In recent developments, the Pi Network has caught significant attention after reducing its coin mining rate again in September. This move coincided with a sizable transaction involving 6.5 million PI coins, shifting investors’ focus towards the implications for the altcoin market.
What Is the Impact of Mining Rate Cuts?
The Pi Network’s announcement confirmed a decrease in the base mining rate by 1.23% in September, bringing it down to 0.0027405 PI per hour. At this new rate, generating one PI coin takes over 15 days, accumulating to just 24 coins annually. By reducing the mining rate, Pi Network aims to control the coin supply systematically. This adjustment follows a more notable reduction of 8% in August, indicating a strategy for gradual scarcity.
Moreover, blockchain analyses uncovered a prominent transfer of 6.5 million PI coins to the OKX exchange by a key investor. While the intention behind this transfer remains undisclosed, community speculation suggests a potential sale. Despite these fluctuations, PI coin prices have held steady at approximately $0.35.
How Are Partnerships Expanding Pi Network’s Reach?
The Pi Network is broadening its ecosystem through strategic partnerships. An integration with Onramp Money now allows users across 60 countries to purchase PI coins using local payment systems, particularly facilitating access in areas with exchange limitations. In a European milestone, Valour introduced the first PI-based exchange-traded product (ETP) on the Swedish Spotlight Exchange.
Increasing its global presence, Pi Network will be a gold sponsor at the Token2049 conference in Singapore, with founder Nicolas Kokkalis anticipated to attend after engaging in Consensus 2025.
Technical advancements also continue with Protocol Update 23, integrating KYC verification within the blockchain to simplify compliance. Acknowledging these efforts, the company stated:
“These partnerships and updates exemplify our commitment to expanding usability and accessibility of the Pi ecosystem globally.”
Key takeaways from Pi Network’s strategies include:
- Base mining rate decreased by 1.23%, sustaining supply control.
- 6.5 million PI coins moved to OKX, hinting at market activities.
- Onramp Money integration eases PI acquisition in 60+ nations.
- Launch of PI-based ETP boosts visibility on Swedish exchange.
- Gold sponsorship at Token2049 highlights growing global engagement.
- Protocol Update 23 to unify KYC checks directly on the blockchain.
The Pi Network’s current trajectory underscores significant efforts to refine its platform and foster strategic partnerships, illustrating an innovative path forward in the ever-evolving crypto landscape.
