Ravencoin spikes 20% following Binance Pool announcement Ravencoin spikes 20% following Binance Pool announcement
Binance Pool announcement revealed that it would charge a 1% mining fee, and users could only participate in the pool after verifying their accounts.
1 min read
Updated: Nov. 23, 2022 at 8:22 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ravencoin (RVN) spiked 20% following Binance Pool’s announcement of mining services for the proof-of-work (PoW) coin.
According to CryptoSlate data, RVN jumped to $0.024 from $0.021 within one hour of the revelation.
Binance Pool’s announcement revealed that it would charge a 1% mining fee, and users could only participate in the pool after verifying their accounts.
Ravencoin was one of the proof-of-work networks miners flocked to after Ethereum transitioned to the Proof-of-Stake consensus mechanism.
The initial rush saw its hashrate increase by as much as 5-times.
Meanwhile, Ravencoin’s mining hash rate has declined since it peaked at 17.5963 TH/s on September 22.
However, the recent announcement appeared to have had a positive effect on the hashrate, increasing it from 10.03 TH/s to 11.707 TH/s, according to Coinwarz data.
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ravencoin is a digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another.