If this were real Proof of Work mining, it would destroy your phone. Pi does not use Proof of Work. In the worst case, it can damage your phone. Mining is basically the process of helping to verify and process transactions in a given virtual currency.
Pi is a new digital currency developed by a group of Stanford PhDs and is said to be a long-term project whose success depends on the collective contributions of its members. In addition to installing anti-virus software, it is important to update your Android phone to the latest version of the operating system available, says online fraud expert Laurent Petroque of F5 Networks. Last month, he reported a "sophisticated multi-stage attack that hijacks computer networks to mine cryptocurrencies". This means that the mining button is pressed once a day and the set amount of IP is generated on the servers.
Users are asked to log in once a day to press the mining button to start mining, which Pi says is to verify that they are not a bot. The pi network aims to give ordinary people the ability to "mine cryptocurrencies from their smartphones". But in the last year, monero mining malware has been detected on a wide range of websites, mining the currency while people streamed Showtime and Ultimate Fighting Championship videos or simply surfed the web on compromised Wi-Fi networks in Starbucks cafes. If your mobile phone (especially if it's an Android) has started to run sluggishly, overheat or its battery drains quickly for no apparent reason, you should be worried.
One of the wow factors of Pi is that you don't need any third party wallet to hold your Pi, in fact, your phone serves as a cryptocurrency wallet that has to be connected to either Facebook or your phone number and the most important part is to make sure your name is spelled accurately as I believe they have a very strict KYC process that is in place to make sure no bots or alt accounts are really unethical mining just to increase pi profits. Pi Network is a project developed by Stanford graduates that claims to allow users to "mine" their currency on their phones. Pi's policies have defined that Pi only goes to real human beings, with one account per person, and have stated that all Pi mined or incurred by fake accounts will be destroyed. Therefore, it is impossible to know if the Pi Coin has any value, or to predict its price when it goes on sale.
After 3 days of mining, you can further increase your earnings by building your security circle, which contributes to the overall security of the network. Meanwhile, mining malware is also finding its way into the ad networks that are common on many websites.
Leave a Comment