Pi Network Tightens Supply With Mining Rate Cut Amid Pi Coin Sell-Off

Pi Network has implemented a fresh reduction in mining rewards in a bid to boost token scarcity. This coincided with a massive 6.5 million Whale transfer to an exchange, indicating a move to sell these coins. 

Pi Network Slashes Mining Rate to Boost Scarcity

In a recent post, The Times of Pi Network highlighted that the September base mining rate has been trimmed to 0.0027405 π per hour. This reflects a 1.23% decline from August. At the current pace, it now takes more than 15 days to mine a single Pi without bonuses, while the yearly yield stands at just 24 Pi.

This adjustment follows Pi Network’s sharper 8% cut in August. The rate dropped from 0.0030165 π/h to 0.0027746 π/h, its lowest level since the project began. Reducing the number of tokens shows that the project has a controlled way of distributing them. This creates scarcity, making the mined tokens more valuable.

In other news, a whale just hours ago moved 6.5 million Pi to OKX, according to The Times of Pi Network. People in the community are taking notice of this. Although the transfer’s motivations are still unknown, conjecture has grown about whether it could be a sign of a sell-off.

This comes amid the downtrend in the Pi coin price. TradingView data shows that the altcoin is down over 3% in the last month. Meanwhile, the token has remained flat over the last seven days, struggling to break above $0.4. 

However, a positive is Pi Network’s listing on Onramp Money, which allows customers in over 60 countries to buy Pi directly. The integration supports local payment methods. Additionally, it improves usability in areas where conventional exchanges are prohibited.

Recent Developments In Pi’s Ecosystem

Pi Network was recently announced as a gold sponsor at the upcoming Token2049 conference in Singapore. They joined other prominent industry names, such as Circle and CoinEx. Founder Nicolas Kokkalis is expected to make a public appearance. This followed his participation at Coindesk’s Consensus event earlier this year.

On the technical front, Pi is preparing to roll out its version 23 protocol upgrade. The plan includes adding a KYC (Know Your Customer) feature directly to the blockchain. This will improve user verification and make it easier to follow compliance rules.

Meanwhile, European exposure is expanding through Valour’s launch of the first Pi exchange-traded product (ETP) on Sweden’s Spotlight Stock Market, marking a new milestone in institutional recognition.

Top Pi influencer, WoodyLightyear, also praised Pi’s continuous efforts to bring the token to areas where the use of exchanges to purchase the token is restricted.

These moves suggest expanding adoption, new financial products, and greater visibility at major industry events. Pi Network’s mining rate cut and global accessibility efforts could strengthen its long-term position.