Cryptotelegraph
  • News
    • Bitcoin News
    • Ethereum News
    • Crypto News
    • Crypto Technology
    • Analysis
    • Blockchain News
    • Industry News
    • NFTs
    • ICO News
    • Press Releases
  • Market Cap
  • Exchanges
  • ICOs
  • Videos
    • Bitcoin Videos
    • Ethereum Videos
    • Altcoin Videos
    • Blockchain Videos
    • ICO Videos
  • Submit Press Release
    • Read Press Releases
  • Contact Us
No Result
View All Result
Cryptotelegraph.com
No Result
View All Result
Home News Ethereum News

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

Andy K by Andy K
September 27, 2022
in Ethereum News
Reading Time: 5 mins read
15.2k 471
0
PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%
2.7k
SHARES
68.3k
VIEWS
Share on FacebookShare on Twitter

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

Related Reading: Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin

Leading into the event, Ravencoin, Ethereum Classic, and other Proof-of-Work (PoW) cryptocurrencies were recording double-digit gains. The new participants onboarding the networks drove their hashrate to new highs, and their price followed as demand for PoW tokens followed.

However, as more miners flocked into these networks, it became more difficult to obtain rewards. In that sense, and with “The Merge” out of the way, miners might be seeking new alternatives to carry on with their operations and maximize their gains.


5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

At the time of writing, Ravecoin and Ethereum Classic traded at $0.03 and $28, respectively. The cryptocurrencies record a 30% loss for RVN and a 22% loss for ETC over the past week. The tokens gave back a large portion of the gains obtained in previous weeks.

Ravencoin RVN RVNUSDT Ethereum Classic ETC ETCUSDT
RVN’s price is trending to the downside on the 4-hour chart. Source: RVNUSDT Tradingview

Ravencoin (RVN) And Ethereum Classic (ETC) Might Be Losing Market Share

As the price of Ravencoin and Ethereum Classic trend to the downside, their hashrate trend lower which hinted at the current bearish price action. Miners that were prompting the value of these cryptocurrencies seem to be existing or diversifying their participation across multiple networks.

Data from CoinWars shows a decrease in the hashrate for Ethereum Classic and Ravencoin. The former has seen a steadier decline in hashrate since September 17th, two days after “The Merge”.

Related articles

High Gas Fees Alert: Binance Wallet Records $840,000 in Abnormal Ethereum Charges

High Gas Fees Alert: Binance Wallet Records $840,000 in Abnormal Ethereum Charges

September 23, 2023
Ethereum Devs Put Forth ERC-7512 Standard to Represent Audit Reports On-Chain

Ethereum Devs Put Forth ERC-7512 Standard to Represent Audit Reports On-Chain

September 22, 2023

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

As seen below, ETC’s hashrate reached a high of 210 terahash/s (TH/s) and an all-time high of 220 TH/s before trending lower. Over the same period, ETC’s price recorded massive losses, as mentioned.

Ravencoin RVN RVNUSDT ETC ETCUSDT CHART 2
Ethereum Classic’s hashrate trends to the downside. Source: CoinWarz

Ravencoin hashrate saw sideways movement after an aggressive push to the upside. The network saw an all-time high of 20 TH/s before starting a descend into its current levels at around 15 TH/s. Both cryptocurrencies might experience losses if their network’s hashrate sustains their current momentum.

Ravencoin RVN RVNUSDT ETC ETCUSDT Chart 3
Ravecoin hashrate moving sideways and trending to the downside over the past week. Source: CoinWarz

Where Are Ravencoin And Ethereum Classic’s Hashrates Fleeing?

As computer power leaves Ravencoin and other PoW cryptocurrencies, it must be finding new networks to increase the miners’ chances of obtaining rewards. Data from Coingecko indicates that a couple of PoW tokens have benefited from this crash in price and hashrate from RVN and ETC.

Related Reading: Ravencoin (RVN) Records 90% Increase, Community Warns About Price Speculation

The best-performing token seems to be CLO from Callisto Network. This project has seen a surge in trading volume and hashrate that has supported a 30% rally over the past 7 days. In the coming months, traders might benefit from frontrunning these spikes and crashes in PoW tokens hashrate.

