Pi Network has been a topic of discussion for over six years since its inception. With prolonged delays in mainnet launch and exchange listings, the project faced significant skepticism. However, the platform, which promotes free mobile mining, finally announced via its official X account that the mainnet is launching and Pi coin will be officially listed on OKX on February 20, 2025. This news has brought relief and excitement to long-term miners.
This guide explores what Pi coin is, how to mine it, the process of withdrawing it to an exchange, and whether it holds future investment potential or is merely a final promotional effort.
What Is Pi Coin?
Pi Network was founded in 2019 by three Stanford University students. The initial goal was to create a blockchain economy accessible to everyone, unlike Bitcoin mining, which requires expensive hardware. Pi coin allows users to mine using just a smartphone—no high-performance mining rig is needed. By downloading the Pi Network app and tapping a button once a day, users can participate in the mining process.
However, Pi coin has not been without controversy. The six-year delay in launching the mainnet and getting listed on exchanges led to doubts. Critics argued that the mining process only used idle phone resources without tangible results, and the referral code system seemed focused on recruiting new users without real progress. The project remained in beta, raising questions about its legitimacy.
In 2022, Chinese state media labeled Pi coin a "shitcoin" and warned of potential scam risks. The Vietnamese government also investigated the project for alleged fraud. Despite these issues, the recent announcement of the mainnet launch and OKX listing has renewed optimism among supporters.
How to Mine Pi Coin
Mining Pi coin is straightforward. Here’s a summary of the steps:
- Download the Pi Network app.
- Register an account.
- Tap the lightning button daily to mine.
- Invite friends to join using your referral code.
- Complete KYC verification to enable withdrawals.
Download the Pi Network App
The app is available for iOS and Android devices.
Register an Account
After downloading, choose your registration method and create a username. You will need an invitation code during sign-up.
Daily Mining
Once registered, you can start mining by tapping the lightning icon every 24 hours.
Invite Friends
Referring new users increases your mining rate.
Complete KYC
Identity verification is essential for withdrawing Pi coins. Note that new users may currently face restrictions on KYC availability.
With only days left until the exchange listing, starting mining now may be too late for significant gains. Newcomers are advised to monitor Pi coin’s performance post-listing and evaluate the ecosystem’s growth before investing time or resources.
When Can Pi Coin Be Traded?
The mainnet launch is scheduled for February 20, 2025, enabling free trading. Several exchanges, including OKX, have announced support for Pi coin trading. For detailed timelines, check official exchange announcements.
How to Withdraw and Convert Pi Coin to Fiat Currency
After the mainnet launch, follow these steps to convert Pi coin to cash:
- Ensure you meet the withdrawal conditions.
- Download a supported exchange app and complete KYC.
- Withdraw Pi coin to your exchange wallet.
- Trade Pi for USDT.
- Transfer USDT to an exchange supporting fiat withdrawals.
- Convert USDT to your local currency and withdraw.
Verify Withdrawal Conditions
Confirm that you have completed KYC and any other prerequisites.
Withdraw to an Exchange
Copy your exchange wallet address and paste it into the Pi app withdrawal page. Always copy-paste to avoid errors—manually typing addresses can lead to irreversible losses.
Exchanges currently supporting Pi coin include:
- OKX
- Pionex
- Bitget
- CoinW
Convert Pi to USDT
Once Pi coin is listed, you can trade it for USDT on supported platforms.
Convert USDT to Fiat
Transfer USDT to an exchange that allows fiat withdrawals, such as ZONE Wallet, and convert it to your local currency.
Is Pi Coin a Good Investment? Future Value and Challenges
Pi coin’s upcoming mainnet launch and exchange listing will finally give it tangible trading value. Previously, its value was speculative, primarily based on peer-to-peer trading and IOU futures on platforms like HTX, where prices briefly reached $100 per coin. Its long-term value will depend on real-world adoption and ecosystem development.
Key challenges for Pi coin include:
- Price volatility: Without an established market, prices may fluctuate wildly.
- KYC limitations: Users who haven’t completed verification cannot withdraw coins.
- Ecological development: Utility and demand will determine its sustainability.
While the mainnet news is exciting, avoid making investment decisions based on FOMO (fear of missing out). Existing miners may finally see returns, but new investors should carefully evaluate Pi coin’s use cases and market performance post-launch. Remember, cryptocurrency investments carry high risks—always do your own research (DYOR) and proceed with caution.
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Frequently Asked Questions
What is Pi Network?
Pi Network is a mobile-based cryptocurrency project that allows users to mine coins using their smartphones. It aims to make digital currency mining accessible to everyone.
How do I start mining Pi coin?
Download the Pi Network app, register with an invitation code, and tap the mining button daily. Inviting friends can boost your mining rate.
When will Pi coin be listed on exchanges?
Pi coin is scheduled for listing on several exchanges, including OKX, starting February 20, 2025, following the mainnet launch.
Can I withdraw Pi coin without KYC?
No, KYC verification is mandatory for withdrawing Pi coins to ensure compliance and security.
What is the potential value of Pi coin?
The value will depend on market demand, utility, and adoption post-launch. Historical IOU prices reached $100, but real trading may differ.
Is Pi coin a safe investment?
All cryptocurrencies carry risks. Pi coin’s long-term viability depends on ecosystem growth and real-world use. Always research thoroughly before investing.
Disclaimer: This content does not constitute investment advice. Cryptocurrency investments are risky—conduct your own research and make informed decisions.