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https://minepi.com/blog/open-network-launch-date/

WHO WILL BUY Pi at $314,159 WHEN OM?

Some pioneers question why anyone would pay $314,159 to other pioneers when they could simply mine Pi themselves. They argue that this is why Pi cannot be valued at $314,159.

Pi is meant to function as a currency for payments, not for converting to fiat. If Pi is successfully adopted with a value that some pioneers suggest, such as $31.4 or $314, then based on the current mining rate of 0.1128 Pi per day, and assuming an increase in active pioneers and miners, the mining speed will slow down after the Open Mainnet (OM) phase. Suppose it takes a month to mine one Pi, resulting in 12 Pi per year. If Pi is valued at $31.4, the annual earnings would be $376.80, or in a lower scenario, just $37.68—equivalent to an hour’s wage. Would Pi still attract more miners to maintain its role as a widely distributed currency?

If Pi attains a stable Global Consensus Value (GCV) of $314,159 at OM, businesses will not find it expensive to purchase Pi, as each Pi will hold the equivalent purchasing power of $314,159. Essentially, it would be like moving funds from one account to another. At this valuation, businesses would only need to pledge 10 to 100 Pi instead of 10,000 to 100,000. Even with a requirement of just 10 Pi, businesses would opt to buy rather than spend a year mining it—timing is critical in business operations.

Now, let’s examine international trade figures. The foreign exchange (FX) market is the world’s largest financial market by trading volume, with an average daily turnover of approximately $7.5 trillion, according to the BIS's latest Triennial Survey in November 2024.

If 1 Pi is valued at $1,000, between 6 and 11 billion Pi would be needed.

If 1 Pi is valued at $10,000, between 0.6 and 1.1 billion Pi would be required.

If 1 Pi is valued at $100,000, between 60 and 110 million Pi would be needed.

If 1 Pi is valued at $314,159, between 19,098,609 and 35,014,117 Pi would be required.

Currently, only 680.8 million Pi are available for use. Therefore, the initial barter price of Pi must be raised to at least $314,159 per Pi, as this is the most reasonable valuation for international settlements.

Now, let’s analyze China’s trade figures:

According to customs data, in the first 10 months of 2024, China’s total import and export value reached 36.02 trillion yuan, a 5.2% year-on-year increase. Exports amounted to 20.8 trillion yuan (+6.7%), while imports reached 15.22 trillion yuan (+3.2%), resulting in a trade surplus of 5.58 trillion yuan (+17.6%). In U.S. dollar terms, China’s total trade during this period was $5.07 trillion (+3.7%), with exports at $2.93 trillion (+5.1%), imports at $2.14 trillion (+1.7%), and a trade surplus of $785.27 billion (+15.8%).

Pi is expected to serve as an international settlement currency, a function that cannot be fulfilled at a mere $100 per Pi. So, can GCV meet this requirement?

Based on the calculations, over 44,073 Pi would be required for international trade. Considering China’s annual trade demand, approximately 200,000 Pi would be necessary. Across 233 countries, global trade alone would require 40 million Pi. Even when accounting for smaller countries and dividing this figure by four, there would still be a demand for 10 million Pi.

These figures do not even include individual peer-to-peer transactions. For Pi to become a stable currency, it must start with a high valuation to establish a strong foundation for long-term stability.

Global trade and financial transactions involve vast sums of money and require a significant
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