As the crypto bear market continues, Ethereum Classic and Ravencoin are both seeing their value fall by double digits.
Ethereum Classic Drops to $29.39
Both the Ravencoin price and the Ethereum Classic price rose sharply in the run-up to the Ethereum Merge. However, now that this major upgrade has been implemented, we see both the RVN and the ETC price plummet. This while both networks are potentially paradises for proof-of-work miners.
The Ethereum Classic hashrate peaked to 223.32 TH per second on the day of the Merge. This is an increase of 58.12 TH. Since then, the hashrate has dropped to 160.32 TH per second.
The hashrate refers to the total combined computing power used to mine and process blockchain transactions. One terahashes per second (Th/s) is equal to 1 trillion hashes per second.
Ravencoin moves along with Ethereum Classic
Other proof-of-work blockchains such as Ravencoin have shown similar dynamics to Ethereum Classic. Ravencoin’s price has fallen 43.1% since the Merge. The coin fell from $0.06 on September 15, 2022 to $0.03 today.
Unlike Ethereum Classic, which saw an uptick in hashrate, Ravencoin’s hashrate exhibited a more volatile mining pool. On the day of the Merge, Ravencoin’s hashrate peaked from TH 9.64 to TH 19.57, before dropping to TH 11.22. Ravencoin’s hashrate continued to fluctuate, rising to TH 23.50 at one point, before falling again to TH 7.34.
With the Merge, the blockchain for NFTs, DAOs and dapps would switch from the energy-intensive proof-of-work network to a more environmentally friendly proof-of-stake network. Miners started looking for similar proof-of-work blockchains such as Ethereum Classic, Ravencoin and the recently launched Ethereum PoW, to continue their mining operations as the Ethereum Merge approached.
