About

Pi Network is a decentralized cryptocurrency platform that enables users to mine Pi coins directly from their mobile devices without significant energy consumption. Launched in 2019, it aims to build an inclusive peer-to-peer ecosystem powered by the Pi cryptocurrency. As of February 20, 2025, Pi Network transitioned to its Open Network phase, allowing external connectivity and integration with other blockchains and systems. This milestone enhances Pi's utility and reach, enabling transactions beyond its native ecosystem. The platform also offers a developer environment for building decentralized applications (dApps) to further expand its ecosystem.

History

Throughout 2019, Pi Network officially launched its mobile mining app, attracting tens of thousands of early adopters, reaching 1M users by November 2019. In March 2020, the project initiated its Testnet (Phase II) enabling node software and beginning decentralized infrastructure testing. In December 2021 the network entered its Phase III “Enclosed Network” mainnet - users could migrate their Pi and apps could be built, though external transfers remained blocked. By September 2021, Pi Network reached 10M users.

In April 2022, the mining rate started a gradual reduction, with the most recent decrease taking place in March 2025, where the rate was dropped by -38.1%, which represented the biggest mining rate drop since March 2022.

In February 2025, Pi Network's PI token officially went live as the project transitioned to its mainnet status, allowing for all accrued tokens to be transferred and traded.

In the same month, Bybit's CEO labeled the project as a scam, citing a Chinese police warning from 2023. Ben Zhou posted on X that "There are multiple other reports out there questioning the project legitimacy".

In March 2025, Open Network PiFest was announced. Users who have passed KYC are able to update their full phone number after completing a liveness verification test.

In September 2025, Through BANXA, Pi enabled fiat-to-Pi conversion in 100+ countries improving on/off-ramp accessibility.