{"id":503389,"date":"2022-09-23T17:11:25","date_gmt":"2022-09-23T17:11:25","guid":{"rendered":"https:\/\/ktsl888.com\/?p=503389"},"modified":"2022-09-23T17:11:25","modified_gmt":"2022-09-23T17:11:25","slug":"pow-tokens-take-a-hit-ravencoin-and-ethereum-classic-crash-over-20","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/pow-tokens-take-a-hit-ravencoin-and-ethereum-classic-crash-over-20\/","title":{"rendered":"PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%"},"content":{"rendered":"<p>Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from \u201cThe Merge\u201d fallout. The event that completed Ethereum\u2019s transition to Proof-of-Stake (PoS), \u201cThe Merge\u201d locked out miners from the ecosystem.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><strong>Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ethereum\/displaced-eth-miners-seek-refuge-in-ethereum-classic-ravencoin\/\" target=\"_blank\" rel=\"noopener \">Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin<\/a><\/strong><\/div>\n<p>Leading into the event, Ravencoin, Ethereum Classic, and other Proof-of-Work (PoW) cryptocurrencies were recording double-digit gains. The new participants onboarding the networks drove their hashrate to new highs, and their price followed as demand for PoW tokens followed.<\/p>\n<p>However, as more miners flocked into these networks, it became more difficult to obtain rewards. In that sense, and with \u201cThe Merge\u201d out of the way, miners might be seeking new alternatives to carry on with their operations and maximize their gains.<\/p>\n<p>At the time of writing, Ravecoin and Ethereum Classic traded at $0.03 and $28, respectively. The cryptocurrencies record a 30% loss for RVN and a 22% loss for ETC over the past week. The tokens gave back a large portion of the gains obtained in previous weeks.<\/p>\n<figure id=\"attachment_503403\" aria-describedby=\"caption-attachment-503403\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-503403 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/09\/Ravencoin-RVN-RVNUSDT-Ethereum-Classic-ETC-ETCUSDT.png?resize=860%2C376\" alt=\"Ravencoin RVN RVNUSDT Ethereum Classic ETC ETCUSDT\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-503403\" class=\"wp-caption-text\">RVN&#8217;s price is trending to the downside on the 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/1GNYms9y\/?symbol=BINANCE%3ARVNUSD\" target=\"_blank\" rel=\"noopener nofollow\"><strong>RVNUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Ravencoin (RVN) And Ethereum Classic (ETC) Might Be Losing Market Share<\/h2>\n<p>As the price of Ravencoin and Ethereum Classic trend to the downside, their hashrate trend lower which hinted at the current bearish price action. Miners that were prompting the value of these cryptocurrencies seem to be existing or diversifying their participation across multiple networks.<\/p>\n<p>Data from CoinWars shows a decrease in the hashrate for Ethereum Classic and Ravencoin. The former has seen a steadier decline in hashrate since September 17<sup>th<\/sup>, two days after \u201cThe Merge\u201d.<\/p>\n<p>As seen below, ETC\u2019s hashrate reached a high of 210 terahash\/s (TH\/s) and an all-time high of 220 TH\/s before trending lower. Over the same period, ETC\u2019s price recorded massive losses, as mentioned.<\/p>\n<figure id=\"attachment_503404\" aria-describedby=\"caption-attachment-503404\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-503404 size-medium\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/09\/Ravencoin-RVN-RVNUSDT-ETC-ETCUSDT-CHART-2.jpg?resize=460%2C264\" alt=\"Ravencoin RVN RVNUSDT ETC ETCUSDT CHART 2\" width=\"460\" height=\"264\"><figcaption id=\"caption-attachment-503404\" class=\"wp-caption-text\"><a href=\"https:\/\/www.coinwarz.com\/mining\/ethereum-classic\/hashrate-chart\" target=\"_blank\" rel=\"noopener nofollow\">Ethereum Classic&#8217;s hashrate trends to the downside<\/a><a href=\"https:\/\/www.coinwarz.com\/mining\/ravencoin\/hashrate-chart\" target=\"_blank\" rel=\"noopener nofollow\">.<\/a> Source: CoinWarz<\/figcaption><\/figure>\n<p>Ravencoin hashrate saw sideways movement after an aggressive push to the upside. The network saw an all-time high of 20 TH\/s before starting a descend into its current levels at around 15 TH\/s. Both cryptocurrencies might experience losses if their network\u2019s hashrate sustains their current momentum.<\/p>\n<figure id=\"attachment_503406\" aria-describedby=\"caption-attachment-503406\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-503406\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/09\/Ravencoin-RVN-RVNUSDT-ETC-ETCUSDT-Chart-3.jpg?resize=460%2C267\" alt=\"Ravencoin RVN RVNUSDT ETC ETCUSDT Chart 3\" width=\"460\" height=\"267\"><figcaption id=\"caption-attachment-503406\" class=\"wp-caption-text\"><a href=\"https:\/\/www.coinwarz.com\/mining\/ravencoin\/hashrate-chart\" target=\"_blank\" rel=\"noopener nofollow\">Ravecoin hashrate moving sideways and trending to the downside over the past week<\/a>. Source: CoinWarz<\/figcaption><\/figure>\n<h3>Where Are Ravencoin And Ethereum Classic&#8217;s Hashrates Fleeing?<\/h3>\n<p>As computer power leaves Ravencoin and other PoW cryptocurrencies, it must be finding new networks to increase the miners\u2019 chances of obtaining rewards. Data from Coingecko indicates that a couple of PoW tokens have benefited from this crash in price and hashrate from RVN and ETC.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><strong>Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/ravencoin-rvn-records-90-increase-community-warns-about-price-speculation\/\" target=\"_blank\" rel=\"noopener \">Ravencoin (RVN) Records 90% Increase, Community Warns About Price Speculation<\/a><\/strong><\/div>\n<p>The best-performing token seems to be CLO from Callisto Network. This project has seen a surge in trading volume and hashrate that has supported a 30% rally over the past 7 days. In the coming months, traders might benefit from frontrunning these spikes and crashes in PoW tokens hashrate.