The world’s leading cryptocurrency exchange Binance has made a new announcement for this altcoin project. In the blog post on Wednesday, November 23, it was announced that the altcoin will be in cloud mining.
Altcoin price rises after Binance’s announcement
Binance’s announcement seems to delight its miners, who do not know what to do after Ethereum switched to PoW in PoW after The Merge. Crypto miners were researching after ETH switched to the PoS consensus mechanism. However, Binance Pool, Binance’s mining pool service, has announced that it will add Ravencoin (RVN) to its list of supported altcoin projects. The statement included the following:
Binance Pool has officially launched the RavenCoin (RVN) mining service using the PPS+ settlement method. Mining fees for the RavenCoin mining pool are set at 1 percent. Users must have their accounts verified in order to join the RavenCoin mining pool.
As we have reported as Kriptokoin.com; Last September, the Ethereum network removed its algorithm from the Proof of Work consensus mechanism. He then switched to Proof of Stake with The Merge. As a result, ETH miners began a serious search. As a result of all this, the need for computational mining on the ETH blockchain has disappeared.
There is positive news for miners
Ethereum miners have since tried to make gains using graphics processing units (GPUs). As a result of these gains, it was witnessed that the miners had to find new ways. Altcoins such as Ethereum Classic (ETC), Ravencoin and Beam (BEAM) are among the projects that enable cryptocurrency miners. Thanks to these altcoins, former Ethereum miners have seen a huge influx of new ones for their GPUs.
According to data provided by Coinwarz, computing power on the Ravencoin network has increased nearly fivefold since Ethereum switched to PoS. However, as cryptocurrency miners move to a new altcoin, the miner difficulty also increases. The mechanism known as increasing mining difficulty comes into play, which reduces the chances of gains. As a result, they team up because they have less efficient machines or higher costs.
Binance Pool will charge 1 percent pool fee for RVN
In October, Binance Pool determined that many of the miners were struggling to pay their debts. Afterwards, he took new steps due to the declines in the markets. He started a $500 million fund to support miners who went through troubled times as a result of the declines. As a result of all this, Ravencoin increased by 12.43 percent after the announcement.
RVN price is currently trading at the $0.02269 price level. In addition, after the announcement, many crypto analysts expect an increase in price as miners turn to altcoins.
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