Binance Pool added Ravencoin [RVN] to its checklist of supported tokens, as per the most recent announcement made on 23 November. Binance Pool will likely be charging 1% charges for its RVN pool.
It was solely in October that the cryptocurrency trade launched a funding pool value $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 shifting from PoW to PoS on account of vitality 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, a lot of ETH miners took to mining tokens. These included Ravencoin [RVN], Ethereum Classic [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, nevertheless, 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 value $250 million in September. The fund will likely 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 will likely be used to lend to mid-size bitcoin miners throughout North America and Australia.
Crypto mining companies all over the world have been struggling amid a bearish market pattern. The mining trade has been tormented by a path of bankruptcies on account of rising vitality 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 top 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 filing.
Australian mining agency Iris Vitality additionally defaulted on a mortgage value $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.