Pi miners are anxiously awaiting KYC completion, fearing they could lose all their mined Pi.

The deadline for Pi miners to complete KYC (Know Your Customer) verification is the afternoon of March 14th. Failure to do so will result in the loss of all mined Pi, and friends in the system who do not verify their identity will also lose their Pi rewards.

According to Pi Network's announcement, 3 PM today (March 14th) is the deadline for Pi miners to verify their identity; otherwise, they will lose all their Pi holdings.

Pinetworkmn — Pi miners must complete KYC today. (Illustrative image: BLTS)

At the same time, those who have completed verification are anxiously waiting to see how much Pi they will lose if other miners in their system do not complete KYC.

According to the system's regulations, there are three types of Pi with different colors: pink Pi, purple Pi, and yellow Pi. Purple Pi represents Pi that has been migrated to the mainnet (and can be sold on exchanges), pink Pi represents Pi awaiting mainnet transfer, and yellow Pi represents Pi that miners receive from other miners in the system when they use invitation codes provided by those miners.

Observations from the Pi mining community indicate that successful KYC verification is not simple; it requires many steps, and not everyone is accepted by the system. Those who commit fraud, engage in illegal Pi transactions, or use bots for mining, if detected by the system, will also be denied KYC. Those who fail to complete KYC before 3 PM today will lose all their Pi holdings.

Even those who have successfully completed KYC verification must wait to see how their Pi balance fluctuates, because if other miners in the system do not complete KYC verification, their Pi rewards will disappear.

Currently, on Pi Network communities, some users who successfully completed KYC verification are questioning why their gold Pi has suddenly increased, even exceeding the pink Pi they previously owned. They believe the Pi Network system is deliberately pressuring users to limit the amount of Pi available for trading on cryptocurrency exchanges.

Explaining this issue, a long-time Pi miner with a thorough understanding of the system stated that the Pi Network is actually very fair. The decrease in the pink Pi in some people's wallets is due to the system transferring some to wallets, turning them into purple Pi for transactions, hence the phenomenon. In reality, the gold Pi will not change, and the amount will vary depending on the number of people in the mining system who have completed KYC verification. If a large system has many people who haven't completed KYC verification, the amount of gold Pi awarded will obviously be greater than the pink Pi, and they will naturally lose some of that Pi.

Currently, Pi is trading in the range of $1.6 - $1.7 USD/Pi, with little market fluctuation over the past 24 hours.

Interestingly, within Pi Network communities, issues are discussed quite calmly; many even say that if KYC fails and they lose all their Pi, they would simply consider it bad luck.

In Vietnam, there are currently no regulations regarding cryptocurrency transactions. The State Bank of Vietnam has repeatedly warned that owning, buying, selling, and using Bitcoin and other similar cryptocurrencies as assets carries significant risks for the public and is not protected by law.

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