How many Pi Coins are there?

Pi Network and its associated Pi coin have made headlines due to a smartphone software that seeks to democratize crypto mining. So, how many Pi coins are there, and how many more can we expect? 

An uncertain supply

The total number of Pi coins mined as of February 2023 is above 20 billion. Due to the daily mining of new Pi coins, this figure is ever-changing. It’s important to keep in mind, though, that the Pi Network utilizes a unique mining technique from the majority of other cryptocurrencies.

In conventional blockchain-based cryptocurrency mining, miners compete to solve challenging mathematical problems in order to verify transactions and produce new coins. The mining mechanism used by the Pi Network, on the other hand, is made to be more user-friendly and entry-level-friendly for an average user.

Mining the Pi

It takes no more than a daily five-minute mining session after installing the Pi Network app to earn Pi coins. Users must verify their human identity (i.e., confirm they are not a robot) by clicking a button during the mining session and then wait 24 hours before beginning another mining session.

Unlike other mining systems, the one used by the Pi Network is easier to use and requires fewer resources to operate. Because of this strategy, Pi Network has attracted over 25 million users as of February 2023 and continues to grow raPidly.

But, unlike many other cryptocurrencies, the total supply of Pi coins is not limited in any way. The Pi Network, on the other hand, is made to issue brand-new coins at a consistent rate over time. The exact rate of coin release is determined by an intricate algorithm that considers the total number of users, the mining difficulty, and other variables.

The Pi Whitepaper

To try and establish the exact number of Pi Coins mined so far, we turned to the company’s whitepaper. However, we didn’t get much concrete data. 

While the Pi whitepaper does include some formulae, they are unfortunately unable to provide any hard data. According to the whitepaper, the maximum supply is equal to the sum of all mining incentives, all referral rewards, and all developer rewards. 

The clearest information about mining incentives is that “for each individual that joins the Pi Network, a fixed amount of Pi is pre-minted,” with the referral rate at 50% and the developer reward rate at 25%. A member’s level of participation and commitment to the safety of the network determines how much of this supply they will receive over the course of their membership. During the course of a member’s lifetime, the supply is released using an exponentially diminishing function identical to Bitcoin’s, and early members mine more.

The document provides a mathematical equation that states the mining reward equals the integral number or “f(P) dx where f is a logarithmically declining function” with “P = Population number (e.g., 1st person to join, 2nd person to join, etc.),” but this is of limited use because it does not define f.

Is Pi coin limited?

What we know so far is that, as of February 2023, there are over 20 billion Pi Coins mined, but is the number of Pi coins limited?

Like Bitcoin, Pi was made to be “halved” every so often to keep it from becoming too common. The number of coins a miner gets for processing new transactions is cut in half – this is called “halving.” Most of the time, this happens when a certain goal is reached.

The maximum Pi you can mine

The most you can get for your mining is 0.1 π / hour. Also, Pi has something called “next halving.” So, when the Pi Network reaches Phase 3 or 100 million users, the base rate (Pioneer rate + contributor rate) will go down from 0.2 π / hour to 0.1 π / hour. Or, it could go down to 0.

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