Ravencoin activity increased recently as proof-of-work miners sought alternatives!

by | Sep 20, 2022 | Market, Market News, News | 0 comments

Mining Bitcoin and other digital currencies is become quite difficult right now and it has developed from something people could do sitting in their apartments. It has turned into a costly task, requiring specific equipment and it keeps on being staggeringly energy-intensive. This fairly conflicts with one of the first principles of blockchains which is that they ought to be decentralized.

The Ravencoin project addresses something of an endeavor to counter these things and to make it workable for anybody with a simple PC to do the mining, issue the tokens, and then transfer assets.

Why Ravencoin activity increased?

The activity related to Ravencoin had proactively increased because proof-of-work miners are now searching for choices, as mining Ethereum or BTC will soon not be a choice for them. The miners of Ethereum are hoping to proceed with their operations after the Ethereum blockchain changes to a proof-of-stake algorithm so they can mine Ravencoin. 

For those who don’t know about the Ethereum merge, the merge is an Ethereum upgrade that was being planned for quite a long time. The main purpose of the upgrade is to improve the network and make it better for its users. This update is being considered as one of the most important ones that can be very beneficial for the whole ecosystem and can completely change it. This may also have long lasting effects on the whole crypto market.

The Merge will indeed merge the Ethereum mainnet with Beacon Chain. As of now, the two chains exist in parallel and the Ethereum mainnet, which presently utilizes a component called proof of work, is handling all the exchanges. After the most awaited merge, the Ethereum mainnet will shift from proof of work to the Beacon Chain’s proof of stake mechanism. The proof stake is a type of consensus mechanism that differs from the conventional proof of work.

Currently, Ethereum utilize the energy-intensive proof-of-work mechanism. In the past, Ethereum mining was profoundly productive and profitable as the always growing ecosystem expected a large number of miners to keep up with the network, the expense of which exceeded millions of dollars in just the equipment.

After the ETH merge, the miners will be left with not many choices. They can either surrender their mining business and start staking ETH or begin mining other blockchains. While Ravencoin isn’t too popular or as utilized as the second biggest digital currency by market capitalization, it tends to be mined with rigs that utilize graphics processing units (GPUs).

Ravencoin’s hash rate has expanded fundamentally this month. It was observed expanding from 2.79 Th/s on September 6 to 6.46 TH/s as of press time. Its network difficulty additionally multiplied from 37.78k to 83.12k.