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PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%

PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%

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Ravencoin (RVN) and Ethereum Classic (ETC) act as a safe haven for miners seeking protection from “The Merge” fallout. The event that completed Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” shut miners out of the ecosystem.

Leading into the event, Ravencoin, Ethereum Classic and other Proof-of-Work (PoW) cryptocurrencies posted double-digit gains. New entrants to the networks pushed their hashrates to new highs, and their price followed along with the demand for PoW tokens.

However, as more miners flocked to these networks, it became more difficult to get rewards. With that in mind, and with “The Merge” out of the way, miners may be looking for new options to continue their operations and maximize their profits.

At the time of writing, Ravecoin and Ethereum Classic were valued at $0.03 and $28 respectively. Cryptocurrencies recorded a 30 percent loss for RVN and a 22 percent loss for ETC last week. The tokens gave back much of the gains of the previous weeks.

The price of RVN is falling on the 4-hour chart. Source: RVNUSDT trading view

Ravencoin (RVN) and Ethereum Classic (ETC) may lose market share

As the prices of Ravencoin and Ethereum Classic turned downward, their hashrate trended down, hinting at the current bearish price movement. The miners who asked for the value of these cryptocurrencies seem to exist or diversify their participation in several networks.

Data from CoinWars shows that the hashrate of Ethereum Classic and Ravencoin has decreased. The hashrate of the first has been steadily decreasing since September 17ththtwo days after “The Merge”.

As shown below, ETC’s hashrate peaked at 210 terahash/s (TH/s) and reached an all-time high of 220 TH/s before trending downward. During the same period, the price of ETC recorded huge losses, as mentioned.

Ravencoin RVN RVNUSDT ETC ETCUSDT CHART 2
Ethereum Classic hashrate trends down. Source: CoinWarz

Ravencoin’s hashrate saw a sideways move after an aggressive upside push. The network saw an all-time high of 20 TH/s before starting to decline to its current level of around 15 TH/s. Both cryptocurrencies could experience losses if the hash value of their networks maintains its current momentum.

Ravencoin RVN RVNUSDT ETC ETCUSDT Chart 3
Ravecoin hashrate is moving sideways and turned down in the last week. Source: CoinWarz

Where Are Ravencoin and Ethereum Classic’s Hashrates Escaping?

As computing power leaves Ravencoin and other PoW cryptocurrencies, it must find new networks to increase miners’ chances of receiving rewards. Data from Coingecko shows that a few PoW tokens have benefited from this price and hashrate of RVN and ETC.

The best performing token seems to be Callisto Network’s CLO. The trading volume and hashrate of this project has increased, supporting a 30% increase in the last 7 days. In the coming months, traders may benefit from spikes and crashes in the hashrate of these PoW tokens.

Source: NewsBTC.com



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