Binance Pool added Ravencoin [RVN] to its checklist of supported tokens, as per the most recent announcement made on 23 November. Binance Pool shall be charging 1% charges for its RVN pool.
It was solely in October that the cryptocurrency alternate launched a funding pool value $500 million. This was to lend to distressed mining firms amid a disaster within the crypto market.
ETH miners transfer to the likes of Ravencoin
As crypto platforms are shifting from PoW to PoS as a result of vitality considerations, the change has since confirmed to be a problem for the mining group.
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].
Because the ETH Merge, the hashrate of RVN grew from 2.93 TH/s to 11.93 TH/s at press time. This confirmed a fourfold development over this era.
Lending assist amid trade woes
Binance, nonetheless, wasn’t the one crypto agency to launch a lending fund in latest instances. Jihan Wu, the billionaire founding father of crypto mining rig maker Bitmain, additionally set up a fund value $250 million in September. The fund shall be used to purchase belongings from distressed bitcoin miners.
The identical month, DeFi software Maple Finance additionally started a lending pool value $300 million. The fund shall be used to lend to mid-size bitcoin miners throughout North America and Australia.
Crypto mining corporations around the globe have been struggling amid a bearish market pattern. The mining trade has been affected by a path of bankruptcies as a result of rising vitality prices, hashrate problem, and falling token costs.
Compute North, one of many world’s largest operators of crypto-mining knowledge 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 might run out of money earlier than the top of 2022. Moreover, Colorado-based mining agency Riot Blockchain Inc.’s income fell by over 17% throughout Q3 this 12 months as revealed in its latest SEC submitting.
Australian mining agency Iris Vitality additionally defaulted on a mortgage value $107.8 million as per its newest SEC filing. Subsequently, it unplugged its tools used as collateral, shedding part of its mining capability.
If the crypto market additional dips, a disaster for the mining trade might be anticipated. It’s because mining manufacturing stands immediately proportional to Bitcoin worth.