This crypto, an alternative to Ethereum mining, jumps 85% before the merger! – Mag Mirror

Ravencoin’s value has risen more than 85% in the past seven days in the final Ethereum merger race, according to data from CoinGecko. This price increase comes as the stock Exchange cryptocurrency exchange FTX today announced the listing of Ravencoin perpetual futures.

Ravencoin activity had already increased recently, with proof-of-work miners looking for alternatives, as Ethereum mining will soon no longer be an option.

Ethereum miners who want to continue trading after the Ethereum blockchain transitions to a proof-of-stake algorithm can mine Ravencoin.

Launched in 2018, Ravencoin, like Bitcoin before it, uses a proof-of-work consensus algorithm blockchain with a maximum supply of 21 billion coins. Like Ethereum, 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, showing proof of ownership or ownership.

Ethereum currently uses the energy-intensive proof-of-work consensus mechanism. Until now, Ethereum mining has been very profitable because the ever-expanding ecosystem required thousands of miners to maintain the network, which cost more than millions of dollars in equipment.

When the merger takes place later this week, miners will have few options: abandon their mining activity and become ETH stakers or start mining other blockchains. Although Ravencoin is not as well known or used as the second largest cryptocurrency by market capitalization, it can be mined with platforms that use graphics processing units (GPUs).

As for FTX, the increased interest in Ravencoin allows traders to take advantage of the potential increase in Ravencoin price and activity. Futures contracts allow speculators to bet on the evolution of the RVN.

Unlike traditional futures contracts, where buyers and sellers are required to execute the trade on a specific date, perpetual futures contracts have no expiry date, which means traders can hold their positions indefinitely.

News of the FTX offering got Ravencoin devotees on social media excited.

“Ravencoin has incredible support from private sector professionals in the blockchain and security token ecosystem,” Leon Ravencoin tweeted. “It is these professionals who are helping to increase the adoption of security tokens and naturally with it the adoption of Ravencoin. »

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This crypto, an alternative to Ethereum mining, jumps 85% before the merger! – Mag Mirror

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