Blockchain explorer and mining pool BTC.com has now added support for Ethereum Classic (ETC) as the Ethereum network moves from proof-of-work (PoW) to proof-of-stake (PoS) with Merge. On the other hand, migration to cryptocurrencies such as Ravencoin (RVN), another cryptocurrency using the PoW consensus algorithm, has also increased. Here are the details…
Increasing focus on ETC pre-Ethereum merger
According to the Ethereum Foundation’s suggested audience, the estimated Merge date falls on the night of September 15. With ETH miners obsolete after Merge, BTC.com has expressed its support for Ethereum Classic (ETC) mining. The mining pool even launched the BTC.com ETC Pool to allow miners to migrate to Ethereum Classic after Merge. Additionally, a 3-month “zero fee” ETC mining has been launched to reward miners and users for supporting BTC.com.
Users can directly link ETC hash power to the BTC.com ETC Pool to enjoy zero mining fees until December 1. Top mining pools including Ethermine and Antpool have also announced that they support ETC mining. Antpool has invested $10 million in support of Ethereum Classic, as we reported on Kriptokoin.com. It also pledged to continue investments and support ETC payments.
Ethereum Classic (ETC) price shows strength
Ethereum Classic price is showing strength amid market-wide selling pressure. ETC price is trading at $32.08, up about 1% in a day and 4% in a week. Also, the hash rate has increased even more as miners switch from Ethereum to Ethereum Classic. ETH co-founder Vitalik Buterin, ETC Cooperative and CEO of Digital Currency Group Barry Silbert believe miners should switch to Ethereum Classic.
Other PoW altcoins are gaining momentum as well
With the ETH merge approaching, miners are also turning to projects like Ravencoin (RVN). Ravencoin retweeted a tweet in which a Twitter account called Technical Whale greeted miners. Also mining company Ethermine; Zcash (ZEC) announced that it will support mining for ETC, Beam (BEAM), RVN, and Ergo (ERGO). This miner migration has also increased the price of these altcoins. However, the most notable was Ravencoin. RVN rose from $0.02964781 to $0.03672262 on a daily basis. Currently, it is changing hands at $0.03217754.
With the merge coming up, The Ravencoin Community welcomes Ethereum miners to Ravencoin! Ravencoin will always be proof of work and here to support miners. #TheGreatMigration $RVN pic.twitter.com/AWgqCmPDb6
— Technical Whale (@TechnicalWhale) September 4, 2022
The one-week change of the cryptocurrency is observed at a rate of 17.5%. With a market capitalization of $374.5 million, RVN ranks 115th. Meanwhile, the value of RVN fell 88.7 percent from its high on February 20, 2021. At the time, it was changing hands at $0.285. Ravencoin Classic (RVC) is focused on allowing tokens to be issued on the Ravencoin Classic Blockchain. It is an X16R algorithm protocol with these features.
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