Why Is Ravencoin (RVN) Rising? September 13, 2022

Ravencoin has gained more than 14 percent in the last 24 hours, according to CoinGecko data. So why is Ravencoin rising?

Why is Ravencoin rising? What is the reason for the rise in Ravencoin? Let’s see why Ravencoin has risen so much, which has increased by more than 14 percent in the stagnant market in the last 24 hours.

Why is Ravencoin Rising?

Ravencoin is one of the few blockchains that uses the Proof of Work consensus. With Ethereum’s upcoming network upgrade, it is the biggest and perhaps the most important of the steps to move from the Proof of Work consensus to the Proof of Stake consensus. With the transition of Ethereum to Proof of Stake, many Ethereum miners are looking for another outlet to move their operations.

At this point, Proof of Work coins such as Ravencoin come to the fore.

Ravencoin’s chart Source: CoinGecko

Ravencoin has become interesting with the approach of Ethereum’s Merge. Therefore, the activity of Ravencoin, which started to rise, has also increased in the network.

Ravencoin Hashrate Source: 2Miners

Ravencoin’s network hashrate has increased significantly compared to last week, with its network hashrate coming from 2.79 Th/s on September 6 to 6.46 TH/s at the time of writing. Network difficulty also doubled, from 37.78K to 83.12K, according to data from 2miners.com.

Ravencoin network difficulty Source: 2miners

All these data show that Ravencoin has been able to attract some of the interest that has been floating along with Ethereum’s Merge. However, it is possible to say that it is on the rise.