate success of PI depends on the project’s smooth transition to an open mainnet, fulfilling promises, and establishing a market presence.

If you’re interested in PI mining or trading, or simply observing this ambitious project, now is the key moment to prepare. As the open mainnet approaches, stay updated through official channels, complete KYC verification, and configure your wallet in advance to be fully ready to embrace all opportunities Pi Network offers.