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As the crypto bear market continues to drive down the price of digital assets, Ethereum Classic and Ravencoin, two potential post-merger havens for proof of work miners, are recording double-digit losses.

Ethereum Classic’s price fell 23.4% in the week following the merger. The now proof-of-stake Ethereum proof-of-work hardfork saw the price of its coin drop from $38.93 on September 15, 2022, the day of the merger, to $29.39 today, according to data from CoinGecko.

Ethereum Classic’s hashrate soared to 223.32 TH per second on the day of the merger, from 58.12 TH the day before. Since then, the hashrate has dropped to 160.32 TH per second, according to mining data site CoinWarz.

Hashrate refers to the total combined computing power used to mine and process blockchain transactions. Terahashes per second (Th/s) equals 1 trillion hashes per second.

Other proof-of-work blockchains like Ravencoin have shown similar dynamics to Ethereum Classic. Ravencoin’s price has fallen 43.1% since the merger, from $0.06 on September 15, 2022 to $0.03 today, according to CoinGecko.

Unlike Ethereum Classic, which showed a steady increase in hashrate, Ravencoin hashrate showed a more unstable mining pool. On the day of the merger, Ravencoin’s hashrate rose from 9.64 TH to 19.57 TH before dropping to 11.22 TH. Ravencoins hash rate continued to fluctuate over the next week, at one point reaching as high as 23.50 TH today before falling back to 7.34 TH.

As the Ethereum merger approaches, the best blockchain for NFTs, DAOs, and dapps would shift from the energy-intensive proof-of-work consensus algorithm to a more environmentally friendly one proof of stakeminers have started looking for Ethereum-compatible proof-of-work blockchains like Ethereum Classic, Ravencoin, and the recently launched Ethereum PoW continue their once lucrative mining activities.

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