As of this writing, the proof-of work (PoW), token is the only coin that ranks among the top 10 crypto assets in terms of market capitalization. Only three of the top 20 tokens leverage the PoW consensus mechanism. Moreover, out of 50 of the largest crypto coins by valuation, only six use PoW and out of all of them, there’s roughly 230 exahash per second (EH/s) of hashpower combined.
Only 12% of the Top 50 Crypto Assets Leverage PoW — Hashpower Currently Equates to Close to 240 Exahash
Only 12% use PoW, as Ethereum switched from proof of work to proofof stake (PoW). Six crypto asset networks use PoW consensus methods like SHA256, Scrypt and Scrypt in order to confirm transactions and produce new coins. Bitcoin.com News recently reported on how the top ten would only see one PoW asset remain and at the time of writing, that’s bitcoin (BTC). Dogecoin (DOGE) was a top ten contender just recently, but the meme token’s market cap has been pushed down to the 11th position.
Ethereum classic (ETC), which is currently the third PoW-coin in the top 20, remains as such. Doge currently has 429 terahash/second (TH/s), of hashrate, or 0.00042994EH/s. ETC’s hashpower is even lower at 0.00022551 EH/s. ETC was followed by litecoin, (LTC), the fourth-ranked PoW currency in the top 50. Today, the Litecoin Chain is receiving approximately 0.000469 EH/s (469 TH/s). LTC’s main rival is monero, XMR with 2.71 gigahash every second (GH/s), of hashrate. Out of all the 50 top crypto assets, bitcoin cash (BCH), is the final PoW currency.
Bitcoin Cash currently holds 1.28 EH/s in hashpower that is dedicated to the BCH Blockchain. Bitcoin (BTC) has 238 EH/s, and between all six PoW networks, there’s close to 240 EH/s of hashpower securing all six chains. While BTC’s market valuation commands 37.7% of the entire crypto economy’s net value, out of every PoW coin in existence, BTC equates to 94% of the PoW coin economy’s USD value.
PoW cryptocurrency assets were the most valuable assets eight years ago. Today, only six PoW-related assets are in the top 50. It will be fascinating to see where the trend is in eight more years. And whether PoW continues its slide.
How do you feel about the fact only six of the 50 most valuable crypto-capitalizations in the world are proof-of work coins? Please comment below to let us know your thoughts on this topic.
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