What happened?
Pi has increased the mining rate for its token, following a shortfall in meeting last month’s token allocation target. This alteration sees the mining rate rise by 0.93%, allowing miners to potentially boost their output. By locking up their Pi tokens through the mobile app, miners could increase their mining rates by up to 600% depending on the duration of the lock-up.
Who does this affect?
The changes primarily affect Pi miners and holders who are looking to maximize their token earnings and capital gains. They now have more incentive to engage in the mining process or participate in the staking initiative, albeit with no rewards currently attached. The larger Pi community could also be impacted as changes in supply can affect market prices.
Why does this matter?
The recent increase in Pi’s mining rate may affect its market price, potentially leading to a bullish outlook if the token’s circulating supply expands at a slower pace. Speculation points towards a possible price rally to $0.60 if these supply conditions persist. However, the general market sentiment remains cautious given the unclear impacts of the recent mining rate changes compared to newer, burgeoning projects like SUBBD.