{"id":502439,"date":"2022-09-15T17:02:15","date_gmt":"2022-09-15T17:02:15","guid":{"rendered":"https:\/\/ktsl888.com\/?p=502439"},"modified":"2022-09-15T17:02:15","modified_gmt":"2022-09-15T17:02:15","slug":"displaced-eth-miners-seek-refuge-in-ethereum-classic-ravencoin","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/displaced-eth-miners-seek-refuge-in-ethereum-classic-ravencoin\/","title":{"rendered":"Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin"},"content":{"rendered":"

The Ethereum Merge was an incredibly anticipated upgrade, with good reason. It not only drastically increased the number of transactions that the network could handle, but it also greatly diminished the energy consumption of the network. However, Ethereum miners have found themselves as collateral damage in the upgrade as there is no longer a need for their highly specialized mining hardware. Given this, ETH miners have had to find alternatives for this hardware.<\/p>\n

The Great Exodus<\/h2>\n

In less than one hour, Ethereum miners, who had been one of the most important parts of the network, had found themselves obsolete. With the move from proof of work to proof of stake, there was no longer a need for highly sophisticated machines as the network now makes use of validators to confirm transactions.<\/p>\n

Related Reading: Here\u2019s Why $80 Billion Was Wiped Off The Crypto Market<\/a><\/strong><\/em><\/div>\n

Now that the Merge is complete, Ethereum miners are unable to mine the cryptocurrency and have instead moved to other GPU mineable tokens. This exodus from the Ethereum network has sent the miners into the arms of networks such as Ethereum Classic and Ravencoin.<\/p>\n

\"Ethereum<\/p>\n

ETH falls to $1,500 | Source: ETHUSD on TradingView.com<\/a><\/pre>\n
Ethereum Classic has proven to be a natural destination for the miners since it is a fork of the original ETH network. As for Ravencoin, the team had been pushing hard to onboard displaced ETH miners to its network. This move has seen interest increase in both networks and has triggered massive growth in both in such a short time.<\/p>\n
Ethereum Classic, Ravencoin Hashrate Soar<\/h2>\n
At the time of this writing, it has only been a couple of hours since the Ethereum Merge was completed, but there are already massive changes happening across the market. As displaced ETH miners move into other coins such as Ethereum Classic and Ravencoin, both networks have seen their hashrate soar.<\/p>\n
In the last 24 hours alone, the hash rate has more than doubled across both networks. Ethereum Classic had already been recording accelerated growth since the date for the Merge was announced. On Wednesday, its total hash rate had sat around 52 TH\/s, but by the early hours of Thursday, the hash rate had grown to more than 102 TH\/s<\/a>.<\/p>\n
Related Reading: Bitcoin ETF Inflows Returns After Abysmal Phase<\/a><\/strong><\/em><\/div>\n
The same is the case for Ravencoin during this time<\/a>. Similar to Ethereum Classic, its hashrate is up more than 100%, rising from around 7.4 TH\/s on Wednesday to more than 14 TH\/s on Thursday, after peaking at 14.8 TH\/s.<\/p>\n
However, despite the move to these networks, it is still not enough to accommodate the total mining power of ETH. Experts estimate that all GPU mineable coins will only be able to absorb 15% of the total ETH hash rate before mining the coins stop being profitable.\u00a0<\/span><\/p>\n
Featured image from Forkast, chart from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
The Ethereum Merge was an incredibly anticipated upgrade, with good reason. It not only drastically increased the number of transactions that the network could handle, but it also greatly diminished the energy consumption of the network. However, Ethereum miners have found themselves as collateral damage in the upgrade as there is no longer a need for their highly specialized mining hardware. Given this, ETH miners have had to find alternatives for this hardware. The Great Exodus In less than one hour, Ethereum miners, who had been one of the most important parts of the network, had found themselves obsolete. With the move from proof of work to proof of stake, there was no longer a need for highly sophisticated machines as the network now makes use of validators to confirm transactions. Related Reading: Here\u2019s Why $80 Billion Was Wiped Off The Crypto Market Now that the Merge is complete, Ethereum miners are unable to mine the cryptocurrency and have instead moved to other GPU mineable tokens. This exodus from the Ethereum network has sent the miners into the arms of networks such as Ethereum Classic and Ravencoin. ETH falls to $1,500 | Source: ETHUSD on TradingView.com Ethereum Classic has proven to be a natural destination for the miners since it is a fork of the original ETH network. As for Ravencoin, the team had been pushing hard to onboard displaced ETH miners to its network. This move has seen interest increase in both networks and has triggered massive growth in both in such a short time. Ethereum Classic, Ravencoin Hashrate Soar At the time of this writing, it has only been a couple of hours since the Ethereum Merge was completed, but there are already massive changes happening across the market. As displaced ETH miners move into other coins such as Ethereum Classic and Ravencoin, both networks have seen their hashrate soar. In the last 24 hours alone, the hash rate has more than doubled across both networks. Ethereum Classic had already been recording accelerated growth since the date for the Merge was announced. On Wednesday, its total hash rate had sat around 52 TH\/s, but by the early hours of Thursday, the hash rate had grown to more than 102 TH\/s. Related Reading: Bitcoin ETF Inflows Returns After Abysmal Phase The same is the case for Ravencoin during this time. Similar to Ethereum Classic, its hashrate is up more than 100%, rising from around 7.4 TH\/s on Wednesday to more than 14 TH\/s on Thursday, after peaking at 14.8 TH\/s. However, despite the move to these networks, it is still not enough to accommodate the total mining power of ETH. Experts estimate that all GPU mineable coins will only be able to absorb 15% of the total ETH hash rate before mining the coins stop being profitable.\u00a0 Featured image from Forkast, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":502444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[9133,84455,1946,9134,84456,2989,16604],"class_list":["post-502439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-etc","tag-eth-miners","tag-ethereum","tag-ethereum-classic","tag-ethereum-miners","tag-miners","tag-ravencoin"],"acf":[],"yoast_head":"\nDisplaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin<\/title>\n<meta name=\"description\" content=\"The Ethereum Merge was an incredibly anticipated upgrade, with good reason. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin","url":"http:\/\/ktsl888.com\/news\/ethereum\/displaced-eth-miners-seek-refuge-in-ethereum-classic-ravencoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ethereum\/displaced-eth-miners-seek-refuge-in-ethereum-classic-ravencoin\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/09\/Ethereum-classic-miners.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/09\/Ethereum-classic-miners.jpeg?fit=1260%2C840"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["etc","eth miners","ethereum","ethereum classic","ethereum miners","miners","ravencoin"],"dateCreated":"2022-09-15T17:02:15Z","datePublished":"2022-09-15T17:02:15Z","dateModified":"2022-09-15T17:02:15Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/displaced-eth-miners-seek-refuge-in-ethereum-classic-ravencoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/displaced-eth-miners-seek-refuge-in-ethereum-classic-ravencoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/Ethereum-classic-miners.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/Ethereum-classic-miners.jpeg?fit=1260%2C840\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"etc\",\"eth miners\",\"ethereum\",\"ethereum classic\",\"ethereum miners\",\"miners\",\"ravencoin\"],\"dateCreated\":\"2022-09-15T17:02:15Z\",\"datePublished\":\"2022-09-15T17:02:15Z\",\"dateModified\":\"2022-09-15T17:02:15Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/09\/Ethereum-classic-miners.jpeg?fit=1260%2C840","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/502439"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=502439"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/502439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/502444"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=502439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=502439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=502439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}