The Pi Network is the first digital currency that you can mine on your mobile phone.
The Pi Network team's vision is to build the world's most inclusive peer-to-peer marketplace, fueled by Pi, the world's most widely used cryptocurrency.
For that, they have built an smart phone application that allows the users to mine Pi tokens WITHOUT compromising the phone performance or increasing data usage in any noticeable way.
At this point for time (Phase 2 - Testnet) the coins mined on your phone are worth nothing because the Pi Network it is still yet on the test phase. Still, if the project it is successful and they progress to the next phase (Phase 3 - Mainnet), all the coins mined during the test phase will be assigned a value (how much it is not defined yet).
I started mining Pi around a month ago. By that time there were around 6 million users and just recently the network has reached 7 million users.
I am mining at a rate of 0,39 to 0,59 pi coins per hour and since I started mining I have accumulated just over 217 pi coins.
Once the network reaches 10 million users there will be a halving and the mining rate will be decreased by half. This means that during this early stage, it is possible to mine Pi tokens at relatively high speed but this opportunity is about to finish by probably the end of the year.
Because we are still on an early projects stage, it is possible to mine Pi quite effortlessly. You just need to download the app to your phone, create an account and let it run in the background. It is super easy, but you need to have referral code to register. You can use mine which is jpre123
The application runs on your phone's background without decreasing the phone performance or increasing the data usage.
As a pioneer, you will be mining at a rate of 0,20 pi per hour but that rate can be increase once you become a contributor or an ambassador.
There is one single action needed to mine. Mining requires from the user to once every 24 hours to press the green button on the main screen. If not done, mining it is halted until the button is pressed.
I keep mining because it is an effortless action and maybe there will be some benefit once the Phase 3 Mainnet it is reached. Still, I have my doubts about the project because I haven't seen any real life application launched yet and the Pi Network team it is not very active when it comes to social media or promoting the project.
At this point of time I have not clear if the project will progress or be successful but I keep an eye for any changes and I keep mining.
Said that, I have decided to support the projects by running a Pi node on one of my computers so the Pi Team can test the network and applications. I do this because I want to support decentralized projects and the teams working on them.
If you decide to download the app, create and account and start mining, you MUST verify your account.
If you don't verify your account, once they progress to the Phase 3 Mainnet, all your Pi tokens will be lost. Imagine to be mining for months just to lose everything because your never verified you account...
I mention this very important point because account verification is optional, you can mine without taking this step and there is nowhere clearly specified that your tokens will be lost during the transition to Phase 3.