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Binance Pool Launches Ravencoin (RVN) Mining Pool Following ETH Move to PoS, Price Jumps 12%

2 mins
Updated by Ryan James
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In Brief

  • The Ravencoin mining is live on the Binance pool. The pool will charge 1% from the participants.
  • The price of Ravencoin (RVN) has pumped by 12% since the announcement.
  • Post-merge, miners are exploring other Proof-of-Work alternatives to continue their mining revenue.
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The world’s leading exchange, Binance, announced the launch of the Ravencoin mining pool following Ethereum’s move to Proof-of-Stake (POS)

Today, Binance officially announced the launch of Ravencoin mining services. It will charge 1% fees from the participants in the Ravencoin mining pool. The price of RVN has pumped by almost 10% since the announcement.

Ravencoin Price-action
Source: TradingView, RVN/USDT, Binance

What is Ravencoin?

Ravencoin is a peer-to-peer electronic system for the creation and transfer of assets that aims to implement a use-case-specific blockchain. It is built on a fork of the Bitcoin code. It uses the KawPow mining algorithm. If you want to check our beginner’s guide on how to mine Ravencoin, click here.

Crypto mining post the Ethereum merge

Ethereum (ETH) was miners’ favorite option before the merge. The merge was completed in mid-September, and Ethereum transited to the Proof-of-Stake consensus mechanism from Proof-of-Work. PoS does not require high computing power to validate the transactions on the blockchain. Hence, miners’ Graphics Processing Units (GPUs) and other mining equipment went irrelevant if they could not mine Ethereum.

Miners explored other PoW alternatives to Ethereum to continue generating revenue from their mining equipment. This led them to switch to mining Ethereum Classic (ETC) and Ravencoin. As more miners switched to these alternatives, the competition to mine a block increased, and eventually, the mining difficulty increased. The mining difficulty determines how difficult it will be to mine the next block.

According to data from CoinWarz, the mining difficulty of PoW alternatives, ETC, and RVN spiked post-mid-September. The mining difficulty of ETC has nearly tripled since September.

ETC mining difficulty chart
Source: CoinWarz

The mining difficulty of RVN spiked more than seven times post the Ethereum merge. It was around 37 K at the beginning of September. By mid-September, the mining difficulty peaked at 279K

RVN mining difficulty chart
Source: CoinWarz

The Ethereum Classic mining pool was already live on Binance. Today, they also introduced the Ravencoin mining pool.

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Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...