What is the Pyrin PYI Cryptocurrency
As noted by the project developers on its website, Pyrin is a next-generation decentralized network for transactions with smart contract support. Its key feature is the innovative GhostDAG consensus protocol, created based on the popular DAG structure, that is, a directed acyclic graph.
In practice, the combination of innovations leads to almost instant transaction confirmations and the elimination of incomplete orphan blocks. Blockchain users, in turn, can enjoy high throughput and scalability, creating conditions for the popularization of digital assets in everyday life.
So, here are the main advantages of the Pyrin project, launched in November 2023:
- High speed: the average transaction time is 1.2 seconds, while their finality, i.e., final implementation into the blockchain, takes less than ten seconds.
- Decentralization: network security is guaranteed by thousands of nodes, while the fair distribution of cryptocurrency at the initial stage of the project’s life by blocking ASIC miners is ensured by the BLAKE3 hash function.
- Low fees: the cost of a transaction is $0.000025, making interactions with smart contracts more comfortable.
- Scalability: blocks in the Pyrin network are created and confirmed in parallel, thus guaranteeing high throughput.
- Security: the GhostDAG consensus protocol is based on the traditional Proof-of-Work (PoW) system, which has proven its reliability.
Pyrin PYI Exchange Rate and Cryptocurrency Tokenomics
The PYI cryptocurrency was launched without so-called premine and pre-sales to investors. Therefore, the Pyrin developers call its launch as fair as possible, while the project itself is considered “fully decentralized, open-source, and community-driven.” Such a combination is usually valued in the crypto world.
The maximum supply of PYI is 1 billion coins, with the new coin issuance schedule implying a gradual decrease in the release rate with a coefficient of (1/2)^(1/12), which will occur every month.
The initial emission rate is 17 PYI per block, but on May 21, 2024, the rate will drop to 14 PYI. The release curve of the cryptocurrency looks like this on the chart.
As of May 15, the PYI exchange rate is 4 cents. The project’s market capitalization is $10.43 million, placing it at 3042 in the overall CoinMarketCap platform ranking.
The highest PYI price was recorded on March 21, 2024 — it was 28.9 cents. Accordingly, the current rate is 85 percent behind the record.
And although this is not the best indicator, the project is still very young. Therefore, making any predictions for a new bull run based on such data is simply too early, and the behavior of PYI will be determined by the activity of users of this network.
The Best Wallets for Pyrin Cryptocurrency
There are three types of wallets for interacting with PYI — a web wallet, a desktop wallet, and an Android smartphone app.
The web wallet is available at this link and is very simple to use. When you follow the link, it will generate a 24-word seed phrase or offer to import an already used combination.
After recording the seed, the site will verify three random words from the combination to ensure you wrote it down correctly. Then create a password for access and get access to the wallet interface.
This is what the PYI sending window looks like. If you have previously conducted transactions with cryptocurrencies, there will be no problems here.
To download the desktop version, follow this link. You can also study the application’s source code if you have the appropriate knowledge.
Here is the link to the Android app. A wallet for iOS devices is not mentioned on the site, so it does not exist.
You can also interact with PYI using exchanges. Although this method implies dependence on the corresponding project’s team and lack of decentralization, it can still be successfully used for accumulating coins.
Where to Buy and Sell Pyrin Cryptocurrency
PYI is supported on MEXC platforms, CoinEx, XeggeX, XT-com, TradeOgre, and Nonkyc-io. Trading with the cryptocurrency occurs in a pair with USDT, but transactions are also conducted in a pair with Bitcoin on the XeggeX exchange.
Pyrin Cryptocurrency Mining Profitability
Initially, Pyrin PYI mining was launched on processors, then it moved to graphics cards. As noted by the developers, this way the project began its decentralized path.
The Pyrin network uses the PyrinHash algorithm, which is similar to KHeavyHash in Kaspa, and blocks are created here every second. You can track them and transactions on the blockchain explorer page.
