The Ethereum network no longer hosts mining operations after the ‘The Merge’ update. Miners, on the other hand, have forcibly left the network after this update. Most of the miners Ravencoin turned to alternatives such as
published on Wednesday Binance According to the blog post, Binance Pool, Binance’s mining pool service, has impressed miners looking for a new alternative to mining. Binance has added Ravencoin (RVN) to its list of supported tokens.
In September, the Ethereum network stretched its algorithm from proof-of-work (PoW) to proof-of-stake (PoS). The need for computational mining is no longer in favor of a process called verification.
Ravencoin Included in Binance Pool
With the disappearance of the mining process, many miners are looking for alternatives to evaluate their equipment. Although some miners sell their assets, many miners are still experimenting with alternatives. Ethereum Classic (ETC), Ravencoin and Beam (BEAM) Tokens like these have received a huge influx of ex-ETH miners looking for a new use for their GPUs.
According to data from Coinwarz, the computational power on the Ravencoin network has increased nearly fivefold since Ethereum’s transition to PoS.
However, as miners flock to a token, a mechanism known as mining difficulty comes into play. As a result, their chances of winning prizes also decrease. Thus, those with less efficient machines or higher costs often leave the game after a while.
Binance Poolwill charge 1% for the RVN pool. As a matter of fact, after the news, the price of Ravencoin increased by 12%.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.