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.
Ravencoin Classic and the other Proof-of-Work (PoW), cryptocurrencies had been posting double-digit gains leading into the event. New participants joining the networks drove hashrate to new heights and increased demand for PoW tokens.
It became harder to get rewards as miners joined these networks. In that sense, and with “The Merge” out of the way, miners might be seeking new alternatives to carry on with their operations and maximize their gains.
Ravecoin was trading at $0.03, while Ethereum Classic traded for $28, as of this writing. In the week just ended, ETC and RVN suffered losses of 30% and 22% respectively. A large part of gains made in the previous weeks was refunded by tokens.
Ravencoin, Ethereum Classic and Ethereum Classic may lose market share
Ravencoin’s price fell and Ethereum Classic was lower, indicating a bearish trend in hashrate. These cryptocurrencies are being valued by miners who appear to have diversified their involvement across different networks.
CoinWars data shows that Ravencoin hashrate is on the decline. Since September 17, the former has experienced a steady decline in its hashrate.The following is a list of th, two days after “The Merge”.
As seen below, ETC’s hashrate reached a high of 210 terahash/s (TH/s) and an all-time high of 220 TH/s before trending lower. Over the same period, ETC’s price recorded massive losses, as mentioned.
Ravencoin’s hashrate showed sideways movements after an aggressive push towards the upside. After reaching a record high of 20 TH/s, the network began to fall into its current level at 15 TH/s. Both cryptocurrencies might experience losses if their network’s hashrate sustains their current momentum.
Where Are Ravencoin And Ethereum Classic’s Hashrates Fleeing?
As computer power leaves Ravencoin and other PoW cryptocurrencies, it must be finding new networks to increase the miners’ chances of obtaining rewards. Coingecko data indicates that some PoW tokens are benefiting from the crash in value and hashrate of RVN and ETC.
CLO (Callisto Network) seems to be Callisto Network’s best-performing token. CLO from Callisto Network has experienced a significant increase in trading volume. This has contributed to a 30% gain over the previous 7 days. Traders might be able to profit from the spikes in PoW tokens havehrate over the next months.
#CallistoNetworkIt is also the most profitable #ETHASHWhattomine coin⛏
Network #hashrate and trading volumes are growing, don’t wait and start mining $CLO now!
P.S. ZPoW is coming, so make sure you aren’t late 😏
➡️ https://t.co/Wj0zgNANzu pic.twitter.com/hIs6jqNBtI
— Callisto Network Official (@CallistoSupport) September 22, 2022