PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%

Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from “The Merge” fallout. The event that completed Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” 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 “The Merge” 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 participati...