Jimmy Aki
Despite impressive developments in the crypto market, inflation rocked most stock indexes to close the week, and crypto prices soon followed suit as their correlation with the traditional stock market continued.
However, amid the current downturn, investors still have opportunities for profitability among several assets. Ethereum Classic (ETC), Ravencoin (RVN), and Ergo (ERG) are three such coins. They all come with interesting use cases, and an influx of miners to their blockchains could provide the catalyst for sustained gains in the long term.
ETC, RVN, and ERG: PoW Chains See Miner Influxes
The Ethereum Merge marks the transition of the Ethereum blockchain from proof-of-work (PoW) to proof-of-stake (PoS) (PoS). The PoW mining algorithm consumes a lot of resources, and blockchain mining has already been identified as a significant contributor to climate change. With the transition, the Ethereum blockchain could reduce its carbon footprint by up to 99.9%.
This also provides an opportunity for the blockchain to grow in size. With the Merge, the blockchain now supports sharding, which is expected to increase its throughput from 30 to 100,000 transactions per second.
However, the Merge introduces a significant problem: what should miners do now? Miners on the Ethereum blockchain will be replaced by validators, who will stake their coins to provide liquidity and support to the blockchain. With miners becoming essentially obsolete on the blockchain, Ethereum may no longer be a suitable home for them.
This means that miners will have to find new places to mine. And it appears that they are now focusing on Ethereum Classic, Ravencoin, and Ergo. All three blockchains still use the PoW mining algorithm, and their mining structures are very similar to Ethereum’s.
These three blockchains’ hashrates have skyrocketed since the Merge. According to data, the Ethereum Classic blockchain’s hashrate has increased to 158.3 terahashes per second (TH/s). Ravencoin reached 15.9 TH/s, up from 8.9 TH/s the previous day. Ergo’s hashrate increased by more than 100% in the same period, from 22 TH/s to around 7 TH/s.
Will These Coins See Surges?
An influx of miners undoubtedly benefits ETH, RVN, and ERG.
The three assets have fared poorly in the market downturn; ETH has lost all of its gains this year, while RVN is down 61%. As for ESG, the coin has slumped by 62% this year.
More people willing to mine on the networks may raise the difficulty of mining, reducing their circulating supply over time. This presents an investment opportunity for many investors when the market turns bullish, whenever that may be.
Looking for Easy Income? Try TAMA
Tamadoge (TAMA) presents an opportunity for investors looking for coins that may see a post-Merge surge. The asset, which is linked to the Tamadoge gaming universe, is the biggest thing in blockchain gaming right now.
As an ERC-20 token, TAMA is expected to benefit significantly from the Merge. Transactions should be less expensive and more rapid, making it easier for investors to buy and sell. Even though the coin is still in pre-sale, its developers have already raised $17 million.
ANOTHER MILESTONE ACHIEVED BY THE #TAMADOGEARMY
WE HAVE NOW RAISED $17 MILLION DOLLARS
⏰ THIS IS THE LAST PHASE AND WE ARE SELLING OUT FAST! DON'T MISS OUT ⏰
GRAB SOME $TAMA NOW AT https://t.co/8e6aPKHPwa pic.twitter.com/7VIrcRzLDy
— TAMADOGE (@Tamadogecoin) September 16, 2022
The Tamadoge game’s final version is expected to be released in Q4 2022, after which the coin will be available for purchase on centralized exchanges. Analysts believe that it has already gained 200% on its presale price and that this is just the beginning.
Relevant Searches
- Ethereum Classic Price Poised to Surge After Open Interest Hits All Time High
- Ravencoin Crypto Price Prediction – Will RVN Coin Reach $0.076?
- Is Ethereum Merge Going to Push More People Towards Mining Bitcoin?
Tamadoge - The Play to Earn Dogecoin
- '10x - 50x Potential' - CNBC Report
- Deflationary, Low Supply - 2 Billion
- Listed on OKX, Bitmart, LBank, MEXC, Uniswap
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets - Potential for Mass Adoption
This article was written for Business 2 Community by Jimmy Aki.
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