Interest in Ravencoin explodes as Ethereum miners flock to mine RVN instead of ETH
After the Ethereum (ETH) ecosystem went through the long-awaited Merge update that officially marked the transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus algorithm, it has led to some interesting developments in the crypto space as miners start looking for alternatives.
In fact, interest in Ravencoin (RVN) has increased, placing it at the top of the cryptocurrency trending list, ahead of Ethereum, Ethereum Classic (ETC), Bitcoin (BTC) and Shiba Inu (SHIB), according to data obtained from CoinMarketCap on September 15.
As the data shows, miners have flocked to the alternative chain in droves in this major mining shift, leading to the explosion of Ravencoin’s hashrate, which surged 541% in the two weeks leading up to the merger – between September 1st and September 15th .
Merge helps Ravencoin soar
Additionally, CoinMarketCap data shows that the value of Ravencoin has increased by nearly 75% over the past seven days, as miners increasingly view RVN as an adequate substitute for ETH mining in the post-merger environment.
This environment leaves PoW ETH miners with fewer and fewer options – switch to other chains (like Ravencoin) or stop mining altogether and become Ethereum actors – and earn stake rewards under the new PoS process.
The success of Ravencoin can also be attributed announcement of the crypto exchange FTX of the listing of RVN perpetual futures on 12 September. These futures allow people to speculate on where RVN will go from the current time and hold their positions.
It is also worth noting that Ravencoin, which was established in 2018, uses a PoW consensus algorithm and the RVN tokens issued on it can be used for many different things, just like ETH, such as decentralized applications (DApps) and not -fungible tokens (NFTs).
Ravencoin (RVN) Price Analysis
Meanwhile, the Ravencoin token is trading at $0.06293 at press time, down 0.77% on the day but up a whopping 74.77% over the past seven days.
According to CoinMarketCap data, the market capitalization of RVN is currently $704.32 million, which places the decentralized finance (DeFi) token in 60th place among all cryptocurrencies according to this indicator.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
