- Summary:
- PI Coin says it will launch its mainnet on June 28, but in the meantime, one of the most critical questions is how to withdraw PI coin in India.
PI Coin is perhaps the most anticipated coin in 2024. After several postponements to its mainnet launch, the crypto community is finally counting down days before the coin goes live on June 28. Until now, the lack of a mainnet has given room for speculation regarding the coin’s price, partnerships, airdrops and even development roadmap.
The PI Network has been conducting aggressive social media campaigns, including holding incentivized competitions. However, as things stand, Pi Coin has no real value, despite the multiple trades purportedly involving the coin being conducted on multiple platforms.
How to mine PI Coin in India?
One of the key attractions about Pi Coin is that it allows users to mine using their smartphones. This means that in theory, it could eventually have the largest user base. The project team has been keen on building a network for the masses, and has built a following of more than 55 million people on X. In addition, as data integrity is central to the project, it has KYC’ed more than 10 million users. This ensures that miners are real human beings and not bits.
Whether you are in India or elsewhere in the world, you don’t need any specialized knowledge or expensive hardware to mine PI coins. After signing up, every user receives 1 PI.
Users must download the PI Network app and register with an invitation code in order to begin mining PI. Mining takes place in the background, and users do not need to keep the Pi mining app open in order for mine. However, they must sign in every day and press the lightning button in order to increase the mining rate. Evidently, the PI Network is keen on growing its user base, and it has a referral program that boosts users’ mining rate when their referral code is used by another user.
Steps for mining PI coin
- Sign Up: To sign up, use your email address or Facebook account.
- Enter your password. Ensure you create a strong, unique password, by following the steps on the screen of your phone.
- Enter the invitation code you received from the person who invited you.
Types of Miners
The rate at which you mine PI will depend on the category you fall in. You can fall in one of the following 4 categories:
- Pioneer: This is the entry level for all PI users, and its mining rate is 0.39 PI per hour.
- Contributor: You need to have mined for at least three days to graduate to this level.
- Ambassador: This level is for users whose invitations are accepted by new users. You get rewarded when other people use your invitation code to join.
- Nodes: This is for participants who have connected more hardware to the network are granted access to this level, and it consists of those who have connected PCs and laptops.
Unlike other cryptocurrencies, Pi Coin cannot currently be transferred to another wallet or exchange.
The Pi Network initially announced that users could withdraw a maximum of 50 Pi through their partner platform, Pi Chain Mall (PCM). However, some users have been using unofficial (but high-risk) methods of using peer-to-peer (P2P) marketplaces to sell their Pi as the coin isn’t listed on exchanges yet. It will become easier to deposit and withdraw PI like other cryptos once it is listed on exchange platforms. A key step to this will be the mainnet launch.
How to withdraw your Pi Coin in India
- Open the Pi Browser and log in.
- Create Your Wallet: Upon login in, you will get a number of Pi Network decentralised applications (dApps), such as the explorer and mining app. Select the wallet named “WALLET.PI”
- Lastly, to create your wallet, choose GENERATE WALLET.
- Remember to safely store and backup your passphrases.
- Transfer your asset: Now that you’ve created your new wallet, you can send and receive Pi coins within the Pi network. All you need to do is launch the Pi browser and choose Wallet.pi.
Final thoughts
Developed by a two Stanford University graduates, the PI Network seems legitimate so far, and as of now, it remains an interesting prospect worth checking out. However, like any other crypto project, it is difficult to tell what could become of it before it launches its mainnet. Also, in the absence of an official listing price, the current prices are nothing more than speculative. Therefore, I would urge caution in any transaction involving the coin. Also, as far as mining goes, PI is one of the easiest to mine. However, considering that is yet to go mainstream, I wouldn’t advise you to employ lots of resources towards mining it, since no one knows what will become of it.