Binance Pool added Ravencoin [RVN] to its listing of supported tokens, as per the newest announcement made on 23 November. Binance Pool will probably 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 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 power issues, 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, a lot of ETH miners took to mining tokens. These included Ravencoin [RVN], Ethereum Basic [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 progress over this era.
Lending assist amid business woes
Binance, nonetheless, wasn’t the one crypto agency to launch a lending fund in latest 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 probably be used to purchase belongings from distressed bitcoin miners.
The identical month, DeFi utility Maple Finance additionally started a lending pool value $300 million. The fund will probably 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 business has been suffering from a path of bankruptcies on account of rising power prices, hashrate issue, 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 Power 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 business may be anticipated. It’s because mining manufacturing stands immediately proportional to Bitcoin value.