What is Pi? Is mobile mining really feasible? Let you understand the true status of Pi coin

First, Clarify: What Exactly Is Pi Coin?

When it comes to virtual currency mining, most people’s first reaction is that it’s costly in terms of electricity and money. According to research data from the University of Cambridge, Bitcoin’s annual mining electricity consumption reaches 67 to 240 TWh, a figure that even exceeds the annual electricity consumption of many European countries. Moreover, mining Bitcoin requires expensive specialized mining machines, which ordinary retail investors cannot afford.

Against this backdrop, three PhD students from Stanford University launched Pi Network in 2019. The core idea of this project is simple: allow ordinary people to mine using their smartphones with extremely low power consumption. It may sound like a fantasy, but this is why Pi Network has attracted millions of users.

Pi Network’s vision is to build a complete ecosystem where users can use Pi coins to trade, purchase goods, and access decentralized applications. Compared to traditional virtual currencies, Pi Network has several obvious advantages:

• Mining with a regular smartphone, no complex mathematical calculations needed;
• Significantly lower power consumption than Bitcoin and other traditional cryptocurrencies;
• Users can invite friends and family to participate, increasing earning opportunities;
• Equipped with the native browser Pi Browser, making it convenient to use ecosystem applications;
• Uses Stellar consensus protocol to address blockchain scalability issues.

The Truth You Need to Know About Pi Coin Listing on Exchanges

Many people buy Pi coins with the expectation that “they will be tradable on exchanges in the future,” but the reality is: Pi coins are currently not listed on any legitimate exchange.

The project team has been pushing for mainnet migration, which is a critical development stage. What are the key features of the mainnet?

First is independence — once the mainnet is built, Pi Network will run on an independent blockchain, and the development team will no longer have control over it. Second is true decentralization — transactions are verified and recorded by distributed nodes. Third, the mainnet will support the full functionality of Pi Network, including cross-platform transactions. Finally, once the mainnet is officially launched, Pi coins will meet the criteria for listing on traditional exchanges.

According to official plans, after the mainnet migration is completed, Pi coins should be listed on mainstream cryptocurrency exchanges. But the word “should” is very important — the current prerequisites set by the team include at least 15 million users completing KYC verification, 10 million users migrating to the mainnet, and 100 active Pi applications, among others. As of June 2024, over 12 million users have completed verification, which is a good pace, but there’s still a gap before full listing.

How to Cash Out Pi Coins? Practical Steps at This Stage

Since Pi coins are not yet on exchanges, how can investors cash out?

Honestly, options are limited. Investors cannot buy or sell Pi coins through official trading platforms, but they can download the official Pi Network app (available on iOS and Google Play), and trade directly with other users within the app, exchanging Pi for other tokens or fiat currency. This method carries higher risks due to the lack of regulation and protection that exchanges provide.

If you are a long-term participant in Pi Network, it is recommended to complete KYC verification as soon as possible. Only after verification can your Pi coins be smoothly migrated to the mainnet, and in the future, they may be tradable on exchanges. This is a necessary step to prepare for the future.

Don’t Be Fooled by IOU Prices: What Is the Real Value of Pi Coins?

CoinMarketCap and other sites show Pi’s price around $41.42, which sounds good. But there’s a trap: this price reflects IOU, not real Pi coins.

What does IOU mean? Simply put, it is an “I owe you” issued by exchanges. When a token is not yet officially launched, exchanges may issue tradable IOUs, representing that once the token is officially launched, the exchange will deliver the real tokens to you. The IOU price theoretically reflects market expectations of the token’s value after launch.

However, these expectations are often unrealistic. At $41.42, the market cap of Pi after full dilution would exceed $4 trillion — clearly impossible. Even considering only circulating supply, the estimated market cap would reach $2.8 billion. Meanwhile, the trading volume of Pi IOUs in the past 24 hours was less than $400,000, a stark contrast to the $4 trillion valuation.

Investors should be mentally prepared: the actual price of Pi after launch is likely to drop significantly. IOU traders bear substantial risk.

Is Pi Coin a Scam? Judging from Three Perspectives

Seeing the project repeatedly delay the mainnet launch, some suspect Pi Coin might be a scam. But from several angles:

Clear team background: The founders of Pi Network are all PhDs from Stanford University, with verifiable credentials. Their official website and white paper are comprehensive. This is very different from typical scam projects with “mysterious anonymous teams.”

No upfront investment required: Participating in Pi mining only requires a smartphone, completely free. Many scams require investors to put in money upfront with promises of short-term doubling. Pi Network does not follow this pattern.

Development progress is relatively transparent: Since 2019, the project team has maintained active communication with the community, and development progress is publicly shared. This does not align with typical scam characteristics.

In summary, the Pi Coin project is likely genuine. However, during the KYC process, personal information should be protected carefully to prevent data leaks.

A Timeline of Pi Coin’s Development

• March 2019: Three PhD students officially launch Pi Network;
• 2019 to early 2020: The team develops the mobile app, Pi Wallet, and Pi Browser, allowing users to mine by tapping once every 24 hours;
• 2021 to 2022: Preparation for mainnet migration, with security and scalability upgrades;
• 2023: Introduces KYC verification to improve mainnet compliance;
• June 2024: Over 12 million users complete verification;
• July 2024: Announced a 6-month grace period to allow more users to complete verification.

The official plan is to complete mainnet migration within 2024, but this depends on meeting several conditions, including sufficient user migration, real ecosystem applications, and a stable external environment. Therefore, the final launch date remains uncertain.