How to do your Pi Network taxes with Koinly
Pi Network is a mobile-based cryptocurrency platform that allows users to mine its digital currency, Pi, with minimal energy use and no special equipment. But if you have PI transactions, you might have a tax bill. Koinly can help. Here's how.
Follow these steps to sync your PI network data automatically to Koinly:
- Open your PI network wallet app
- Locate and copy your public address or key
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find PI network in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
FAQs
What is Pi Network?
Pi Network is a mobile-based cryptocurrency project that lets users mine its digital currency, Pi, by simply tapping a button on their phones daily. Launched by Stanford graduates in 2019, it aims to make crypto mining accessible, energy-efficient, and user-friendly. The network encourages growth through referrals and plans to evolve into a fully decentralized blockchain.
Is Pi Network safe?
Pi Network is designed to be easy and energy-efficient, but there are concerns about its safety. It collects significant user data, has access to personal information, and shares data with advertisers, which raises privacy issues. Its referral-based system has drawn comparisons to pyramid schemes, and itâs still largely centralized. Additionally, Pi has no confirmed value yet, as it's not listed on major exchanges. While many find it harmless and hopeful, users should be cautious and stay informed.
Does Pi Network provide tax documents?
No, but you can use a crypto tax calculator like Koinly to track your gains, losses, and income from Pi Network and generate tax reports. Simply add your Pi Network address, and Koinly will automatically import your transaction data.
