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

376

2 min

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.

Author: