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Pi Network Mining: Is It Too Late to Return After Several Years? Complete Guide

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Pi Network users who had suspended mining for a long time are increasingly returning to mining. Is there still a chance for users who stopped mining several years ago? This article provides the latest trends in Pi Network and important information for returning users.

Analysis of the Current State of Mining Return

In the current Pi Network, even after a break of several years, it is possible to hold a considerable amount of Pi by resuming continuous mining, thanks to past mining accumulation. For example, it is said that accumulation of up to several thousand Pi is possible even with solo mining alone.

Importance of Account Protection

If you are using Facebook login, the following measures are essential:

  • Setting up two-factor authentication
  • Ensuring backup means by adding phone number registration
  • Regular security checks

In particular, it is recommended to complete phone number verification in the Pi app as a measure in case your Facebook account becomes unusable.

Steps to Resume Mining

When resuming mining, the following points require attention:

  • Confirmation of complete account recovery
  • Review of security settings
  • Maintaining continuous mining activity

The system is currently still in a continuous update phase, and there are many orders waiting to be transferred to wallets.

Current Mining Rate

The Pi Network mining rate is composed of the following three elements:

  • Base Mining Rate: Adjusted monthly by the Pi Network core team
  • Boost Rate: Increased by lock-ups and security circles
  • Reward Rate: Increased by using Pi Browser and running a node

It’s Not Too Late to Mine Pi Network: A New Opportunity in Cryptocurrency Mining

Importance and Deadline of KYC (Know Your Customer)

Pi Network has introduced the KYC process, which is essential for future use of Pi coins. The deadline for KYC application has been extended to December 31, 2024. If KYC is not completed by this deadline, there is a possibility that your Pi will be lost.

Overview of the KYC Process

The following information is required for KYC:

  • Full Name
  • Date of Birth
  • Address
  • Phone Number
  • Photo ID such as passport or driver’s license
  • Photo of face (selfie)

Mainnet Migration and Future Outlook

Pi Network is scheduled to launch the Open Mainnet at the end of 2024. The final deadline for Mainnet migration is December 31, 2024, and if Pi is not migrated to the Mainnet by this deadline, there is a risk that a portion of your balance will become invalid.

Developments After Mainnet Migration

With the full Mainnet migration in 2024, the aim is to achieve the following:

  • Achieving full decentralization
  • Realizing global transactions
  • Preparation for listing on major exchanges

Economic Value and Future Potential of Pi Network

Pi Network is not just a speculative cryptocurrency; it aims to build an economic ecosystem that facilitates the transaction of actual goods and services. It is characterized by its emphasis on sustainable value creation and its connection to the real economy.

Summary

Even after a break of several years, the possibility of asset formation on Pi Network still exists through appropriate measures and continuous mining activity. However, it is important to pay attention to crucial deadlines such as completing KYC and Mainnet migration. We recommend taking action now towards the future of Pi Network.

How to check the total mining count after passing KYC

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A screen where you can check last year’s mining status has been prepared again this year.
Tapping !Bye2023 in the bottom right allows you to check last year’s mining count, the number of Pi mined, the number of referrals, etc. Last year’s mining count was 357 times. Although I perform the mining operation every day, there were situations where I forgot to press or couldn’t press when I had errands, resulting in me pressing several hours later. I think such instances accumulated and caused a discrepancy in the mining count. Assuming you can earn 10 Pi per day. If you missed 8 days, that would be an opportunity loss of 80 Pi. By the way, it was 351 times in 2022. If you’re interested, please check this screen.

Total Mining Count Disappears After Passing KYC

What I noticed when looking at this screen is that the display of the total mining count was gone from the Pi app. It seems the display disappears after passing (completing) KYC. When I asked how to display this using the chat function within the Pi app, I received a response stating that although the display disappears, it can be calculated by applying the following formula. (Thank you, 700t)

Formula

10^((((①Lockup Reward)÷100)÷(①Duration))÷(②Lockup Ratio))=Mining Count
By substituting the values of the lockup settings you initially committed to into the formula above and searching on Google, the calculation result (Total Mining Count) will be displayed. It seems the many parentheses are to prevent the Google calculator from malfunctioning.

The information needed for the formula is displayed by going to the three lines in the top left → Mainnet → Lockup Rate Settings.

① Lockup Reward
Expected Mining Boost
In the image, 594.61%

② Duration
2 Weeks → 0.1
6 Months → 0.5
1 Year → 1
3 Years → 2

③ Lockup Ratio
25% → 0.25
50% → 0.5
90% → 0.9
100% → 1.0

Applying my conditions resulted in the following:
10^((((594)÷100)÷(2))÷(1))=933

This means I have mined 933 times.


With this, you can calculate your total mining count.
I was planning to count down to 1000 total mining button presses, but since it doesn’t show up without calculation, I might accidentally pass it. Since it doesn’t appear on the screen, it will be a matter of self-satisfaction.