Yesterday, Ethereum took itself off the Proof-of-Work consensus.
Ethereum, unlike Bitcoin, has now become a Proof-of-stake Blockchain and no longer requires miners' services. This new development has led to former Ethereum miners looking for alternative blockchains to operate their now obsolete mining rigs.
Of all the blockchains and tokens in the spotlight as Ethereum's successor, Ravencoin seems to have garnered some attention from the former Ethereum miners.
Ravencoin is one of many choices that include Ethereum Classic (ETC), dogecoin (DOGE), Bitcoin (BTC), and Shiba Inu (SHIB). According to data gathered from Coinmarketcap today: Ravencoin has better statistics than all the coins mentioned above.
As the data has shown, miners appear to have flocked to ravencoin's chain right after the merge, causing a spike in the blockchain's hash rate (which soared a stunning 541% in September alone – two weeks leading up to the merge).
Interestingly, the price of Ravencoin also increased by 75% in the last seven days, as the coin now looks to be one of the top contenders for Ethereum's mining substitute right after the merge.
This recent Proof-of-Work to Proof-of-Stake move by Ethereum has led to fewer opportunities for mining rig operators, as Ethereum was the second largest Proof-of-Work chain worldwide.
Moving to an alternative Blockchain by these former miners is necessary because otherwise, they have to stop mining altogether and become Ethereum validators (rendering their mining rigs and equipment useless).
Ravencoin is trading at $0.06287 at the time of writing and is down by about 8% over the last 24 hours. However, prices have increased by about 75% over the last 7 days.
Ravencoin has a market cap of about $705 million, making it the 60th largest cryptocurrency in the world by market cap.
It may explode soon, mobbing from its 60th position and becoming one of the top 50 cryptocurrencies by market capitalization.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)