Users shrug off price crash below $0.5, still bet on Pi Network Nodes

"The rewards from tapping the lightning bolt have dropped, so I switched to running Pi Nodes," The Trung of Dak Lak Province in the Central Highlands says. "With two Nodes, I earn nearly 300 Pi a month."

Trung says he spent nearly VND30 million (US$1,160) on two computers for running Nodes.

A Facebook user shares a photo of operating two Pi Nodes at home. Photo by VnExpress/ Anh Khang

He also installed a new internet line, upgraded his existing one for higher speeds, and spent VND4 million on an uninterruptible power supply to prevent disruptions in case of blackouts.

"Each Node costs around VND700,000 a month to operate, mostly for internet and electricity," he says, estimating it will take him around eight months to break even.

Mai Hien of the southern Binh Phuoc Province has also been running Nodes for over a month, using three computers.

His system generated 400 Pi in the first month, worth about US$200 at the current price of US$0.50, while monthly operational costs totaled VND1.3 million.

A Pi Node is software installed on a computer that helps maintain the network by validating transactions and storing data.

Unlike the mobile app, which is used for registration, logging in and receiving daily rewards, Nodes handle backend operations that support the blockchain.

While cryptocurrencies like Bitcoin and Ethereum rely on proof-of-work to reward miners, Pi Network uses the Stellar Consensus Protocol.

Nodes form security circles to determine who can validate transactions on the ledger. On Facebook, Pi-related groups have seen a rise in discussions about running Nodes.

Van Duy, administrator of a group with over 40,000 members, says interest surged after Pi Network launched its open network phase on Feb. 20.

Most posts focus on hardware suggestions, setup tips, reward mechanisms, and avoiding "zero rewards" — a term for system errors that prevent users from earning Pi.

Services offering Node installation, rental and consultation are also growing. Nguyen Hoang, a provider in Quang Ngai Province who operates a Node "farm" with over 100 machines, says he still receives several orders daily.

"If users run their own Nodes, we install for free but charge for software setup. For rental or hosted Nodes, pricing depends on the agreement."

However, some long-time users caution against diving in too quickly. "With Pi now below US$0.50 and no signs of recovery amid rising supply, it may take a long time to recover the initial investment," Hoang Anh, a Pi Network Facebook group admin, warns.

"Plus, mined Pi is not immediately available in users’ wallets. Payout dates are determined by the Pi Core Team and remain undisclosed."

Pi’s value has plummeted since the open network launch. After peaking at US$3 in late February, the token fell to US$0.48 as of April 5. According to CoinGecko, Pi dropped 52.4% in the last two weeks and 75.5% in the last 30 days.

The Pi Core Team has capped total supply at 100 billion tokens, with 6 billion released at launch. However, CoinGecko reported more than 10 billion Pi are already in circulation.

PiScan data showed an additional 126.6 million tokens are set to be unlocked in April. So far, 4.9 billion have been released, with another 1.54 billion expected over the next 12 months.

"Monthly unlocks exceed demand, which greatly affects the value of the token," Alex Obchakevich, founder of Obchakevich Research, said in an interview with CoinTelegraph.

But he believed Pi could "compete with the top 10 projects in the future" if its developers improve transparency and focus on expanding the network and its underlying technology.

Launched in 2019, Pi Network promoted itself as a way for users to mine Pi for free by tapping a button in its mobile app daily. Vietnam is among the countries with the most Pi miners.

The project has been controversial, taking nearly six years to launch its mainnet before finally allowing users to transfer Pi to exchanges for trading on Feb. 20 this year.

The project has also drawn red-flag warnings from several prominent figures in crypto space. Bybit CEO Ben Zhou called Pi "more dangerous than meme coins" and said his exchange would not list it.

Justin Bons, founder of Cyber Capital and a well-known crypto analyst, has labeled Pi Network a "scam" and warned users to avoid it.