In recent days, many Pi miners, or "Pi-thus," have been surprised to see a sharp drop in their daily mining output, with some experiencing reductions of 45–50%.

Mining slowdown and scarcity strategy

According to Dang Vy, a veteran Pi miner in Ho Chi Minh City, his Pi mining rate has dropped by 45%. Previously, within his network of 65 participants, he mined at a rate of 0.61 Pi per hour, but now it has decreased to just 0.37 Pi per hour.

He believes that Pi Network is deliberately tightening mining speeds to create a sense of scarcity among its community, ultimately influencing the coin’s price.

As more Pi coins, previously mined for free, are gradually unlocked, and given that the development team holds a significant amount of Pi, the network must regulate its price. Without such measures, Pi’s value could decline drastically, potentially rendering it worthless.

Facing reduced mining yields, many Pi miners have started "cross-following" each other’s accounts to accelerate their mining rates. Some argue that this reduction in mining speed is also intended to foster stronger connections among Pi holders.

Pi price defies global crypto market trends

In recent days, the global cryptocurrency market has witnessed significant volatility. Cryptocurrencies like Bitcoin, Ethereum (ETH), and Solana (SOL) saw rapid price surges after former U.S. President Donald Trump included these digital assets in America's strategic crypto reserve.

However, Pi’s price remained unaffected, continuing to trade within the range of $1.50–$1.70 per Pi.

On March 4, the cryptocurrency market experienced a major crash due to tax policies imposed by the U.S. on various countries. Despite this downturn, Pi’s price moved against the trend, surging to over $1.80 per Pi at one point and currently trading around $1.70 per Pi.

Legal uncertainties surrounding Pi Network in Vietnam

On February 28, Hanoi’s police department issued a notice clarifying that under Vietnamese law, cryptocurrencies, including Pi, are not recognized as legal assets.

As a result, any disputes or issues arising from transactions involving Pi or other digital currencies pose significant risks, as they are not legally protected or regulated.

Additionally, under the regulations of the State Bank of Vietnam, cryptocurrencies are not considered legal payment instruments. Any individual or organization using digital currencies, including Pi, for transactions may face penalties ranging from 50 million to 100 million VND ($2,100–$4,200) under Clause 6, Article 26 of Decree 88/2019/ND-CP, amended in Decree 143/2021/ND-CP.

Furthermore, violators could face criminal charges under Article 206 of the Penal Code for "violating banking regulations and activities related to banking operations."

Trong Dat