Pi Network Coin: Is it Truly Valuable or Worthless?
Pi Coin, the cryptocurrency developed by the Pi Network, has long been touted as the next Bitcoin. However, it has failed to live up to expectations, with repeated delays in its mainnet launch and involvement in scam scandals.
Despite a strong marketing campaign, the intrinsic value of Pi Coin remains uncertain, especially considering the ongoing delays and lack of transparency surrounding the launch of its open mainnet network.
One of the key advantages of mining Pi Coin is its low cost, thanks to its mobile-based system. This accessibility makes it appealing to a wide audience. Mining Pi Coin on a typical smartphone, which costs $500 and lasts for three years, incurs a daily depreciation cost of $0.46. The electricity consumption, assuming 1% of a smartphone’s daily usage, adds approximately $0.000014. Additionally, the daily data usage of 5MB costs around $0.049. Taking all these factors into account, the total daily cost of mining Pi Coin comes to approximately $0.509, which translates to $15.27 per month. With an average yield of 2.4 Pi Coins daily, the cost to mine one Pi Coin is roughly $0.21.
However, the question of Pi Coin’s intrinsic value goes beyond these low mining costs. The Pi Network has a large and active user base, which has the potential to drive demand and increase the coin’s utility and adoption when the mainnet launches.
It’s important to note that without the mainnet launch, Pi Coin miners essentially hold a token that has no real value. The PI coins traded on exchanges like HTX are essentially IOUs. This means that participating exchanges would trade future PI coins based on the current IOU value. Despite claims of users accepting PI coins as a currency, real-world usage of the Pi Network token remains limited.
Furthermore, the lack of exchange listings means that Pi Coin is not yet tradable on major platforms, which keeps its market value speculative. The delays in launching the open mainnet network and the current lack of proven utility also add to doubts about its true worth.
Another cause for concern is the absence of Pi Network founder Dr. Nikolas Kokkalis. His disappearance raises suspicions of a potential scam. The founder’s last Instagram post was in 2020, and he has little presence on other social media platforms. Hardcore Pi Network supporters, fueled by blind optimism, often share the founder’s old speeches as the latest news.
Until the Pi Network launches its open mainnet and lists the coin on major exchanges, the intrinsic value of Pi Coin will remain speculative at best. While the low cost of mining makes it accessible, the lack of concrete use cases and market acceptance will continue to raise doubts about its true value.