Pi Network is built around a simple pitch: open an app once a day, tap a button, and earn PI tokens. That process is often described as “mining,” but it does not work like Bitcoin mining. There is no phone-based cryptographic computation securing the chain. The app interaction is closer to a daily check-in that tells the system an account still belongs to an active human user. The project has been running since 2019, claims about 60 million users, and as of mid-2026, PI was trading near $0.15.
“Mining” in Pi is a user verification system, not a hardware race
Pi describes its model as social mining. Instead of allocating tokens through computing power, the network distributes them based on verified activity and trust relationships between users. The Security Circle feature, where users add five trusted people, fits that structure. Pi says the goal is to map a network of real individuals. The blockchain itself is secured by validator nodes running on desktop machines operated by a subset of users. The mobile app is the front-end layer, and the daily lightning-button tap should not be confused with the mechanism that actually secures the chain.
Three steps stand between an in-app balance and usable PI
The PI balance shown inside the app is not immediately transferable. Users must first complete KYC, which requires a government-issued ID and a selfie or live video. Some users clear that process in days; others remain in tentative status for months when documents need manual review. Next comes wallet creation inside Pi Browser, a separate app. That wallet generates a 24-word recovery phrase, which functions as the master key. If it is lost, access to PI is lost. If it is exposed, someone else can take the tokens. The final step is Mainnet migration, which moves PI from the app’s internal ledger onto the live blockchain and into a wallet address.
According to the source, out of Pi’s claimed 60 million users, about 19 million had completed KYC and roughly 16 million had completed Mainnet migration by mid-2026. That leaves a large share of users somewhere in the onboarding funnel, often stalled at identity verification. The gap between headline user count and migrated holders remains one of the most discussed parts of the Pi experience.
PI can be spent in-network, traded on exchanges, or held in wallet lockups
Once PI reaches a Mainnet wallet, users have a few practical options. They can spend it inside the Pi ecosystem, where merchants and apps accept PI payments. The annual PiFest campaign has brought in more than 100,000 merchants during at least one event period, according to the source, though usage is uneven across regions. They can also move PI to exchanges. The article lists OKX, Bitget, MEXC, Gate, Bitfinex, and HTX as platforms that support PI trading. As of mid-2026, Binance and Coinbase had not listed the token, while Kraken had added PI to its 2026 roadmap without completing the listing. The third option is to hold PI in a wallet, including through lockup settings that raise the mining rate in exchange for committing tokens for a fixed period.
Price action has been shaped by rising supply and relatively light volume
In May 2026, PI traded around $0.15. The source says the token reached an all-time high of $2.99 shortly after external trading opened in February 2025, and briefly touched about $0.049 on the same day. Market capitalization was around $1.6 billion, placing PI near the 55th-largest cryptocurrency by market value. Circulating supply stood at about 10.4 billion PI out of a maximum 100 billion. As more users finish KYC and migrate balances to Mainnet, more tokens enter circulation. Daily trading volume, cited at roughly $1.5 million to $25 million, is modest for an asset of that market-cap range, leaving price more sensitive to relatively small flows.
The direct cost is zero, but time, attention, and data are part of the tradeoff
Starting with Pi does not require a hardware purchase, a bank account, or a mining fee. Even so, the tradeoff is not cost-free. Users need to open the app every 24 hours to maintain their earning rate, and over years that time adds up. The app displays ads, so attention is part of the exchange. KYC also means handing over government ID and biometric information to the operator’s systems. The source makes another distinction: Pi Network itself is presented as a real operating project, with an identifiable team, a live blockchain, official app-store presence, and founders appearing at Consensus 2026. At the same time, the large user base and the slow KYC process have made Pi a target for third-party scams, especially fake wallet pages, fake support channels, and attempts to steal recovery phrases.