#CallistoNetwork is the most profitable #ETHASH coin on Whattomine ⛏

Network #hashrate and trading volumes are growing, don’t wait and start mining $CLO now!

P.S. ZPoW is coming, so make sure you aren’t late 😏

➡️ https://t.co/Wj0zgNANzu pic.twitter.com/hIs6jqNBtI

— Callisto Network Official (@CallistoSupport) September 22, 2022 

Tags: ETCetcusdtEthereum ClassicRavencoinRVNRVNUSDT

Read More From Original Source

Tags: etcetcusdtethereum classicRavenCoinRVNRVNUSDT
Share1094Tweet684
Andy K

Andy K

Andy is a former Forex Trader who got involved in the crypto industry early January 2013. Since then Andy has been writing about cryptocurrencies and blockchain technology within various online crypto news publications. He is also one of the main contributors to Cryptotelegraph.com

Fun Fact : Despite other staff members helping themselves daily - Andy has a 'never-ending' container of 'Jelly beans' always sat on his desk, it's magic!

Related Posts

High Gas Fees Alert: Binance Wallet Records $840,000 in Abnormal Ethereum Charges

High Gas Fees Alert: Binance Wallet Records $840,000 in Abnormal Ethereum Charges

by Andy K
September 23, 2023
0

High Gas Fees Alert: Binance Wallet Records $840,000 in Abnormal Ethereum Charges The Ethereum (ETH) network experienced a surge of...

Ethereum Devs Put Forth ERC-7512 Standard to Represent Audit Reports On-Chain

Ethereum Devs Put Forth ERC-7512 Standard to Represent Audit Reports On-Chain

by Andy K
September 22, 2023
0

Ethereum Devs Put Forth ERC-7512 Standard to Represent Audit Reports On-Chain Source: AdobeEthereum (ETH) developers have introduced a new smart contract...

Ethereum Price Prediction as Grayscale Files For New Ether Futures ETF – Here’s Where ETH is Headed Next

Ethereum Price Prediction as Grayscale Files For New Ether Futures ETF – Here’s Where ETH is Headed Next

by Andy K
September 20, 2023
0

Ethereum Price Prediction as Grayscale Files For New Ether Futures ETF – Here’s Where ETH is Headed Next ETH Chart...

Peter Thiel-Backed Founders Fund Invests in Layer N’s Ethereum Scaling Tech

Peter Thiel-Backed Founders Fund Invests in Layer N’s Ethereum Scaling Tech

by Andy K
September 15, 2023
0

Peter Thiel-Backed Founders Fund Invests in Layer N's Ethereum Scaling Tech Source: Adobe / jirsakThe new Ethereum scaling network Layer...

Major Crypto Theft: $24 Million Drained from Ethereum Wallet in Phishing Scam

Major Crypto Theft: $24 Million Drained from Ethereum Wallet in Phishing Scam

by Andy K
September 9, 2023
0

Major Crypto Theft: $24 Million Drained from Ethereum Wallet in Phishing Scam Source: AdobeStock / PR Image FactoryIn a significant...

Load More

Discussion about this post

Partners

Crypto Prices

  • Trending
  • Comments
  • Latest
Blockchain | Hack Script 2020 GENERATES Unlimited 100% WORKING bitcoin hacked

Blockchain | Hack Script 2020 GENERATES Unlimited 100% WORKING bitcoin hacked

March 14, 2020
Blockchain unconfirmed transaction hack 100% Working! New proof!

Blockchain unconfirmed transaction hack 100% Working! New proof!

