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Ravencoin (RVN) and Ethereum Classic (ETC) have been mined as a safe haven for miners seeking shelter from the fallout of “The Merge”. The event that completed Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” shut miners out of the ecosystem.

Prior to the event, Ravencoin, Ethereum Classic, and other Proof-of-Work (PoW) cryptocurrencies were seeing double-digit gains. New participants on board the networks pushed their hashrate to new highs, and their price followed as demand for PoW tokens followed.

However, as more and more miners flocked to these networks, it became harder to get rewards. In this sense, and with “The Merge” out of the way, miners could look for new alternatives to continue their operations and maximize their earnings.

At the time of writing, Ravecoin and Ethereum Classic were trading at $0.03 and $28 respectively. Cryptocurrencies see a 30% loss for RVN and a 22% loss for ETC over the past week. The tokens returned much of the gains made in the previous weeks.

Ravencoin RVN RVNUSDT Ethereum Classic ETC ETCUSDT
RVN price is trending lower on the 4-hour chart. Source: RVNUSDT Tradingview

Ravencoin (RVN) and Ethereum Classic (ETC) could lose market share

While the price of Ravencoin and Ethereum Classic are trending lower, their hashrate trend is falling, hinting at the current bearish price action. The miners who were incentivizing the value of these cryptocurrencies seem to exist or diversify their stake across multiple networks.

Data from CoinWars shows a decrease in hashrate for Ethereum Classic and Ravencoin. The former has seen a more steady decline in hashrate since September 17etwo days after “The Merge”.

As seen below, ETC’s hashrate hit a high of 210 terahash/s (TH/s) and an all-time high of 220 TH/s before declining. During the same period, the price of ETC recorded massive losses, as mentioned.

Ethereum Classic Hashrate Trends Down. Source: CoinWarz

The Ravencoin hashrate saw a sideways move after an aggressive push higher. The network experienced a record high of 20 TH/s before beginning a descent to its current levels at around 15 TH/s. Both cryptocurrencies could suffer losses if their network hashrate maintains their current momentum.

Ravecoin hashrate moving sideways and trending lower over the past week. Source: CoinWarz

Where do Ravencoin and Ethereum Classic hashrates leak?

As computing power leaves Ravencoin and other PoW cryptocurrencies, it must find new networks to increase miners’ chances of earning rewards. Data from Coingecko indicates that a few PoW tokens benefited from this price and hashrate crash of RVN and ETC.

The best performing token appears to be the Callisto Network CLO. This project has seen an increase in trading volume and hashrate which has supported a 30% rally in the last 7 days. In the coming months, traders could benefit from dealing with these spikes and crashes in the PoW token hashrate.

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