Investors disappointed in Ethereum Classic, despite its price growth on the eve of Merge

Former Ethereum miners who started mining Ethereum Classic began to revise estimates of its value growth.
The Ethereum Classic altcoin, which was showing strong growth weeks prior to the implementation of the Merge update to the Ethereum blockchain, ended up showing a marked downward correction in the last seven days, losing 25.5% of its value and falling to $25.85. At the time of Merge, ETC was worth $38.93 (Sept. 15).
Prior to Merge, the rise in ETC price was observed along with an increase in the ETC hash rate. Moreover, on the second day after Merge, September 16, this indicator rose from 58.12 to 223.32 Th/s in 24 hours. However, since that time, a significant collapse of the ETC hashrate to 160.32 Th/s is noticeable by now. Together with the decline in the price of ETC, this suggests that former Ethereum miners, who were initially very enthusiastic about mining ETC, are now reconsidering their attitude towards this digital asset, and in terms of mining, at least some of the participants are increasingly looking towards bitcoin mining.
A similar story can be seen with the digital asset Ravencoin, which also, like ETC, operates on a Proof-of-Work consensus basis. Ravencoin’s price fell 43.1% after Merge, from $0.06 to $0.032. Ravencoin’s hashrate, as with ETC, is also falling after Merge: after jumping from 9.64 to 19.57 Th/s on September 15, it has fallen to 11.22 Th/s by now.

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