After leaving Ethereum after the merger, former miners are flocking to alternative coins like Ravencoin.
Ravencoin (RVN) has been added to Binance Pool’s list of supported tokens as crypto miners search for new tokens to mine since the Ethereum Merge, according to a blog post published on Wednesday.
A redesigned proof-of-stake algorithm was introduced on the Ethereum network in September, eliminating the need for computation-intensive mining in favor of validating.
Miners of Ethereum have since been forced to find new ways to generate revenue using their graphics processing units (GPUs). Former Ethereum miners have been flocking to tokens like Ethereum Classic (ETC), Ravencoin and beam (BEAM) to find a new use for their GPUs.
In the time since Ravencoin switched over to PoS, data from Coinwarz shows that its computing power has increased by about fivefold.
It is, however, possible for miners to lose rewards as they flock to a token due to a mechanism called mining difficulty. Thus, machines with low efficiency or high costs are eventually pushed out.
There will be a 1% fee for Binance Pool’s RVN pool.
Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party, and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high-risk, with high-risk and unproven projects.
Readers should do their own research and consult a professional financial advisor before making any investment decisions.
