Share this article
Binance's Crypto Mining Pool Adds Ravencoin Support
Former Ethereum miners have been drawn to alternative coins like ravencoin after they had to leave the Ethereum network post-merge.
Updated May 9, 2023, 4:03 a.m. Published Nov 23, 2022, 11:15 a.m.
Binance Pool, the crypto exchange's mining pool service, is adding to its list of supported tokens as crypto miners look for new tokens to mine since the Ethereum Merge, according to a Wednesday blog post.
In September, the Ethereum network switched its algorithm from proof-of-work (PoW) to proof-of-stake (PoS), doing away with the need for computation-heavy mining in favor of a process called validating.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Ethereum miners have since had to find new ways to make money using their graphics processing units (GPU). Tokens such as , ravencoin and have seen a big influx of former Ethereum miners looking for a new use for their GPUs. Computing power on the Ravencoin network has grown about fivefold since before Ethereum's switch to PoS, data from Coinwarz shows.
However, as miners flock to a token, a mechanism known as mining difficulty kicks in, which makes it less likely they will win rewards. Thus, the ones with less efficient machines or high costs are eventually crowded out.
Binance Pool will be charging 1% fees for its RVN pool.
In October, Binance Pool launched a $500 million fund to lend to distressed miners amid a market downturn that has seen many of them struggle to pay off their debts.
Read more: Ex-Ethereum Miners Token Hop to Stay Alive After the Merge
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Stablecoin Adoption Is ‘Exploding' — Here's Why Wall Street Is Going All-In
Alchemy co-founder and president Joe Lau said stablecoin adoption is exploding as banks, fintechs and payment platforms push beyond the USDT/USDC exchange era.
What to know:
- Stablecoin usage is quickly broadening from crypto-native exchanges into payments, payroll and treasury as companies chase 24/7, digital-native settlement, according to Alchemy Co-founder and President Joe Lau.
- Banks are pushing tokenized deposits as a regulated, bank-native alternative that delivers stablecoin-like benefits for institutional clients.
- The endgame is a two-track system — stablecoins for open, two-party settlement; deposit tokens for bank ecosystems, until scale forces convergence and competition, Lau said.
Top Stories
