Is the latest RVN pump the result of an Ethereum merger?

Ravencoin recently topped the table to become one of the biggest gainers in the market. In fact, it has registered a rise of more than 83% in the past seven days. Needless to say, this excited many in the community, thanks to which cryptocurrencies quickly took the first place in terms of social size.

At the time of writing, RVN is trading at $0.05329, up 20% in 24 hours with a market capitalization of $558,959,994. This episode could be due to the long-awaited Ethereum merger, which could force some miners to stop operations.

RVN on fire?

An exponential increase in mining difficulty was also observed in the RVN, which directly indicates a large influx of new miners into the ecosystem as they migrate from Ethereum. Mining difficulty started on September 3rd and has since risen to 62.36K – the highest level since February 2022.

The increase in difficulty was due to a similar increase in the overall RVN network hash rate, which recently reached a seven-month high at 5.16TH/s.

Source: 2miners

Earlier this month, Hiveon, the popular operator of mining pools, announced the launch of a new mining pool for Ravencoin. According to Leon Ravencoin, a popular RVN influencer on Twitter, approximately 430,000 miners are about to join the RVN mining ecosystem after the launch of the new mining pool.

Interestingly, days after the launch of the Hiveon mining pool, it took fourth place mining pool status diagram. This is a huge development as it points to a promising future for the RVN mining community. Once the merger is complete, it will be interesting to see what awaits the RVN.

Battle of PoW Ψ±Ω…ΩˆΨ² Codes

While RVN’s price and hash rate have gone up, one of its competitors has also shown somewhat similar performance. Ethereum Classic, which appears to have made the most of the merger, has posted significant price gains, gaining more than 20% in the past seven days.

Source: 2miners

Additionally, the ETC hash rate recently reached an all-time high of 53.45TH/s on Sept 10th. Surprisingly, after the hash rate of ETC reached ATH, it dropped a bit and the time of writing was 51.04TH/sec. Therefore, miners are faced with a dilemma when it comes to choosing which path they plan to take in the coming days.

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