Ethereum miners after Merge are switching to other blockchains en masse. This has caused an explosive growth in hash rates in Ravencoin (RVN) and Ergo (ERG) networks.
Ethereum mining after Proof of Stake migrates en masse
On September 15, the entire Ethereum mainnet migrated from the energy-consuming Proof-of-Work (PoW) mechanism to the Proof-of-Stake (PoS) algorithm as part of the long-awaited Merge update. Ethereum mining after Proof of Stake lost its previous profits and had to migrate as well – to other PoW-based blockchains.
As a consequence, hash rates on the Ravencoin (RVN) and Ergo (ERG) networks increased dramatically. For example, the hash rate on the Ravencoin blockchain has more than doubled. Just two days ago, it was less than 10 terraches/second, and now it exceeds 17 terraches/second. On the Ergo network, the same indicator on Wednesdaywas 35.32 terraches/second, and now it has increased above 200 terraches/second.
Meanwhile, the rates of native coins of these projects show high volatility. RVN has lost about 15% in the last 24 hours at the time of writing, but before that it showed a spike when new miners initially switched to the network. The same situation occurred with ERG – a price spike followed by an intraday decline of about 5%.
Ethereum miners after Merge increased the hash rate of Ethereum Classic (ETC) also soared to 222.5 hashes per second. The figure is up 200+% from its September 13 value. Ethereum Classic is the original version of Ethereum, which was formed because of a fork back in 2016 and has been running on PoW all this time.
What will happen to Ethereum miners? Leading mining pools have launched ETHW mining
A lot of major mining pools have announced support for Ethereum’s PoW fork, EthereumPoW (ETHW). The appearance of the ETHW mining pool was announced by f2pool, as well as Poolin, and Antpool. At the moment, the leader in this segment is f2pool – it accounts for more than 40; of the total ETHW hashrate. Second and third places go to Woolypooly and 2miners (17.3% and 13.3% respectively).
Earlier we reported that the ECB has added Amazon to the list of blockchain developers for digital euros.
Cryptocurrencies have overtaken traditional assets regarding profits. How to take profits from cryptocurrency?
Investments in cryptocurrencies in the third quarter paid off many times more than in precious metals or U.S. indices. Kaiko analysts report this in their newsletter. How to take profits from cryptocurrency?
Despite the strong volatility, most of the cryptocurrency market surpassed other traditional assets in the III quarter, although in the II quarter, the market had double-digit losses. However, analysts point out that the growth of individual items on the list was solely due to some altcoins.
For example, the DeFi token basket (which includes altcoins MKR, IDO, AAVE, COMP, CVX) grew 60% thanks to the LDO token, which jumped from $0.6 to $3 during the quarter. How to lock in profits cryptocurrency?
The cryptocurrency ether (ETH), despite a sharp pullback after the Ethereum update, also managed to close Q3 with a growth of more than 20%. Bitcoin (BTC), on the other hand, closed the quarter with a slight decline due to falling global risk sentiment, Kaiko said. The only successful asset in both Q2 and Q3 was the U.S. dollar index (DYX). Demand for saving assets fueled the index’s performance in both quarters.
The RSI indicator on the monthly chart for bitcoin promises a market bottom soon. Wave analysis promises another declining low and only then a reversal. The current price dynamics are very similar to the situation in 2015, as the price bounced both times from the candles of the previous historical high.
The current period is the shortest, so even if bitcoin were to reverse, the RSI would probably take more than one month to recover again. Also, in 2015 and 2019, the RSI fumbled for a bottom in 62 days and 91 days, respectively. The current RSI bottom was reached after 61 days.
Previously, we reported that the bear market in the cryptocurrency and financial world continues.
The U.S. Treasury Department considers cryptocurrency a threat to central banks and the financial system
The formation of cryptocurrency rates, mainly due to market speculation, which may threaten the financial stability of the U.S. economy. This is the opinion of the U.S. Treasury Department; The Hill found out. Therefore, cryptocurrency threatens central banks.
According to the Ministry, the cryptocurrency market will pose a threat to the U.S. economy and a cryptocurrency threat to national security. If cryptocurrency increases its interaction with the traditional financial system, it could end badly. The ministry has prepared a report for U.S. lawmakers, which called for increased oversight of the market. At the same time, the U.S. Treasury admits that so far the cryptocurrency market’s connection to the traditional financial system is “relatively limited.”
In August, the U.S. introduced a bipartisan bill to regulate the cryptocurrency market. According to its details, U.S. cryptocurrency traders are required to register with the Commodity Futures Trading Commission (CFTC).
The bill requires cryptocurrency exchanges to cross out or disclose conflicts of interest, maintain a reserve balance, and have a proper customer data protection program. For now, however, U.S. lawmakers are concerned about the U.S. House of Representatives elections, which will be held on November 8, 2022. Until then, U.S. authorities are unlikely to take concrete steps on the crypto market.
The White House is pushing for Congress to speed up the issue of cryptocurrency oversight. The U.S. Financial Stability Oversight Council urged policymakers to come to an agreement on the issue of cryptocurrency market regulation as soon as possible. The council suggests forming an interagency collaboration to close existing loopholes that allow shadowy crypto businesses to flourish.
Earlier we reported about what happened in the world of cryptocurrencies on October 4.
Mastercard will start fighting cryptocurrency fraud. Mastercard accepts cryptocurrency is out of the question so far
International payment system Mastercard has developed a new system that will help banks identify and block “dirty” transactions. CNBC wrote about it referring to the company. Soon we’ll see the Mastercard cryptocurrency card.
The system, dubbed Crypto Secure, uses “sophisticated” artificial intelligence algorithms to determine risk on cryptocurrency exchanges. The system relies on data from the blockchain, publicly available transaction records, and other sources, the publication writes. There is a possibility that this is a preparation before the event when Mastercard will start accepting cryptocurrency.
The development is supported by analytics firm CipherTrace, which Mastercard absorbed in 2021. With Mastercard’s solution, financial institutions and credit card issuers will be able to assess the risks of contact with a cryptocurrency business. CNBC notes that Mastercard has long used similar technology to prevent fraud in transactions with traditional money.
Earlier, Chainalysis analysts found that the volume of fraudulent schemes in the cryptocurrency market has decreased by 15% since the beginning of 2022. Compared to July 2021, fraud proceeds decreased by 65% to $1.6 billion. According to Chainalysis, the drop in proceeds can be attributed to the overall decline in the cryptocurrency market.
The only area of the crypto market where activity is growing are hacks and hacking attacks. Attackers stole $1.9 billion in July 2022 alone, compared to $1.2 billion in July 2021. According to Chainalysis, such high amounts of revenue from hacking attacks are due to the vulnerability of many decentralized finance (DeFi) applications to new attack vectors.
According to research firm Elliptic, attackers are also using cross-chain bridges to launder money. Experts found that criminals have laundered at least $540 million through the RenBridge cross-chain bridge since the beginning of 2020.
We previously reported that WazirX has cut almost half of its staff.
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