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/CallistoNetwork?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#CallistoNetwork<\/a> is the most profitable <a href=\"https:\/\/twitter.com\/hashtag\/ETHASH?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#ETHASH<\/a> coin on Whattomine \u26cf<\/p>\n<p>Network <a href=\"https:\/\/twitter.com\/hashtag\/hashrate?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#hashrate<\/a> and trading volumes are growing, don&#8217;t wait and start mining <a href=\"https:\/\/twitter.com\/search?q=%24CLO&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$CLO<\/a> now!<\/p>\n<p>P.S. ZPoW is coming, so make sure you aren&#8217;t late ?<\/p>\n<p>\u27a1\ufe0f <a href=\"https:\/\/t.co\/Wj0zgNANzu\" rel=\"nofollow\">https:\/\/t.co\/Wj0zgNANzu<\/a> <a href=\"https:\/\/t.co\/hIs6jqNBtI\" rel=\"nofollow\">pic.twitter.com\/hIs6jqNBtI<\/a><\/p>\n<p>\u2014 Callisto Network Official (@CallistoSupport) <a href=\"https:\/\/twitter.com\/CallistoSupport\/status\/79309313?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 22, 2022<\/a><span style=\"color: #333333\">\u00a0<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from \u201cThe Merge\u201d fallout. The event that completed Ethereum\u2019s transition to Proof-of-Stake (PoS), \u201cThe Merge\u201d locked out miners from the ecosystem. Related Reading: Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin Leading into the event, Ravencoin, Ethereum Classic, and other Proof-of-Work (PoW) cryptocurrencies were recording double-digit gains. The new participants onboarding the networks drove their hashrate to new highs, and their price followed as demand for PoW tokens followed. However, as more miners flocked into these networks, it became more difficult to obtain rewards. In that sense, and with \u201cThe Merge\u201d out of the way, miners might be seeking new alternatives to carry on with their operations and maximize their gains. At the time of writing, Ravecoin and Ethereum Classic traded at $0.03 and $28, respectively. The cryptocurrencies record a 30% loss for RVN and a 22% loss for ETC over the past week. The tokens gave back a large portion of the gains obtained in previous weeks. Ravencoin (RVN) And Ethereum Classic (ETC) Might Be Losing Market Share As the price of Ravencoin and Ethereum Classic trend to the downside, their hashrate trend lower which hinted at the current bearish price action. Miners that were prompting the value of these cryptocurrencies seem to be existing or diversifying their participation across multiple networks. Data from CoinWars shows a decrease in the hashrate for Ethereum Classic and Ravencoin. The former has seen a steadier decline in hashrate since September 17th, two days after \u201cThe Merge\u201d. As seen below, ETC\u2019s hashrate reached a high of 210 terahash\/s (TH\/s) and an all-time high of 220 TH\/s before trending lower. Over the same period, ETC\u2019s price recorded massive losses, as mentioned. Ravencoin hashrate saw sideways movement after an aggressive push to the upside. The network saw an all-time high of 20 TH\/s before starting a descend into its current levels at around 15 TH\/s. Both cryptocurrencies might experience losses if their network\u2019s hashrate sustains their current momentum. Where Are Ravencoin And Ethereum Classic&#8217;s Hashrates Fleeing? As computer power leaves Ravencoin and other PoW cryptocurrencies, it must be finding new networks to increase the miners\u2019 chances of obtaining rewards. Data from Coingecko indicates that a couple of PoW tokens have benefited from this crash in price and hashrate from RVN and ETC. Related Reading: Ravencoin (RVN) Records 90% Increase, Community Warns About Price Speculation The best-performing token seems to be CLO from Callisto Network. This project has seen a surge in trading volume and hashrate that has supported a 30% rally over the past 7 days. In the coming months, traders might benefit from frontrunning these spikes and crashes in PoW tokens hashrate. #CallistoNetwork is the most profitable #ETHASH coin on Whattomine \u26cf Network #hashrate and trading volumes are growing, don&#8217;t wait and start mining $CLO now! P.S. ZPoW is coming, so make sure you aren&#8217;t late ? \u27a1\ufe0f https:\/\/t.co\/Wj0zgNANzu pic.twitter.com\/hIs6jqNBtI \u2014 Callisto Network Official (@CallistoSupport) September 22, 2022\u00a0<\/p>\n","protected":false},"author":535,"featured_media":502293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[9133,79678,9134,16604,27630,86853],"class_list":["post-503389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-etc","tag-etcusdt","tag-ethereum-classic","tag-ravencoin","tag-rvn","tag-rvnusdt"],"acf":[],"yoast_head":"\n<title>PoW Tokens Plummet: Ravencoin Ethereum Classic Crash 20%<\/title>\n<meta name=\"description\" content=\"Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe heaven for miners seeking shelter from \u201cThe Merge\u201d 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Today\",\"publisher\":{\"@id\":\"https:\/\/ktsl888.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ktsl888.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ktsl888.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/ktsl888.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/6b25e0bbb04d6129ebb4d\",\"name\":\"Reynaldo Marquez\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"caption\":\"Reynaldo Marquez\"},\"description\":\"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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