The Pi Network has become a popular platform among many users with iOS and Android devices access. The platform claims to simplify a challenge that has existed since Bitcoin went mainstream. The challenge is the difficulty of mining and the quality of devices used. This article will look at the current Pi price and whether mining it is a good idea.
What is Pi Network?
It has become incredibly difficult for people to mine Bitcoin and other proof-of-work cryptocurrencies in the past few years. The hardware required to do so is expensive, and the power has been prohibitive. This explains why most mining is now done by large publicly traded companies like Marathon and Riot Blockchain.
Therefore, Pi Network makes it easy for people to mine a cryptocurrency known as Pi using their smartphones. All you need to do is download and install the app and then visit it every day to earn a Pi coin. The network claims to be founded by former students at Stanford University. And data from Google PlayStore shows that thousands of people have installed the app. Of these, 472k have left reviews with an average of 4.6 rates.
Pi Price Prediction: Is this a scam?
In my view, Pi Network’s team has created a solution to solve no problem at all. The prohibitive cost of mining Bitcoin is a good thing. If it were that simple, everyone would be mining it today, lowering its value. What if we all mined gold?
Also, until now, a solution has to Bitcoin’s cost of mining has been solved through what is known as a proof-of-stake technology. Using validators, it is significantly easy to mint coins like Ada and Solana. Also, it is a relatively cheap process to do.
Further, it seems like Pi Network’s model is to generate new coins through adverts. This is a highly unreliable marketing model, and I doubt that many companies will enrol on the program. It just does not make sense, making it a scam.
Most importantly, even after mining your Pi coin, it is impossible to cash it out since it is not listed in any exchange. This explains why it is impossible to find the Pi price and analyze it. As such, you may have thousands of tokens that you cannot use. The management says that the coin will be listed soon, but such claims should be taken with a grain of salt.