Binance Pool added Ravencoin [RVN] to its checklist of supported tokens, as per the newest announcement made on 23 November. Binance Pool can be charging 1% charges for its RVN pool.
It was solely in October that the cryptocurrency alternate launched a funding pool price $500 million. This was to lend to distressed mining corporations amid a disaster within the crypto market.
ETH miners transfer to the likes of Ravencoin
As crypto platforms are transferring from PoW to PoS as a result of power considerations, the change has since confirmed to be a problem for the mining neighborhood.
As soon as Ethereum went from PoW to PoS mechanism following the Merge, numerous ETH miners took to mining tokens. These included Ravencoin [RVN], Ethereum Traditional [ETC], and Beam [BEAM].
For the reason that ETH Merge, the hashrate of RVN grew from 2.93 TH/s to 11.93 TH/s at press time. This confirmed a fourfold progress over this era.
Lending help amid trade woes
Binance, nonetheless, wasn’t the one crypto agency to launch a lending fund in current occasions. Jihan Wu, the billionaire founding father of crypto mining rig maker Bitmain, additionally set up a fund price $250 million in September. The fund can be used to purchase belongings from distressed bitcoin miners.
The identical month, DeFi software Maple Finance additionally started a lending pool price $300 million. The fund can be used to lend to mid-size bitcoin miners throughout North America and Australia.
Crypto mining corporations world wide have been struggling amid a bearish market development. The mining trade has been stricken by a path of bankruptcies as a result of rising power prices, hashrate problem, and falling token costs.
Compute North, one of many world’s largest operators of crypto-mining information facilities, filed for Chapter 11 chapter safety in September 2022. The mining agency owed $500 million to roughly 200 collectors.
Texas-based mining agency Core Scientific’s October filing with the SEC revealed that it could run out of money earlier than the tip of 2022. Moreover, Colorado-based mining agency Riot Blockchain Inc.’s income fell by over 17% throughout Q3 this yr as revealed in its current SEC submitting.
Australian mining agency Iris Power additionally defaulted on a mortgage price $107.8 million as per its newest SEC filing. Subsequently, it unplugged its gear used as collateral, dropping part of its mining capability.
If the crypto market additional dips, a disaster for the mining trade will be anticipated. It is because mining manufacturing stands straight proportional to Bitcoin worth.