While Bitcoin's Hashrate Remains Sky-High, Merge-Mined Crypto Asset Networks Benefit

In latest occasions, Bitcoin’s hashrate has been constantly above 300 exahash per second (EH/s) as a number of mining swimming pools dedicate vital hashpower to the Bitcoin blockchain in the present day. Interestingly, a few of the world’s prime bitcoin mining swimming pools are additionally utilizing their hashrate to merge-mine different cash, and these networks have benefited from bitcoin’s elevated hashrate.

How Bitcoin’s Hashrate Benefits Other Crypto Networks

Bitcoin’s hashrate secures the community and gives rewards for miners taking part within the system, however mining swimming pools additionally dedicate computational energy to networks like Namecoin, Elastos, Emercoin, and Vcash. For instance, Namecoin has a hashrate of round 187 EH/s in the present day, and a few of the prime bitcoin mining swimming pools merge-mine the community to amass namecoin (NMC) rewards.

Merge mining is a course of wherein miners can mine varied cryptocurrencies on the identical time with none further value. Merged mining is much like an individual taking part in Pac-Man and Asteroids on the identical time, utilizing the identical joystick and incomes rewards for each video games. Namecoin was the primary cryptocurrency mission to be merge-mined, because it shares the identical SHA256 algorithm as Bitcoin, and the primary merge-mined block on the community was mined on Sept. 19, 2011.

While Bitcoin's Hashrate Remains Sky-High, Merge-Mined Crypto Asset Networks Benefit — A visible of how merge-mining works created by Tari Labs University. In easy phrases, an ASIC mining rig executes the merge-mining course of by performing the identical hash calculation for each blockchains. The crypto miner builds a block for each blockchains and assigns work models based mostly on this block to different miners. If a miner solves a block at both or each issue ranges, the finished proof of labor is re-assembled and submitted to the right blockchain, making certain that each hash the miner does contributes to the full hashrate of each currencies.

Bitcoin swimming pools that dedicate hashrate to the Namecoin chain embrace F2pool, Viabtc, Poolin, and Mining Dutch. While F2pool is the fourth largest bitcoin mining pool during the last three days, it’s the most important namecoin miner because it dedicates its complete 44 EH/s to the Namecoin community. Viabtc dedicates 26.25 EH/s to the Namecoin chain, and Poolin factors 5.10 EH/s towards Namecoin as properly. At the time of writing, a single namecoin (NMC) is value $1.24 per unit and 12.5 NMC plus charges are distributed in every block reward.

Namecoin has the second-largest hashrate amongst SHA256 blockchains, however the Emercoin (EMC) community is the third-largest below BTC and NMC. EMC has 93.38 EH/s devoted to the community, and Mining Dutch and Viabtc are the highest miners for the coin. Viabtc, which is BTC’s fifth-largest mining pool by hashrate, additionally dedicates 26.76 EH/s to EMC. The Emercoin community leverages a hybrid proof-of-work (PoW) and proof-of-stake (PoS) consensus mechanism. A single emercoin (EMC) is at present altering palms for $0.0088 per coin.

Meanwhile, Viabtc dedicates the identical quantity of hashrate to the Syscoin (SYS) community, one other hybrid PoW and PoS blockchain. Today, a single SYS trades for $0.167 in opposition to the U.S. greenback. In addition to the aforementioned PoW cryptocurrencies that leverage the SHA256 consensus algorithm, miners are additionally dedicating hashrate to networks equivalent to Xaya, Veil, Hathor, Elastos, and Vcash. Older cryptocurrency networks like Terracoin (TRC) and Unobtanium (UNO) additionally see a small fraction of SHA256 hashrate.

F2pool dedicates 44.32 EH/s to Vcash, however the coin’s native asset has no listed worth on any of the highest coin market aggregation websites. Elastos has over 100 exahash devoted to the chain, and prime mining swimming pools like Antpool, F2pool, Viabtc, and Mining Dutch are dedicating hashrate to the Elastos community. Current statistics additional present that 100 exahash per second can be devoted to the RSK good contract community.

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Antpool, Bitcoin, Blockchain, blockchain know-how, computational energy, Cryptocurrency, Decentralized, Digital Assets, Elastos, EMC, Emercoin, F2Pool, Hashrate, Hathor, Merge Mining, Merge Mining SHA-256, Mining Pools, Mining-dutch, namecoin, Network Security, Poolin, PoS, PoW, Proof of Work, Proof-of-Stake, Rewards, RSK, SHA256, Smart Contracts, terracoin, TRC, UNO, Unobtanium, Vcash, veil, ViaBTC, Xaya

What do you suppose the longer term holds for merge mining and the relationships between totally different blockchain networks? Share your ideas within the feedback part under.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist dwelling 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 purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com News concerning the disruptive protocols rising in the present day.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Tari Labs University, miningpoolstats.stream

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