A brand new announcement from main cryptocurrency alternate Binance has helped the worth of a little-known cryptocurrency, Ravencoin ($VN), surge. The transfer comes throughout a cryptocurrency bear market that has seen Bitcoin ($BTC) drop to a $15,000 low.
After the Ethereum mainnet merged with Ethereum’s Beacon Chain to finish the widely-anticipated Merge improve on September 15, the second-largest cryptocurrency by market capitalization moved to a Proof-of-Stake consensus protocol, which led to surging curiosity in different digital property.
As mining {hardware} is not usable on the Ethereum community, cryptocurrencies appropriate with Ethereum’s mining algorithm have seen curiosity in them surge. These embody Ethereum Basic, which is seen because the “authentic” Ethereum blockchain that was forked after the 2016 DAO hack, and Ravencoin.
In a stunning announcement Binance Pool, the mining pool run by main cryptocurrency alternate Binance, introduced it will add assist for Ravoncoin mining. The announcement reads:
Binance Pool has formally launched the RavenCoin (RVN) mining service, which makes use of the PPS+ settlement technique. Mining charges for the RavenCoin (RVN) mining pool are set at 1%.
Ravencoin is a cryptocurrency constructed on a fork of the Bitcoin code. It provides further options designed to permit people to concern tokens on its blockchain, and RVN must be burnt on the community to concern property on the blockchain.
Binance’s announcement helped the cryptocurrency’s value soar by almost 10% in simply 24 hours to commerce at $0.02 per token. The cryptocurrency’s market capitalization is now round $250 million.
As CryptoGobe reported on the time, Ethereum Classic’s hashrate notably jumped round 300% from round 66.5 TH/s earlier than the Merge to round 270 TH/s after the improve, as miners whose gear not works for Ethereum turned to the community. Equally, $RVN noticed its hashrate surge 51% after the Merge.
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