Ravecoin hashrate increases 7,5 times ahead of Ethereum's transition to PoS
After the Merge upgrade on September 15, the figure reached 22,39 TH/s
15.09.2022 - 14:20
493
2 min
0
What’s new? Miners started looking for alternatives to Ethereum as the blockchain switched from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS). Ravencoin (RVN) was on their radar, pushing the token to the top of the list of cryptocurrency trends. Miners turned to RVN en masse, which led to a dramatic 7.5 times growth of the hashrate in the 2 weeks leading up to the Merge. On September 15, after the upgrade, the figure reached 22.39 TH/s.
Information on the CoinWarz website
Hashrate is the total processing power on the network. Mining difficulty determines the amount of computing power it takes to find a new block on the blockchain.
What is known about RVN? It is an open-source project that uses peer-to-peer access technology without intermediaries, created in 2018. Ravencoin uses the PoW algorithm, and issued RVN tokens can be used for decentralized applications (dApps) and the purchase of non-fungible tokens (NFTs).
As of September 14 at 14:00 UTC, Ravencoin was trading at $0,0609, having lost 11,63% overnight, according to CoinMarketCap. RVN has a market capitalization of $639,7 million and ranks 62nd among all cryptocurrencies by this indicator.
On September 15, around 06:40 UTC, the Ethereum network made the transition to PoS. The network's co-founder Vitalik Buterin personally confirmed the successful completion of the upgrade and congratulated everyone involved. The Merge was launched at block 15 537 432. By this point, 88,7% of validators have loaded the updated clients.
To learn more about how miners can earn after Ethereum's transition to PoS, see GetBlock Magazine's article.
Useful material?
Trends
As of January 21, the capitalization of this sector of the crypto market exceeds $519 billion
Jan 21, 2025
Market
The platform generated $9,5 million in revenue during the same time
Jan 20, 2025
Market
Shares of the Trust are designed to track the market price of XRP with fewer fees and expenses
Jan 17, 2025
Market
The asset will allow USDT to move seamlessly between different blockchains
Jan 17, 2025
Market
Earlier, the community criticized the project for its lack of transparency, which led to a sharp drop in the HYPE token price
Jan 8, 2025
Market
Rising US Treasury bond yields are negatively affecting risk assets
Jan 8, 2025