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

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

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by Jamie Redman
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 fifty of the most important 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.
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 high ten contender only recently, however the meme token’s market cap has been pushed all the way down to the eleventh place.
That leaves ethereum classic (ETC) because the third PoW coin within the high 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 within the high 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 highest 50 crypto belongings by market cap is bitcoin cash (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 the whole 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 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 truth that solely six cash out of the highest 50 largest crypto capitalizations are proof-of-work cash? Tell us what you concentrate on this topic within the feedback part beneath.
Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency group 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 Information in regards to the disruptive protocols rising at the moment.

Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, companies, or firms. 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 brought about or alleged to be attributable to or in reference to using or reliance on any content material, items or companies talked about on this article.
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