March 13, 2020
Blockchain Hack Script 2020 GENERATES Unlimited Bitcoin 100% WORKING bitcoin hacked

Blockchain Hack Script 2020 GENERATES Unlimited Bitcoin 100% WORKING bitcoin hacked

February 11, 2020
🔥 Forsage 🚀 (Fast and Furious) – Fully Decentralized Matrix program on Ethereum Smart Contract 🔥

🔥 Forsage 🚀 (Fast and Furious) – Fully Decentralized Matrix program on Ethereum Smart Contract 🔥

March 31, 2020
Ripple XRP Token

Ripple and XRP – The Convoluted Truth Behind XRP’s Creation

0
Bitcoin cash hard fork. BitcoinCash Hard fork (BCH Hard fork)

Bitcoin Cash ‘hard fork’ What you need to know about it

0
Crytotelegraph - Crypto News & Reviews - Bitcoin & Altcoins

Bitcoin price news: 10 year forecast shows bitcoin ‘WON’T DIE’ Latest BTC prediction

0
BAKKT Futures: BAKKT Warehouse & Bitcoin Exchange

Will Bakkt Send Bitcoin’s price skyrocketing?

0
As Bitcoin (BTC) Struggles To Break $27k Resistance, Borroe.Finance ($ROE) Shakes the AI Crypto World

As Bitcoin (BTC) Struggles To Break $27k Resistance, Borroe.Finance ($ROE) Shakes the AI Crypto World

September 23, 2023
Binance US Declines SEC’s Investigation Demands; Avalanche (AVAX) & InQubeta (QUBE) Prepare For a Market Jolt!

Binance US Declines SEC’s Investigation Demands; Avalanche (AVAX) & InQubeta (QUBE) Prepare For a Market Jolt!

September 23, 2023
Bitcoin Price Prediction: Fed’s Stance, ETF Approval, & Yuan’s Impact on BTC

Bitcoin Price Prediction: Fed’s Stance, ETF Approval, & Yuan’s Impact on BTC

September 23, 2023
Resurfaced Video From 1998 Shows Alleged Bitcoin Creator Hal Finney Discussing Cryptographic Technology

Resurfaced Video From 1998 Shows Alleged Bitcoin Creator Hal Finney Discussing Cryptographic Technology

September 23, 2023

Cryptotelegraph logo x 2




The Cryptotelegraph is a Crypto News Magazine ‘Startup’ that hunts high and low to compile the very latest crypto news and reviews from around the web, whilst at the same time producing thought provoking articles and interpretations surrounding the cryptocurrency market today!


Read More





Disclaimer

Information found on Cryptotelegraph is those of referring websites (or) writers quoted. It does not represent the opinions of Cryptotelegraph on whether or not to buy, trade, sell or hold any investments. You are advised to conduct your own research before making any investment decisions. Use all provided information at your own risk. Full disclaimer.

Crypto News

As Bitcoin (BTC) Struggles To Break $27k Resistance, Borroe.Finance ($ROE) Shakes the AI Crypto World

Binance US Declines SEC’s Investigation Demands; Avalanche (AVAX) & InQubeta (QUBE) Prepare For a Market Jolt!

Bitcoin Price Prediction: Fed’s Stance, ETF Approval, & Yuan’s Impact on BTC

Resurfaced Video From 1998 Shows Alleged Bitcoin Creator Hal Finney Discussing Cryptographic Technology

Bitcoin Price Prediction as Trading Volume Surges Past $13 Billion as Interest in Crypto Comes Back – Time to Buy?

Venezuelan Police Raid Uncovers Bitcoin Mining Machines, Rocket Launchers In Prison

Donations Welcome




Bitcoin Address : 3AhxNswMkD5tjJJ544NRCwWhCDXHJ5GTzq

Ethereum Address : 0x9627FB741C19e1a70E7006F2B0D0c26d14AA1816

Bitcoin Cash Address : qq93an6n9unnu496vpcx684zekkmn4yk6g79kllf7d

Litecoin Address : MKVphBBJkBbjSh4D6aFLds9XHE1rnS9iHW





© Copyrights 2017 - 2021 Cryptotelegraph.com. All Rights Reserved.

Contact    About    Privacy & Cookie Policy

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Crypto News
    • Crypto Technology
    • Analysis
    • Blockchain News
    • Industry News
    • NFTs
    • ICO News
    • Press Releases
  • Market Cap
  • Exchanges
  • ICOs
  • Videos
    • Bitcoin Videos
    • Ethereum Videos
    • Altcoin Videos
    • Blockchain Videos
    • ICO Videos
  • Submit Press Release
    • Read Press Releases
  • Contact Us

© Cryptotelegraph.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.