Ravencoin Ethereum Traditional Crash 20%

Ravencoin (RVN) and Ethereum Traditional (ETC) had been operated as a protected haven for miners looking for shelter from “The Merge” fallout. The occasion that accomplished Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” locked out miners from the ecosystem.

Main into the occasion, Ravencoin, Ethereum Traditional, and different Proof-of-Work (PoW) cryptocurrencies had been recording double-digit beneficial properties. The brand new members onboarding the networks drove their hashrate to new highs, and their worth adopted as demand for PoW tokens adopted.

Nevertheless, as extra miners flocked into these networks, it turned harder to acquire rewards. In that sense, and with “The Merge” out of the best way, miners could be looking for new options to hold on with their operations and maximize their beneficial properties.

On the time of writing, Ravecoin and Ethereum Traditional traded at $0.03 and $28, respectively. The cryptocurrencies document a 30% loss for RVN and a 22% loss for ETC over the previous week. The tokens gave again a big portion of the beneficial properties obtained in earlier weeks.

RVN’s worth is trending to the draw back on the 4-hour chart. Supply: RVNUSDT Tradingview

Ravencoin (RVN) And Ethereum Traditional (ETC) May Be Shedding Market Share

As the worth of Ravencoin and Ethereum Traditional pattern to the draw back, their hashrate pattern decrease which hinted on the present bearish worth motion. Miners that had been prompting the worth of those cryptocurrencies appear to be current or diversifying their participation throughout a number of networks.

Information from CoinWars reveals a lower within the hashrate for Ethereum Traditional and Ravencoin. The previous has seen a steadier decline in hashrate since September 17th, two days after “The Merge”.

As seen beneath, ETC’s hashrate reached a excessive of 210 terahash/s (TH/s) and an all-time excessive of 220 TH/s earlier than trending decrease. Over the identical interval, ETC’s worth recorded huge losses, as talked about.

Ravencoin RVN RVNUSDT ETC ETCUSDT CHART 2
Ethereum Traditional’s hashrate traits to the draw back. Supply: CoinWarz

Ravencoin hashrate noticed sideways motion after an aggressive push to the upside. The community noticed an all-time excessive of 20 TH/s earlier than beginning a descend into its present ranges at round 15 TH/s. Each cryptocurrencies would possibly expertise losses if their community’s hashrate sustains their present momentum.

Ravencoin RVN RVNUSDT ETC ETCUSDT Chart 3
Ravecoin hashrate transferring sideways and trending to the draw back over the previous week. Supply: CoinWarz

The place Are Ravencoin And Ethereum Traditional’s Hashrates Fleeing?

As pc energy leaves Ravencoin and different PoW cryptocurrencies, it have to be discovering new networks to extend the miners’ possibilities of acquiring rewards. Information from Coingecko signifies that a few PoW tokens have benefited from this crash in worth and hashrate from RVN and ETC.

The perfect-performing token appears to be CLO from Callisto Community. This mission has seen a surge in buying and selling quantity and hashrate that has supported a 30% rally over the previous 7 days. Within the coming months, merchants would possibly profit from frontrunning these spikes and crashes in PoW tokens hashrate.

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