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