As Ethereum’s much-anticipated merge gets closer, cryptocurrency miners are starting to look elsewhere in order to mine currency.
The reason for this is simple: After Ethereum changes its consensus from proof-of-work (mining) to proof-of-stake, the Ethereum mining community of over 260,000 wallets will be left without the possibility of mining Ethereum’s token, ETHER.
For this reason, an Ether fork token, (a token created from an existing cryptocurrency) was created.
As reported by CryptoCoinOpps, ETHPOW was created recently in order to accommodate miners after the merge.
However, part of the Ethereum mining community is setting its eye on another token for mining crypto.
A report from CoinGecko shows that in the last days leading up to the Ethereum merge, Ravencoin’s value has increased by almost 85%.
Price increases have been seen since the cryptocurrency exchange FTX, announced the listing of Ravencoin perpetual futures today.
The recent rise in Ravencoin activity was due to proof-of-work miners looking for alternatives because of the impending proof-of-work cease on the world’s second-largest cryptocurrency by market capitalization.
Ravencoin mining is an option for Ethereum miners who want to keep working after the proof-of-stake algorithm is implemented on the Ethereum network.
What is Ravencoin?
Launched in 2018, Ravencoin is a cryptocurrency that utilizes the proof-of-work consensus method.
Similar to Ethereum, Ravencoin’s RVN tokens may be used for a variety of things, including decentralized apps and non-fungible tokens (NFTs).
Miners will only have two choices when the integration takes place later this week: stop mining and switch to ETH staking, or start mining on other blockchains.
Despite not being as popular or widely utilized as Ethereum, Ravencoin may be mined using rigs that utilize graphics processing units (GPUs).
Regarding the cryptocurrency exchange FTX, the growing interest in Ravencoin enables traders to benefit from a possible rise in Ravencoin activity and price. Using futures, speculators may wager on where RVN will go from here.