The object, which is being referred to as a "mini-moon," is actually an asteroid with the name 2024 PT5. The gravitational pull of Earth has momentarily caught it. From now until November 25, when it will leave Earth's orbit and resume its journey through the solar system, the small asteroid will stay in Earth's orbit. 

In the scientific world, this kind of incident is not unusual.  Every few years, something similar occurs. They remain for a few weeks or months before departing. Reitzel stated that there are usually two to three of these incidents every ten years. When the asteroid known as NX1 entered Earth's orbit in 2022, there was a mini-moon for the last time.  Nothing is disturbed by this at all. Nothing in the solar system is at jeopardy.  Scientists at the Asteroid Terrestrial-impact Last Alert System (ATLAS) made the discovery of the asteroid in August. The asteroid is expected to reappear in 2055. 

(Source: Google Images) 
 

This mini-moon and other tiny objects that enter our solar system will be monitored by the Minor Planet Center of the International Astronomical Union.

This mini-moon cannot be seen with tiny telescopes. Dr. David Reitzel, an astronomer instructor at Griffith Observatory, told Nexstar's KTLA that it is much too small—roughly the size of a bus. “It can only be detected by the biggest telescopes in the world, or a very long exposure is needed.”

Will we be affected in any way by the second moon?  ~ This mini-moon is expected to cause no noticeable impacts or be regarded as a hazard to humans because of its tiny size. Furthermore, the tides won't be affected by it because of its magnitude.

Reitzel stated, “This is an interesting and relatively uncommon event that isn't visible to the unaided eye, but it's exciting to think about and can inspire people to explore the universe.” There have also been previous sightings of mini-moons; some of them have even made return visits. In both 1981 and 2022, the 2022 NX 1 briefly joined our planet as a partner. The 2024 PT5 is predicted by scientists to reenter Earth's orbit in 2055.