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.
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).
As the data displays in the figure below, miners have moved to the alternative chain in this significant mining transition, directing to the outbreak of Ravencoin’s hash rate, which skyrocketed to almost 540% – between September 1 and September 15. At the time of writing this, the existing Ravencoin hashrate is 16.70 TH/s, symbolizing the worldwide Ravencoin network hashrate with a mining hardship of 283.86 K at a block height of 2,453,421.
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.
It is important to note that, days after the takeoff of Hiveon’s mining pool, it seized 4th place on Miningpoolstats’ chart.
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?
Before mining Ravencoin, make sure that you have an active crypto wallet to accept mining rewards. The wallet must be agreeing with Ravencoin. You could also just download the official Ravencoin wallet. The steps are:
- 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!
The complete guide is here.
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