This afternoon, the Ethereum (ETH) ecosystem went through the long-awaited 'Merge' update which officially marks its transition from the Proof-of-Work (PoW) algorithm to the Proof-of-Stake (PoS) consensus algorithm. This has led to some interesting developments in the crypto space, among which miners are beginning to look for other alternatives.
This is illustrated as interest in Ravencoin (RVN) has soared, placing it at the top of the list of cryptocurrency trends, ahead of Ethereum, Ethereum Classic (ETC), Bitcoin (BTC), and Shiba Inu (SHIB), based on data obtained from CoinMarketCap on September 15th.
Based on the data, miners have flocked to alternative chains en masse in this major mining transition, which has led to an explosion in Ravencoin's hash rate, where it has surged 541% in the two weeks prior to the 'Merge' update.
In addition, CoinMarketCap data shows that the value of Ravencoin has increased by almost 75% over the previous seven days, as miners increasingly see RVN as a sufficient replacement for ETH mining in the post-Merge environment.
Also helping Ravencoin's surge was the announcement by crypto exchange FTX of the listing of RVN permanent futures on September 12. Meanwhile, the Ravencoin token is trading at $0.06169
at the time of writing, down 11.11% today, but up 74.77% over the previous seven days.
