The PoW Dominance Purge — Solely 6 Crypto Belongings out of the High 50 Market Caps Use Proof-of-Work – BTC Ethereum Crypto Foreign money Weblog

On the time of writing, just one coin within the high 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 50 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 High 50 Crypto Belongings Leverage PoW — Hashpower At the moment 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 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 high ten contender only recently, however the meme token’s market cap has been pushed right down to the 11th place.

That leaves ethereum classic (ETC) because the third PoW coin within the high 20 standings at this time. 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 high 50. Roughly 0.000469 EH/s or 469 TH/s is devoted to the Litecoin chain at this time. Behind LTC is monero (XMR) with 2.71 gigahash per second (GH/s) of hashrate. The final and ultimate PoW coin out of the highest 50 crypto belongings by market cap is bitcoin cash (BCH).

Bitcoin Money presently 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 the complete crypto financial system’s web 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 high valuations, and now there are solely six PoW crypto belongings within the high 50. It is going to be attention-grabbing to see what the development seems like in one other eight years, and whether or not or not PoW dominance continues to slip.

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