Ravencoin (RVN) becomes the darling of home miners and shoots 100%; understand

Charlie Taylor


Ravencoin (RVN) is the top 100 cryptocurrency that grew the most over the week, accumulating gains that surpass 100%. The token is also what values ​​the most on Tuesday (10), up 31%, according to CoinMarketCap. The impulse made RVN hit the highest quotation in three months of US$ 0.13. At this pace, the currency narrows its distance from the historic high of US$0.28, reached in February. Another highlight is the growth of more than 300% in the cryptoactive volume in the last 24 hours, surpassing the US$ 500 million mark. Although following the positive performance that spreads throughout the crypto market on Tuesday, the currency gains a special highlight as it registers the biggest gains in the sector. The reason for the growth of the token released in early 2018 through a Bitcoin hard fork (BTC) is not clear, but it could be related to the update that Ethereum received last week. As ETH started to adopt a new fee system in which tokens used to fund transactions are burned instead of going to miners, this group may be looking for alternatives. Like ether, Ravencoin is a cryptocurrency that can be mined by video cards (GPU), mainly used by home miners. The WhatToMine website, which calculates which cryptocurrencies are the most profitable for the activity, points out that Ravencoin offers the second best income to miners, only behind ETH. Mining RVN generates $6.55 per day and by excluding $1.22 from the cost of the operation, the final profit is around $5.33 — a little less than ether's yield of $6.17 . On the other hand, the profitability of mining will depend on the GPU that the miner has. RVN proves more profitable than Ethereum on models like NVIDIA GeForce RTX 3080 Ti and LHR, NVIDIA GeForce RTX 3070 Ti, AMD Radeon RX 6800, NVIDIA GeForce RTX 2080 Ti, among others. With a limited supply of 21 billion tokens, 40% of which are already in circulation, Ravencoin generates a reward of 5,000 RVN for each block mined.

Alternatives to Ethereum

The trend is that the interest of home miners in ETH will diminish more and more as the arrival of Ethereum 2.0, the new version of the currency that will adopt the participation proof, the consensus that will make mining obsolete, approaches. Ergo (ERG), a crop currency ranked third most profitable for GPU mining according to WhatToMine, also shoots up 20% in the last 24 hours and 110% in the week. Ethereum Classic (ETC), which can also become a strategic outlet for miners, also goes up 20% in the last 7 days.

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