The PoW Dominance Purge — Only 6 Crypto Assets out of the Top 50 Market Caps Use Proof-of-Work – Mining Bitcoin News

0


On the time of writing, just one coin within the prime ten crypto belongings by market capitalization is a proof-of-work (PoW) token and out of the highest 20, there are solely three tokens that leverage a PoW consensus mechanism. Furthermore, out of fifty of the biggest crypto cash by valuation, solely six use PoW and out of all of them, there’s roughly 230 exahash per second (EH/s) of hashpower mixed.

Solely 12% of the Prime 50 Crypto Belongings Leverage PoW — Hashpower Presently Equates to Near 230 Exahash

With Ethereum altering from proof-of-work (PoW) to proof-of-stake (PoS), solely 12% of the highest 50 cash now leverage PoW. Six crypto asset networks use PoW consensus mechanisms like SHA256 or Scrypt to confirm transactions and mint new cash. Bitcoin.com Information just lately reported on how the highest ten would solely see one PoW asset stay and on the time of writing, that’s bitcoin (BTC). Dogecoin (DOGE) was a prime ten contender only recently, however the meme token’s market cap has been pushed right down to the eleventh place.

The PoW Dominance Purge — Only 6 Crypto Assets out of the Top 50 Market Caps Use Proof-of-Work
Solely six cash out of the highest 50 largest market caps are PoW crypto belongings.

That leaves ethereum traditional (ETC) because the third PoW coin within the prime 20 standings right this moment. Doge has roughly 429 terahash per second (TH/s) of hashrate or 0.00042994 EH/s. ETC has even much less with 0.00022551 EH/s, which equates to 225 TH/s of hashpower. Following ETC is litecoin (LTC), which is the fourth-ranked PoW coin within the prime 50. Roughly 0.000469 EH/s or 469 TH/s is devoted to the Litecoin chain right this moment. Behind LTC is monero (XMR) with 2.71 gigahash per second (GH/s) of hashrate. The final and remaining PoW coin out of the highest 50 crypto belongings by market cap is bitcoin money (BCH).

Bitcoin Money at present has 1.28 EH/s of hashpower devoted to the BCH blockchain. Bitcoin (BTC) has 228 EH/s, and between all six PoW networks, there’s near 230 EH/s of hashpower securing all six chains. Whereas BTC’s market valuation instructions 37.7% of your complete crypto financial system’s internet worth, out of each PoW coin in existence, BTC equates to 94% of the PoW coin financial system’s USD worth.

Eight years in the past, PoW crypto belongings dominated the pack of prime valuations, and now there are solely six PoW crypto belongings within the prime 50. Will probably be fascinating to see what the pattern appears like in one other eight years, and whether or not or not PoW dominance continues to slip.

Tags on this story

1 PoW coin, 2013, 2015, 2017, 3 stablecoins, 6 PoW Cash, Bitcoin (BTC), Blockchain, Blockchain Consensus, BTC, Doge, Dogecoin (DOGE), ETH, Ethereum, Ethereum (ETH), Ethereum The Merge, hybrid PoS cash, hybrid PoW/PoS, peercoin, PoS, PoS cash, PoW, ppc, Proof of Work, Proof-of-Stake, Sunny King, The Merge

What do you consider the truth that solely six cash out of the highest 50 largest crypto capitalizations are proof-of-work cash? Tell us what you consider this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist residing in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising right this moment.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, immediately or not directly, for any harm or loss prompted or alleged to be brought on by or in reference to using or reliance on any content material, items or companies talked about on this article.

Extra Well-liked Information

In Case You Missed It



Source link

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 19,000.28
ethereum
Ethereum (ETH) $ 1,314.99
tether
Tether (USDT) $ 0.999269
usd-coin
USD Coin (USDC) $ 0.999146
bnb
BNB (BNB) $ 270.66
xrp
XRP (XRP) $ 0.444209
binance-usd
Binance USD (BUSD) $ 0.997249
cardano
Cardano (ADA) $ 0.441608
solana
Solana (SOL) $ 32.42
dogecoin
Dogecoin (DOGE) $ 0.060355
polkadot
Polkadot (DOT) $ 6.32
shiba-inu
Shiba Inu (SHIB) $ 0.000011
dai
Dai (DAI) $ 0.999694
staked-ether
Lido Staked Ether (STETH) $ 1,312.16
matic-network
Polygon (MATIC) $ 0.734974
tron
TRON (TRX) $ 0.059128
avalanche-2
Avalanche (AVAX) $ 17.05
uniswap
Uniswap (UNI) $ 6.29
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 19,020.46
cosmos
Cosmos Hub (ATOM) $ 13.31
okb
OKB (OKB) $ 15.28
ethereum-classic
Ethereum Classic (ETC) $ 28.06
chainlink
Chainlink (LINK) $ 7.75
leo-token
LEO Token (LEO) $ 4.09
litecoin
Litecoin (LTC) $ 52.17
ftx-token
FTX (FTT) $ 23.55
near
NEAR Protocol (NEAR) $ 3.57
stellar
Stellar (XLM) $ 0.110075
crypto-com-chain
Cronos (CRO) $ 0.110920
monero
Monero (XMR) $ 143.39
algorand
Algorand (ALGO) $ 0.343026
bitcoin-cash
Bitcoin Cash (BCH) $ 113.86
terra-luna
Terra Luna Classic (LUNC) $ 0.000273
quant-network
Quant (QNT) $ 126.88
flow
Flow (FLOW) $ 1.64
apecoin
ApeCoin (APE) $ 5.37
filecoin
Filecoin (FIL) $ 5.65
vechain
VeChain (VET) $ 0.022508
internet-computer
Internet Computer (ICP) $ 6.07
chain-2
Chain (XCN) $ 0.072202
hedera-hashgraph
Hedera (HBAR) $ 0.058183
frax
Frax (FRAX) $ 0.997643
chiliz
Chiliz (CHZ) $ 0.246404
tezos
Tezos (XTZ) $ 1.44
decentraland
Decentraland (MANA) $ 0.690400
the-sandbox
The Sandbox (SAND) $ 0.839071
eos
EOS (EOS) $ 1.15
axie-infinity
Axie Infinity (AXS) $ 12.30
theta-token
Theta Network (THETA) $ 1.08
aave
Aave (AAVE) $ 75.44
Shares