Today, Pyrin PYI is one of the most profitable cryptocurrencies for mining. In the list from the 2CryptoCalc calculator, which in this case shows the profitability of 300 Nvidia GeForce RTX 3070 graphics cards, PYI ranks second.
Note that 2CryptoCalc does not take into account the cost of electricity, the rate of which varies for each miner. Therefore, to get the full profitability, it is necessary to consider electricity costs.
Here is detailed information on the state of the Pyrin network.
Pyrin PYI Mining Setup
Preparing to mine Pyrin PUI is not difficult. Nvidia GPU owners should use the Rigel miner, while AMD GPU users should opt for lolMiner.
Both programs are available in this archive, and the password to run is 2miners — without capital letters and spaces.
Here are the settings for mining PYI with Rigel:
rigel.exe -a pyrinhash -o stratum+tcp://pyi.2miners.com:2121 -u YOUR_WALLET_ADDRESS -w RIG_ID
pause
And here are the settings for lolMiner:
lolMiner.exe --algo PYRIN --pool pyi.2miners.com:2121 --user YOUR_WALLET_ADDRESS.RIG_ID
pause
If you have any questions, we traditionally recommend using the help page.
Bitcoin Wallet for Mining Pyrin PYI
Mining Pyrin PYI on the 2Miners mining pool also allows you to receive rewards in Bitcoin. That is, the reward in PYI is automatically converted into BTC, which is then sent to the corresponding wallets.
More details: Get Paid in Bitcoin for Altcoin Mining.
Thus, Pyrin miners can not only accumulate the main cryptocurrency with the best liquidity on the market but also use more convenient wallets, which are significantly more in the case of BTC.
To receive payouts in Bitcoin, you need to specify your BTC address instead of “YOUR_WALLET_ADDRESS” in the bat file. The 2Miners pool supports payouts to any address type, including SegWit (for example, bc1qnkyhslv83yyp0q0suxw0uj3lg9drgqq9c0auzc), Compatibility (for example, 3GRdnTq18LyNveWa1gQJcgp8qEnzijv5vR), and Legacy (for example, 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa).
Solo Mining Pyrin
Mining PYI solo is recommended for miners who have the appropriate mining experience and can find at least 2-3 blocks per day.
To calculate this indicator, go to this page, enter the hashrate of your equipment, and click the green “Can I mine SOLO” button.
In this situation, the hashrate is enough to mine approximately 148 blocks per day. And this is more than enough for solo mining.
For SOLO mining, the server solo-pyi.2miners.com:3131 is dedicated. All settings are available here if needed.
Setting Up Pyrin PYI Mining on Miningrigrentals and Nicehash
Miningrigrentals Miningrigrentals and NiceHash users can also mine Pyrin PYI.
Here are the relevant settings for Miningrigrentals in POOL mode.
- Name: 2Miners PYI
- Type: PyrinHash
- Pool Host: pyi.2miners.com:2121
- Workername (-u): YOUR_WALLET_ADDRESS
- Password: x
Here are the settings for Miningrigrentals in SOLO mode.
- Name: 2Miners SOLO PYI
- Type: PyrinHash
- Pool Host: solo-pyi.2miners.com:3131
- Workername (-u): YOUR_WALLET_ADDRESS
- Password: x
Here are the settings for mining PYI on NiceHash in POOL mode.
- Custom pool name: 2Miners PYI
- Algorithm: PyrinHash
- Stratum hostname or IP: pyi.2miners.com
- Port: 2121
- Username: YOUR_WALLET_ADDRESS
- Password: x
And we end with the settings for mining Pyrin on NiceHash in SOLO mode.
- Custom pool name: 2Miners SOLO PYI
- Algorithm: PyrinHash
- Stratum hostname or IP: solo-pyi.2miners.com
- Port: 3131
- Username: YOUR_WALLET_ADDRESS
- Password: x
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