Proof-of-Work (PoW) cryptocurrenciesEthereum ClassicETC/USD andRavencoinRVN/USD recorded a massive surge in hashrate shortly afterEthereumETH/USD transition to Proof-of-Stake.
What Happened:On Sept. 15, Ethereumofficially transitionto a PoS network, marking an end to mining ETH. The networks transition away from PoW marked an end to mining ETH, forcing miners to shift to other networks.
See Also:PROOF OF STAKE VS PROOF OF WORK
Ethereum Classic and Ravencoin are two PoW cryptocurrencies that appear to be the direct beneficiaries of the Merge.
Ethereum Classics hash rate spiked to an all-time high of 311.11 TH/s after the event, according to data from2miners.com.Ravencoin also saw a similar surge in hashrate, which rose to a one-year high of 21.69 TH/s on the day.
In the weeks leading up to the Merge, both cryptocurrencies enjoyedprice ralliesas traders likely took note of ETH miners migrating to other PoW networks.
On Sept. 13, RVN had posted an 85% gain from the week prior, in a rally that was believed to have beendriven byETH miners migrating to the blockchain and crypto exchange FTX listing RVN perpetual futures.
Price Action:At press time, ETH was trading at $1,470, down 10% in the last day as per data fromBenzinga Pro. ETC was trading at $35.35, down 8% and RVN was trading at $0.05, down 14% over the same period.