The Merge ofEthereum is imminent. Moreover, many miners have already stopped their machines, or have switched to another cryptocurrency to be mined. These changes affect cryptos that were relatively discreet until today, such as Flux and especially Ravencoin.
Can Ravencoin take the throne?
Ravencoin, What is that ? We told you about it in an analysis in 2019the Ravencoin (RVN) was born on January 3, 2018. Born from a bitcoin forkingthis blockchain that uses the consensus of Proof of Work validates a block every minute. Bitcoin only adds one every 10 minutes on average.
With a maximum amount of 21 billion RVN (against 21 million for BTC) this blockchain has been known for a long time. Not much in the spotlight, it could however replace Ethereum in the hearts of miners.
Ravencoin also allows the use of NFT (Non fungible token) and a whole series of decentralized applications, like Ethereum.
Asic resistant, the RVN is undermined with graphics cards (GPUs)just like Ethereum and its fork, Ethereum Classic (ETC).
Approaching the merge, many miners have been looking for another cryptocurrency to mine that is as profitable as possible. This is why several cryptos in POW have experienced a fairly substantial pump, and Ravencoin is one of them!
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Real potential? Or a crypto among many others?
With a price of $0.035 on the 7th September, the RVN reached the $0.071 on September 13! A nice increase (once 2 in a few days) which could accelerate after the Merge if the Ravencoin becomes one of the cryptos that replaces Ethereum in the hearts of miners.
With an HUD of $0.282 on February 20, 2021, when Bitcoin was exploding all records, Ravencoin could prove to be a relatively interesting investment for miners. The fact that the crypto is one of the “old” and that it can still multiply its price by 4.5 times to reach its highest known price could make many miners want to take the plunge. They would then make their machines available to create new blocks on the Ravencoin blockchain.
Currently at the 65ᵉ place of coinmarketcap with more than 500 million dollars traded per dayit would not be surprising to see Ravencoin climb a few more steps.
If you are a (former) Ethereum miner, the RVN can be a good remedy after the Merge to continue to make your graphics cards profitable. So why not try to find a substitute to good old ETH?
In any case, whether to mine Ravencoin or any other crypto in Proof of Work, take the time to do your research, to study the token and its prices, as well as its potential. A page turns with the passage ofETH in full Proof of Stakeit’s up to us to write the next one!
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