Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin
The Ethereum Merge was an incredibly anticipated upgrade, with good reason. It not only drastically increased the number of transactions that the network could handle, but it also greatly diminished the energy consumption of the network. However, Ethereum miners have found themselves as collateral damage in the upgrade as there is no longer a need for their highly specialized mining hardware. Given this, ETH miners have had to find alternatives for this hardware. The Great Exodus In less than one hour, Ethereum miners, who had been one of the most important parts of the network, had found....
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Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from “The Merge” fallout. The event that completed Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” locked out miners from the ecosystem. Related Reading: Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin Leading into the event, Ravencoin, Ethereum Classic, and other Proof-of-Work (PoW) cryptocurrencies were recording double-digit gains. The new participants onboarding the networks drove their hashrate to new highs, and their price followed as demand for PoW tokens....
Many cryptocurrencies recorded price fall in the past 24 hours. For instance, Bitcoin prices have fallen by 1.65% in the past 24 hours. Even though the 7-day gain shows a 3.23%, the current level is not encouraging. Ethereum hasn’t fared well, either. Its 1-hour trend shows a 0.99% loss, while the 24 hours level indicates a 1.76% fall. Looking at ETH 7 days price movement, the crypto has lost 7.02%, which is surprising given the hype around the Merge. Related Reading: Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin Tether USDT shows all red in 1 hour, 24 hours, and 7....
Data from Coingecko indicates a surge in the price of Ravencoin (RVN), over the past month the cryptocurrency is moving against the general sentiment in the market. The rally in the price of this token coincides with the upcoming Ethereum’s “Merge” and seems directly related to this event. Related Reading: TA: Ethereum Plunges to $1,550: Can Bulls Save the Day? At the time of writing, Ravencoin (RVN) trades at $0.07 with a 15% and 91% profit over the last 24 hours and 7 days, respectively. In the last 2 weeks, the cryptocurrency records a larger increase with a 150% profit and a 95%....
20 days ago, a poll was shared on Twitter asking miners where they planned to dedicate their hashrate, after The Merge transitions Ethereum into a proof-of-stake (PoS) blockchain. The proof-of-work (PoW) contenders at the time were tokens like ravencoin, ergo, flux, and ethereum classic. When the poll concluded, flux and ravencoin outpaced the pack in votes, but reality shows ethereum classic has been the main beneficiary of hashrate so far.
Twitter Poll With More Than 10,000 Votes Chooses Flux, While Ethereum Classic Ends up Reaping the Benefits Stemming From The Merge
Ethereum....
Bitcoin has seen fluctuating sentiment lately. With numerous dips and recoveries, it is no surprise that investors have had a hard time deciding on which side of the fence to sit on. However, while retail investors seem to be uncertain about the market, there has been some growth in both the funding rates and the open interest over the last week, showing that positive sentiment may be stabilizing. Funding Rates Recover Over the last couple of weeks, bitcoin funding rates have been consistently below neutral. This coincided with the times when the market was struggling, ushering in a new....