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Miners invest in computers for new cryptocurrency

By Bao Lam   April 20, 2022 | 12:11 am PT
Investors are spending hundreds of millions of dong (VND100 million = $4,400) on computers and network systems to mine a new cryptocurrency called Pi.

"People said on Facebook that running [software] Pi Node on computers can earn more than mining Pi on smartphones," Nguyen Son, a crypto miner in Binh Dinh Province, said.

Pi Node is said to be able to earn cryptocurrency by mining – a verification and currency creation process where powerful computers race one another to process transactions.

"I spent VND120 million on 10 computers to run Pi Node, and mine 150 Pi every day," Son said.

Though he has not been able to use the cryptocurrency yet, he accepts the risk that comes with such an investment.

Pi Node running on an investors computers. Photo courtesy of Tai Bui

Pi Node running on an investor's computers. Photo courtesy of Tai Bui

To ensure the highest reliability, Pi Node needs to be run continuously. Therefore, the longer cryptominers run the program, the more reward they earn.

Tai, a member who posts frequently about the cryptocurrency on Facebook groups, explained: "The number of Pi earned on smartphones are temporarily recorded. They are only stored on the blockchain once your account is verified and the Pi Network enters the mainnet stage".

In a 100 square meter room, Tai run Pi Node on over 50 mining rigs, mostly for friends who have asked him to do it for them.

Each rig has an individual Internet connection.

"It is ok to run all of them on one Internet line, but the efficiency will be lower," he explained.

Tai said it costs him around VND30 million a month to run all the mining rigs, and he plans to run a total of 250.

An investor’s computers used for mining Pi, a new cryptocurrency. Photo courtesy of Tai Bui

An investor’s computers used for mining Pi, a new cryptocurrency. Photo courtesy of Tai Bui

Increasing numbers of Vietnamese have evinced interest in the Pi Network since last November as rumors swirled about the cryptocurrency being valued at hundreds of U.S. dollars soon.

Vietnam is among the top three countries in terms of the number of active Pi nodes, according to data from cryptocurrency site Pi-blockchain.

Data from SimilarWeb shows Vietnam ranking fourth in traffic to the website behind the U.S., India and Russia.

The renewed interest in Pi comes as the network celebrated its 1,000th day on Twitter. Its developers claimed to have attracted 29 million users worldwide.

But no information about the next stage of the project was revealed during the celebrations, disappointing many users who have waited for over three years to use their Pi.

Some experts, saying the project lacks transparency, have warned people to be careful to avoid being scammed.

 
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