Monday, 17 June 2024

Crypto Mining News

How to Mine Pyrin: PYI Coin Details, Mining Setup and Profitability



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.

Pyrin Emission CurvePyrin Emission Curve

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.

Pyrin Market CapPyrin Market Cap

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.


Click Here to Read the Full Original Article at Crypto Mining Blog – Cryptocurrency mining explained in plain words: mining software and hardware reviews including ASIC and GPU. Expert opinion on cryptocurrency market and future crypto mining outlook.…