Proof-of-Work (PoW) cryptocurrencies Ethereum Classic (CRYPTO: ETC) and Ravencoin (CRYPTO: RVN) recorded a massive surge in hashrate shortly after Ethereum (CRYPTO: ETH) transition to Proof-of-Stake.
What Happened: On Sept. 15, Ethereum officially transition to a PoS network, marking an end to mining ETH. The network’s transition away from PoW marked an end to mining ETH, forcing miners to shift to other networks.
See Also: PROOF OF STAKE VS PROOF OF WORK
Ethereum Classic and Ravencoin are two PoW cryptocurrencies that appear to be the direct beneficiaries of the Merge.
Ethereum Classic’s hash rate spiked to an all-time high of 311.11 TH/s after the event, according to data from 2miners.com. Ravencoin also saw a similar surge in hashrate, which rose to a one-year high of 21.69 TH/s on the day.
In the weeks leading up to the Merge, both cryptocurrencies enjoyed price rallies as traders likely took note of ETH miners migrating to other PoW networks.
On Sept. 13, RVN had posted an 85% gain from the week prior, in a rally that was believed to have been driven by ETH miners migrating to the blockchain and crypto exchange FTX listing RVN perpetual futures.
Price Action: At press time, ETH was trading at $1,470, down 10% in the last day as per data from Benzinga Pro. ETC was trading at $35.35, down 8% and RVN was trading at $0.05, down 14% over the same period.
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