How to mine Pi, the new cryptocurrency
In this post I’m going to tell you how to mine Pi, a new form of cryptocurrency. I’m also going to touch upon blockchain and mining, and I’ll tell you how you can get in at the beginning of this new form of cryptocurrency for free with zero risk.
Using this link I’ll send you one Pi and then you’ll be able to join other people building up a store of this currency.
Keep in mind that if you get involved at the start of a cryptocurrency’s life then it might be you who reaps those big financial rewards in the future.
I wrote this post is in simple, easy to understand terms, mainly because that’s how I best absorb things and I’m new to this too, so writing this post is as much for me as it is for you. So keep up because there’ll be questions later. If there are none then it’s because you’re the expert and you should be making this video, not me.
What is Cryptocurrency? What is Bitcoin?
You’ve probably heard of Bitcoin and you may have been reminded recently that a Bitcoin was worthless when it was first issued in 2009 but is now worth around tens of thousands of dollars.
You may have seen those stories in the press about people scouring landfill sites for computer harddrives they had thrown away believing at the time that the contents were worthless (which they may have been then) but which contained records of ownership of Bitcoins that are now worth millions. Over time that worthless data has evolved into something of huge value.
How did this happen? Can this be repeated? Can we start collecting a new cryptocurrency that might have great value in the years to come?
The answer is yes, we can.
First, let’s answer the question “What is a cryptocurrency?” Let’s break it down into its component parts and look at currency first.
A currency is the money that a country’s government defines as the monetary units to use in exchange for goods and services. We all know this even if we take it for granted and don’t really understand how it works, yet we use it every day and frequently wonder how we could make more of it.
In the past money was sometimes in the form of shells, feathers, or pieces of gold. Whatever the monetary unit it is an agreed and shared standard that can be exchanged for goods and services.
The money that was made of gold had to be mined, but carrying gold around all the time was inconvenient and risky, so it was stored and receipts were issued instead and these evolved into the banknotes we see today.
Here in the UK our banknotes still bear the phrase, “I promise to pay the bearer” which harkens back to the days when the banknote could be exchanged for the equivalent number of gold coins or sovereigns.
As we increasingly become a cashless society most of our income and outgoings have been transferred to cyberspace. The thing to remember is that a country’s currency is agreed and controlled by the government. It is centralized, and for this system to work we rely totally on the banks and other payment providers to securely record all the transactions.
Some of the problems with this system include the fact that the banks get rich on our money and we have to pay fees for these services. It also intrudes on our privacy.
Cryptocurrencies on the other hand are decentralized and they don’t exist in a physical form at all. People can pay each other with cryptocurrencies without the use of an intermediary who deducts a fee for the service and without intruding on the privacy of the two parties involved.
The ownership and records for cryptocurrencies are distributed and are not owned by any single authority. The ‘coins’ and the records of ownership are stored in a digitized and distributed ledger called a blockchain.
A blockchain is a publicly accessible but heavily encrypted chain of records (blocks) that store data relating to ownership and transactions of cryptocurrencies. The encryption is carried out using complex computer cryptography, hence the term cryptocurrency.
So you see, cryptocurrencies are open to everyone, wherever they are, as long as they have access to the internet.
Gold, Bitcoin, and Pi Mining
With me so far? Now let’s look at mining. No, we’re not going down the pit with a Davy lamp.
As with everything in cyberspace we’re going to use computers, but just like gold miners of old and the crypto miners of today there are rewards for those who put the work in (or in our case those who put their computers to good use). Mining is the term used to describe the process of using computers to earn cryptocurrency by validating transactions on a distributed record of transactions.
Remember how we said blockchain is a chain of records? Well, it needs huge amounts of computer processing power to maintain those transactions and records. You can use centralized computers to do this but it uses a lot of electricity and is therefore not very good for the planet unless of course you’re using sustainable energy sources.
Another way of doing this is to use a decentralized network of miners, like you and me and our mobile phones and millions more like us. No additional electricity is needed and it doesn’t drain your phone’s battery power.
This method works best if each of us builds up a network of miners using our friends and colleagues. The combined computing power of millions of people all over the world, each with their own mobile phone, can carry out millions of tasks and earn rewards for doing so.
Mining for your slice of the Pi
As we’ve seen, a cryptocurrency is a new form of digital money that is maintained and secured by a community, instead of by governments or banks. You can mine (or earn) a cryptocurrency called Pi by helping to secure the currency and by growing Pi’s trusted network as it begins its life. While most cryptocurrencies like Bitcoin have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.
Today, the infrastructure for this new cryptocurrency is being laid down. Pi is worth $0 at the moment, just as Bitcoin had no value in 2009, but early adopters and miners have the strongest chance of reaping the biggest returns in the years to come.
So use this link to download the app onto your phone and get mining.
Remember, you have to be invited to use Pi by someone already mining so this is my invitation to you. Join my network and then start a network of your own.
Sometime in the future we may be in a position to look back on a smart decision that is now delivering a hefty financial reward.
If you have any questions, comments, or feedback please post them below.
Thanks for reading and good luck with your mining. Please share this post with your friends and colleagues who may also be interested in this venture.
How To Mine Pi
- Go to Minepi.com and choose your operating system i.e. Apple or Android
- Download and install the Pi Network App onto your phone
- Login into your account with your Facebook id or phone number (including the country code)
- Enter your password and confirm it
- Enter the invitation or referral code: redspan (This code is mandatory and using it ensures you receive your single Pi Coin as a bonus)
- Follow the app steps and just turn on mining
- Refer to your friend(s) to increase your hourly mining reward rate.
- Check your profile (top left menu, Profile and ensure your phone number etc are confirmed).
- You can close application no need to keep