PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%
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....
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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
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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%....
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....
Ethereum Classic is preparing another hard fork. It was announced in statements published last week that the project’s development and mining community is committing to a change in its monetary policy by December of this year. Essentially a move to a new protocol, all current Ethereum Classic users and miners should have upgraded their software by then. If everyone does not upgrade their software, the project can split into two incompatible networks, blockchains and currencies. Of course, that is exactly how Ethereum Classic itself broke away from the Ethereum Foundation’s Ethereum last....
A modification brought about by the Ethereum Arrow Glacier upgrade was the postponement of Ethereum's "difficulty bomb" until June 2022. What should you mine after ETH goes PoS?After Ethereum switches to the PoS consensus method, mining will be split into smaller, less well-known coins. Just a few examples include Ravencoin and Ethereum Classic.Neither of the coins mentioned above is well-known or widely used in the Ethereum blockchain, but it makes no difference. What is important is that, like Ethereum, their tokens can be mined using graphics processing units-based mining equipment.....