Pi Network Adjusts Base Mining Rate, Bearish Pressure Weighs on PI Coin Price

• Pi Network announced the adjustment of its base mining rate for August.
• Bearish pressure against PI coin price remained strong.
• If the Pi Network coin price continues to fall, the PI coin price might drop to its support level near $22.4.

Pi Network Announces Adjustment of Base Mining Rate

Pi Network officially began its open Mainnet Migration process and announced the implementation of the PI coin base mining rate for August. The mining rate on the Pi Network testnet is based on a predetermined formula, but as the project transitions to mainnet, fine-tuning of rewards is necessary to ensure stability and sustainability of the network.

PI Coin Price Facing Strong Bearish Pressure

Long upper wicks on recent daily candles of PI token prices underscore strength of bearish pressure against token. The PI crypto token price spiked over 6.5% before selling pressure pared gains. A break below immediate support level could force PI coin price to test support near $20 before recovering, while a rally may target resistance near $28.9 before downside corrections pare gains. On daily charts, relative strength index (RSI) remains neutral with value 49.48.

Potential Impact on Mining Rewards

The potential impact of adjusting base mining rate includes incentivizing active participation while maintaining stable supply of Pi coins by determining an optimal base mining rate for sustainability of network in long-term. Investors are likely holding onto their PI coins in anticipation of potential price gains post-migration as project heads into mainnet launch process.

Monitoring Progress Closely

Investors and early adopters are closely monitoring progress towards mainnet launch as team asks users to prepare for migration process from testnet to mainnet environment for functionality & utility improvement that will benefit entire community in long run & facilitate mass adoption going forward..


The transition from TestNet to MainNet will be a major milestone for the Pi Network which may result in significant upside potential for investors who are currently holding onto their tokens due to network’s improved scalability & functionality improvements post migration that hold promise of increasing demand & adoption eventually leading up surge in prices going forward