Proof-of-Work (PoW) cryptocurrencies Ethereum classic ETC/USD and Raven Coin RVN/USD saw a massive hashrate spike shortly after ether ETH/USD Switch to Proof of Stake.
What happened: On September 15 Ethereum officially transition to a PoS network, marking the end of ETH mining. The network’s transition away from PoW marked the end of ETH mining and forced miners to switch to other networks.
See also: PROOF OF USE VS. PROOF OF WORK
Ethereum Classic and Ravencoin are two PoW cryptocurrencies that appear to be the direct beneficiaries of the merger.
Ethereum Classic hash rate surged to an all-time high of 311.11 TH/s after the event, according to data from 2miners.com. Ravencoin also saw a similar surge in hashrate, which surged to a yearly high of 21.69 TH/s on the day.
In the weeks leading up to the merger, both cryptocurrencies rallied price rallies as traders have likely taken note that ETH miners have migrated to other PoW networks.
As of September 13, RVN had posted an 85% gain over the previous week in what was believed to be a rally powered by ETH miners are migrating to blockchain and crypto exchange FTX, which lists RVN Perpetual Futures.
Price promotion: At press time, ETH is trading at $1,470, down 10% over the last day, according to data from Gasoline Pro. ETC traded at $35.35, down 8%, and RVN traded at $0.05, down 14% over the same period.
