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({U/P} can be paid with either {U} or 2 life.)
Counter target spell with mana value 1.
A card with Phyrexian mana symbols in its mana cost is each color that appears in that mana cost, regardless of how that cost may have been paid.
As you cast a spell or activate an activated ability with one or more Phyrexian mana symbols in its cost, you choose how to pay for each Phyrexian mana symbol at the same time you would choose modes or choose a value for X.
Each Phyrexian mana symbol in a spell’s mana cost contributes 1 to that spell’s converted mana cost. For example, Mental Misstep’s converted mana cost is 1, regardless of how its cost was paid.
If a spell has {X} in its mana cost, X is considered to be the value chosen for it while that spell is on the stack.
If you’re at 1 life or less, you can’t pay 2 life.
Phyrexian mana is not a new color. Players can’t add Phyrexian mana to their mana pools.
To calculate the converted mana cost of a card with Phyrexian mana symbols in its cost, count each Phyrexian mana symbol as 1.
