Unveiling the Pi Network Phenomenon: Why do 60 million people persistently "Mining" a yet-to-be-listed Crypto Asset every day?

In the vast universe of Crypto Assets, Pi Network (PI) is undoubtedly the most unique existence. Founded by Stanford University graduates Nicolas Kokkalis and Chengdiao Fan on March 14, 2019 (Pi Day), this project promises to completely overturn traditional Mining models, allowing every smartphone user to participate in the creation process of Crypto Assets. Six years have passed, and Pi has yet to be listed on any mainstream exchange, yet it boasts over 60 million active users, with total sign up numbers estimated to exceed 100 million. What kind of story and motivation lies behind this seemingly contradictory phenomenon?

####Disrupting Tradition: The Mobile Mining Revolution of Pi Network

The core innovation of Pi Network lies in the complete redefinition of the concept of "Mining". Traditional Bitcoin mining requires specialized ASIC mining machines, a stable power supply, and considerable technical knowledge, evolving into an industry dominated by large mining farms, making it nearly impossible for the average person to participate.

#####· One-Click Mining: Unprecedented Accessibility

The revolution of PI lies in simplifying the mining process to just a daily click of a button. Whether using a $100 entry-level Android phone or the latest iPhone, every user can equally participate in the mining process. This extreme simplification and zero-threshold strategy give hundreds of millions of people worldwide, who have been excluded from traditional crypto assets, the first opportunity to participate in the creation of digital assets.

"The genius of Pi Network lies in its lowering of the participation threshold for Crypto Assets to zero," said a blockchain analyst. "There are no hardware costs, no electricity expenses, no technical barriers, and not even any initial investment required."

#####· Social Mining: Digital Currency for Building Human Connections

Pi Mining is not just a technical process, but also a social experience. Users can improve mining efficiency by establishing a "security circle" (inviting trusted friends to join the network), creating a viral social momentum. This mechanism makes Pi Network not just a crypto project, but more like a global social movement.

"For many users, Pi is not just a potential digital asset, but also a sense of community belonging," explained a social network research expert. "The daily check-in behavior creates habits and commitments, while the secure circle mechanism strengthens social connections."

####Closed Ecosystem: Why has Pi not entered the public market yet?

Unlike the vast majority of crypto projects, Pi has remained within its own closed ecosystem for six years and has not been listed on any mainstream exchanges. This strategy has sparked widespread discussion and skepticism, but there are specific considerations behind it.

Pi Network insists that every user must go through a strict identity verification (KYC) process to migrate their mined tokens to the mainnet. This requirement aims to ensure that each account corresponds to a real human, preventing bots and duplicate accounts. However, for a global network with over a hundred million users, this process has become a significant bottleneck.

As of September 2025, among approximately 60 million active mining users, only 16 million have mainnet wallets, meaning that over 44 million users remain in a "provisional" status, with many waiting for months or even longer after submitting KYC.

####Faith Economy: Why Millions Still Persist in Mining Pi?

Faced with long-term uncertainty and delays, why do millions of users still persist in opening the app and clicking the Mining button every day? Behind this enduring participation lies a complex set of psychological and social dynamics.

#####· Zero Risk Lottery Mindset

For many users, mining Pi is like a zero-cost lottery ticket. With just a few seconds of time each day, there is a chance to potentially gain huge returns in the future. This "what if it comes true" mentality drives millions to continue participating.

"We are now in the golden age of accumulating PI," said an active PI user on social media, "After 2028, the Mining costs will be too low, while the purchasing costs will be too high." This expectation of future value gives meaning to every click made today.

#####· Sense of Community Belonging and Collective Beliefs

Pi Network has developed into a global community with a common language, culture, and belief system. For many users, participating in Pi is not just an investment behavior but also a form of identity recognition.

"The power of the Pi community lies in its collective belief," explained a digital community researcher. "When millions of people collectively believe that something has value, that belief itself can create value."

####The Practical Application of Pi: The Difficult Leap from Theory to Practice

(Source: CoinTelegraph)

Despite facing many challenges, the Pi Network has begun to demonstrate some preliminary application scenarios in the real world, providing supporters with hope through these small-scale but real use cases.

#####· Mobile Payments and Daily Consumption

In some regions, users can already use applications like Boostr to recharge their phones or purchase gift cards with Pi. Even more notably, community events like PiFest have emerged, where merchants accept Pi for everyday goods, creating a small but real economic ecosystem.

#####· Pi Browser Ecosystem

The Pi browser has started hosting some applications, allowing users to use Pi to purchase games, utilities, or digital services. In addition, the Pi Network has its own NFT marketplace, enabling users to mint and trade digital collectibles with Pi, although its scale and adoption rate remain limited.

#####· The Emergence of the Developer Ecosystem

The Pi hackathon encourages developers to build decentralized applications (DApp) on the platform. Although most are still in the prototype stage, these early attempts provide possibilities for the future development of the ecosystem.

####Core Challenges and Criticisms Faced by Pi Network

Pi's unique path has also attracted many doubts and criticisms, and these issues may determine the project's final fate.

#####· Centralization and Transparency Issues

Critics point out that the Pi Network is largely still a centralized system, with the core team controlling most of the infrastructure and rules. Some even question whether it truly aligns with the decentralized spirit of Crypto Assets, and instead resembles a traditional financial technology application.

"The Pi codebase is not fully open source, and its governance model and token distribution details lack transparency," a blockchain governance expert pointed out. "This is far from best practices in the Crypto Assets field."

#####· Privacy and Security Concerns

The global KYC requirements mean that millions of users have submitted identification documents, raising concerns about data security and privacy protection. If a data breach occurs, the consequences could be extremely severe.

#####· Questioning the Sustainability of Growth Models

The recommendation reward mechanism of Pi has been compared by some critics to a multi-level marketing structure, questioning its long-term sustainability. In addition, in-app advertising and merchandise sales have also raised suspicions, with concerns that Pi may have started monetizing its user base before providing substantial value.

####The Future of Pi Network: Choices at a Crossroads

Pi Network is currently at a critical crossroads, and its future development may take entirely different directions.

#####· Potential Breakthrough Path

If Pi can resolve the KYC bottleneck, achieve a higher degree of decentralization, and ultimately be listed on mainstream exchanges, its large user base could give rise to a thriving application ecosystem and business network.

The core team has announced plans to expand the KYC process through community validators and AI-driven tools, and to advance the protocol upgrade from v19 to v23, aimed at enhancing decentralization and transaction processing capabilities.

#####· Recession Risk

However, if the ongoing delays and uncertainties continue, user patience may gradually wear thin, leading to a decline in participation and a weakening of developer interest. External factors such as regulatory scrutiny or potential data security incidents could also deliver a fatal blow to the project.

####Conclusion: The Key to Understanding the Pi Network Phenomenon

Pi Network represents a unique experiment in the field of Crypto Assets: it challenges the traditional token issuance model by prioritizing widespread global participation over rapid marketization. Regardless of its ultimate fate, Pi has already proven an important point: the allure of Crypto Assets goes far beyond speculative trading, encompassing community belonging, a sense of participation, and a shared vision for a fairer financial system.

For investors and users interested in the Pi Network, it is crucial to maintain rational expectations and understand its unique risks and opportunities. Pi could become a pioneer of large-scale adoption of Crypto Assets, or it could be an ambitious experiment that ultimately fails to deliver on its promises. Regardless of the outcome, this global experiment involving hundreds of millions of participants will provide valuable lessons for the future development of blockchain and digital currency.