CoinDCX News, Crypto News Global

Top Crypto News Today: Ethereum Mining Alternative Ravencoin Rallies by 85% due to the Upcoming Ethereum Merge Transition

Ravecoin Price jump of over 85% comes after FTX exchange announces  listing of  Ravecoin Futures on the exchange. According to data by crypto aggregator CoinGecko, the asset has been on an uptrend for the past 7 days. 

Ravecoin’s activity has seen an uptick as Ethereum miners have shifted to the asset since Ethereum mining is about to end with the upcoming Ethereum Merge. 

Ravecoin was launched in 2018 and works on a similar consensus model like Bitcoin . RVN works on a proof of work consensus model and has a supply limit of 21 billion tokens. Similar to Ethereum, Ravecoin can be used to make payments, pay for dApps or NFTs. (Non-Fungible Tokens

NFTs are unique digital assets that are cryptographically secured and auctioned or sold on NFT marketplaces. While dApps are decentralized applications on the blockchain that have varied use cases like peer to peer gaming, Play to Earn games and a lot more.    

Ethereum mining has been a profitable way of earning crypto. The Application-Specific Integrated Circuit (ASIC) equipment required to mine ETH or other PoW tokens are expensive as demand for these has shot off the roof. With the end of ETH mining, these equipment have seen a loss in demand and has brought its prices to Manufacturer Suggested Prices.   

With Ethereum Merge upon us, the miner community looking to keep crypto mining as their means of business have a few options. While there are options like Litecoin, Bitcoin, Ethereum Classic and Bitcoin Cash the returns on these are not as lucrative as it has been with Ethereum mining.

With a huge rally of the token days before the final Ethereum Merge, miners could potentially move to Ravecoin mining. 

The Ravecoin’s rally so far…

Ravecoin (RVN) remains a strong opponent in the PoW tokens. Despite its 11% price correction the token seems to have gained steam. The Ravencoin price has seen no selling pressure since September 9, 2022 and has zoomed to 100% uptick. 

Source: TradingView 

Status of Rival PoW tokens: Ethereum Classic (ETC) 

Ethereum Classic, a close competitor of Ravecoin, hasn’t shown much price change or miner activity on its network. On the contrary, ETC price lost 3% of its value in the past few days. ETC lost 18% of its value in one day just when it had gained 26% on the previous day. 

A brief about Ravecoin (RVN) 

Ravecoin is a fork of Bitcoin’s code. The crypto asset has some distinct features than other PoW tokens. The asset’s software has four distinct features like

  • Modified issuance schedule (Block reward of 5,000 RVN)
  • Block time of 1 minute 
  • Token supply of 21 billion
  • Specialized mining algorithm called KAWPOW reduces centralization caused by traditional mining equipment

A sneak peek into Ravecoin’s roadmap 

Ravecoin believes in going beyond just asset mining to broaden its ecosystem. Ravecoin aims at solving challenges like asset transfer and trading on blockchain. As compared to Bitcoin, Ravecoin need to be burnt in order to issue an asset on the main Ravechain. 

On Ravechain, users can back their assets by representing them with RVN tokens. Users can represent real-world custodial objects like gold or traditional finance, virtual goods, a share of a project like stocks and securities, airline miles and even an individual’s income.

Additional Read: Top Proof of Stake Tokens

Share this Story

Check Also

ETH Merge Fails to Attract Capital Flow! Was Ethereum Mining a Better Option for the Price Rally?

Top Crypto News Today: In the first few ...

GET ALL LATEST UPDATES ON YOUR EMAIL





    Categories

    Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
    Download the app now, register & start with as low as Rs.100
    ios download link
    android download link
    qr code for download