100% in 7 Days – Ethereum Miners Moving to mine Ravencoin after ETH Proof-of-Stake Merge?

After many pauses, the Ethereum merge finally happened. Ethereum is now successfully moved from PoW to PoS. Yet, not everyone is convinced of the move to proof-of-stake. Some Ethereum miners could split off and start their network via a hard fork or some miners are already moving to mine Ravencoin after ETH merge. Let’s take a look at it in more detail.

What is Ravencoin?

Ravencoin is a token that is mined on uncomplicated GPU and ASIC miners. It was forked from the Bitcoin chain in 2018. The coin delivers traders a path to build their tokens and transfer them to other traders. The developer’s goal was to build a token that could be mined by utilizing just the GPU of PCs.

Likewise, they desired the token to be mined by anyone without buying high-grade mining tools. Unlike the majority of the tokens in the market today, there was no ICO when Ravencoin was founded. This is because the developers wanted to dodge the attention of the token in some hands.

Ravencoin’s difference from Bitcoin is largely the consensus mechanism behind its structure. The consensus mechanism is described as how transactions completed are added to the blockchain. Ravencoin utilizes the proof of work consensus mechanism. Even though it now utilizes the KAPOW mining algorithm, the token earlier utilized X16R. With the KAPOW mining algorithm, the mining software to be utilized is haphazardly selected.

Attraction in Ravencoin increases as Ethereum miners move to mine RVN instead of ETH

The price of Ravencoin has increased by almost +100% in the last seven days before the ultimate Ethereum merge. One of the reasons for this jump in price could be the announcement from the cryptocurrency exchange FTX about the listing of Ravencoin perpetual futures.

— FTX (@FTX_Official)

Also, after the completion of the long-awaited Merge update that officially observed its shift from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus algorithm, it has ushered some fascinating consequences in the crypto world as miners begin to look for options.

Certainly, appeal in Ravencoin (RVN) has skyrocketed, putting it at the top of the cryptocurrency market, ahead of major players like Ethereum, Ethereum Classic (ETC), and Bitcoin (BTC).

RVN/USD Weekly chart –CoinMarketCap

RVN Hashrate

Ravencoin movement had already expanded just as proof-of-work miners explored options, as mining Ethereum will soon no longer be an alternative. The thing to note here is that Ethereum miners seeking to persist their functions after the Ethereum blockchain transforms to a proof-of-stake algorithm can mine Ravencoin.

Why Ethereum Miners Are Moving to Mine Ravencoin?

As mentioned earlier, the price of Ravencoin has grown almost 100% over the earlier seven days, as miners increasingly witness RVN as an acceptable replacement for ETH mining in the post-Merge circumstances.

This affair is leaving PoW ETH miners with rarer alternatives such as changing to other chains (like Ravencoin) or thwarting mining altogether and evolving to become Ethereum stakers to get staking rewards under the new PoS methodology.

One of the most reasonable things about Ravencoin is that its mining algorithm doesn’t permit the help of ASICs (application-specific integrated circuits). ASICs are costly and have become famous because they’re the only type of hardware that can be utilized to mine beneficial cryptos like Bitcoin. But the increased cost of ASICs pushes mining specific cryptocurrencies unimaginable for those who cannot afford the upfront prices.

Mining Ravencoin can be accomplished by utilizing either a CPU (central processing unit) or GPU (graphics processing unit), which is much cheaper than ASIC miners.

Just a few days ago, Hiveon, a famous mining pool operator, declared the takeoff of a new mining pool for Ravencoin. According to Leon Ravencoin, a famous RVN advocate on Twitter, almost 430,000 miners were about to enter the RVN mining environment after the takeoff of the new mining pool. 

— Hiveon (@hiveonofficial)

This is a massive evolution as it shows a bright future for the RVN mining community. So, in the next few days, it will be interesting to notice what is in the bag for RVN. 

What are the Steps to mine Ravencoin?

— Leon Ravencoin 🅁🅅🄽 ₿ (@leon_texas)

  • Check the hardware for compatibility
  • Make a Ravencoin crypto wallet
  • Download Ravencoin mining software
  • Revise the Ravencoin mining software configuration file with your wallet data
  • Start mining Ravencoin!

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin above 20K AGAIN! Is Bitcoin Price Bullish Today?

The crypto market is moving still in a sideways trend. Trading cryptocurrencies is being favored by crypto enthusiasts rather than simply buying and holding. The reason for this is that consolidation phases are much more predictable thanks to technical analysis. Crypto traders are loving the current crypto dynamics in the market. After Bitcoin fell to

Breaking: Do Kwon Linked 3,313 Bitcoin To Be Seized? S. Korea Deepens Probe

Trouble for Do Kwon, Terra co-founder seems to be increasing after Interpol issued Red Notice against him. In the latest hit, South Korean authorities have moved on to deepen their probe against the alleged crypto fugitive. Do Kwon to lose his Bitcoins? According to reports, South Korean prosecutors are moving… Read more

Bitcoin Skyrockets As Stock Market Crashes, Is It Breaking Correlation

The crypto market is experiencing a surprise bounce. Bitcoin has rallied from the $18K-$19K range to cross the $20K mark. It has increased by over 5% in the last 24 hours and is currently trading at $20.1K.  However, since the stock markets are dumping, Bitcoin looks to break the correlation…. Read more

Bitcoin and Crypto Defy Wall Street Meltdown With Strong Rally

Wall Street started the week in a correction mode with all three top U.S. indices correcting 1% on Monday, September 26. However, Bitcoin and the broader crypto market have made a surprising move northwards with the BTC price shooting past $20,000 levels. With the recent BTC move, more than $14… Read more