- Binance sets 1% mining fees for the RavenCoin (RVN).
- RVN price surged by over 20% in the last 24 hours.
Following the Ethereum merge upgrade, cryptocurrency miners seek new ways to mine tokens. As Binance Pool, the crypto exchange’s mining pool service is added Ravencoin (RVN) to its list of supported mining tokens, as per the statement published on Wednesday. In addition, the RavenCoin (RVN) mining pool charges 1% in mining fees.
The Ethereum network changed its proof-of-work (PoW) algorithm to proof-of-stake (PoS) in September, eliminating away with the requirement for high computational mining in favor of a method known as validating. Since then, Former ETH miners have started investing in tokens like Ethereum Classic (ETC), Ravencoin, and Beam (BEAM) for their GPUs. Also, the computing power on the Ravencoin network has increased.
Further, Binance Pool established a $500 million fund to provide mortgages to struggling miners as a result of the market collapse, which has caused many of them to struggle to make meet ends.
However, At the time of writing, Ravencoin (RVN) traded at $0.0245 with a market cap of $278 million. And RVN price surged by over 20% in the last 24 hours with a trading volume of $40,640,665, as per CoinMarketCap.