At the time of writing, just one coin in the prime ten crypto property by market capitalization is a proof-of-work (PoW) token and out of the prime 20, there are solely three tokens that leverage a PoW consensus mechanism. Moreover, out of 50 of the largest 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.
Only 12% of the Top 50 Crypto Assets Leverage PoW — Hashpower Currently Equates to Close to 230 Exahash
With Ethereum altering from proof-of-work (PoW) to proof-of-stake (PoS), solely 12% of the prime 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 News not too long ago reported on how the prime ten would solely see one PoW asset stay and at the time of writing, that’s bitcoin (BTC). Dogecoin (DOGE) was a prime ten contender only in the near past, however the meme token’s market cap has been pushed all the way down to the eleventh place.
That leaves ethereum basic (ETC) as the third PoW coin in the prime 20 standings at the 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 in the prime 50. Roughly 0.000469 EH/s or 469 TH/s is devoted to the Litecoin chain at the 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 prime 50 crypto property by market cap is bitcoin money (BCH).
Bitcoin Cash 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. While BTC’s market valuation instructions 37.7% of the whole crypto economic system’s web worth, out of each PoW coin in existence, BTC equates to 94% of the PoW coin economic system’s USD worth.
Eight years in the past, PoW crypto property dominated the pack of prime valuations, and now there are solely six PoW crypto property in the prime 50. It might be attention-grabbing to see what the pattern seems to be like in one other eight years, and whether or not or not PoW dominance continues to slip.
What do you concentrate on the proven fact that solely six cash out of the prime 50 largest crypto capitalizations are proof-of-work cash? Let us know what you concentrate on this topic in the feedback part beneath.
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