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HomeEthereumEthereum Mining Alternative Ravencoin Jumps 85% Ahead of the Merge

Ethereum Mining Alternative Ravencoin Jumps 85% Ahead of the Merge

The value of Ravencoin has risen by more than 85% in the last seven days in the final stages of Ethereum integration, according to data from. coin geckoThe price increase comes as cryptocurrency exchange FTX announced the listing of Ravencoin perpetual futures today.

Ravencoin activity had already increased recently as proof-of-work miners sought alternatives as Ethereum mining would soon be out of the question.

ethereum miner the ethereum blockchain Proof of Stake The algorithm can mine Ravencoin.

Ravencoin launched in 2018, etc. Bitcoin before using proof of work A consensus algorithmic blockchain with a maximum supply of 21 billion coins. Similar to Ethereum, his RVN tokens issued on Ravencoin can be used for a variety of purposes including non-fungible tokens (NFTs) and decentralized applications. NFTs are cryptographically unique tokens linked to digital and physical content that represent proof of ownership or membership.

Ethereum currently uses an energy-intensive proof-of-work consensus mechanism. Historically, Ethereum mining has been highly profitable as the ever-expanding ecosystem required thousands of miners to maintain the network, with costs exceeding millions of dollars in equipment. .

When the merge happens later this week, the miners will be some options: give up mining business ETH staker Or start mining other blockchains. Ravencoin is not as well known or used as the second largest cryptocurrency by market capitalization, but it can be mined with rigs that use graphics processing units (GPUs).

As for FTX, growing interest in Ravencoin allows traders to take advantage of the potential rise in Ravencoin price and activity. Make it possible.

Unlike traditional futures contracts, where the buyer and seller are obligated to execute the trade on a set date, perpetual futures have no expiration date. This means that traders can hold positions indefinitely.

News of the FTX offering was met with excitement from Ravencoin supporters on social media.

“Ravencoin has great support from private sector experts in the blockchain and security token ecosystem,” Leon Ravencoin tweeted. “It is these professionals who will drive the adoption of security tokens and, with that, his Ravencoin adoption.”

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