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

At 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. Moreover, 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.

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 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 News 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 in the near past, however the meme token’s market cap has been pushed right down to the eleventh place.

That leaves ethereum classic (ETC) because the third PoW coin within the high 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 high 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 ultimate PoW coin out of the highest 50 crypto belongings by market cap is bitcoin cash (BCH).

Bitcoin Cash 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. While BTC’s market valuation instructions 37.7% of your complete 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 belongings dominated the pack of high valuations, and now there are solely six PoW crypto belongings within the high 50. It will probably 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.

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