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

At the clip of writing, lone 1 coin successful the apical 10 crypto assets by marketplace capitalization is simply a proof-of-work (PoW) token and retired of the apical 20, determination are lone 3 tokens that leverage a PoW statement mechanism. Moreover, retired of 50 of the largest crypto coins by valuation, lone six usage PoW and retired of each of them, there’s astir 230 exahash per 2nd (EH/s) of hashpower combined.

Only 12% of the Top 50 Crypto Assets Leverage PoW — Hashpower Currently Equates to Close to 230 Exahash

With Ethereum changing from proof-of-work (PoW) to proof-of-stake (PoS), lone 12% of the apical 50 coins present leverage PoW. Six crypto plus networks usage PoW statement mechanisms similar SHA256 oregon Scrypt to verify transactions and mint caller coins. Bitcoin.com News precocious reported connected however the apical 10 would lone spot 1 PoW plus stay and astatine the clip of writing, that’s bitcoin (BTC). Dogecoin (DOGE) was a apical 10 contender conscionable recently, but the meme token’s marketplace headdress has been pushed down to the 11th position.

That leaves ethereum classical (ETC) arsenic the 3rd PoW coin successful the apical 20 standings today. Doge has astir 429 terahash per 2nd (TH/s) of hashrate oregon 0.00042994 EH/s. ETC has adjacent little 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 successful the apical 50. Roughly 0.000469 EH/s oregon 469 TH/s is dedicated to the Litecoin concatenation today. Behind LTC is monero (XMR) with 2.71 gigahash per 2nd (GH/s) of hashrate. The past and last PoW coin retired of the apical 50 crypto assets by marketplace headdress is bitcoin currency (BCH).

Bitcoin Cash presently has 1.28 EH/s of hashpower dedicated to the BCH blockchain. Bitcoin (BTC) has 228 EH/s, and betwixt each six PoW networks, there’s adjacent to 230 EH/s of hashpower securing each six chains. While BTC’s marketplace valuation commands 37.7% of the full crypto economy’s nett value, retired of each PoW coin successful existence, BTC equates to 94% of the PoW coin economy’s USD value.

Eight years ago, PoW crypto assets dominated the battalion of apical valuations, and present determination are lone six PoW crypto assets successful the apical 50. It volition beryllium absorbing to spot what the inclination looks similar successful different 8 years, and whether oregon not PoW dominance continues to slide.

What bash you deliberation astir the information that lone six coins retired of the apical 50 largest crypto capitalizations are proof-of-work coins? Let america cognize what you deliberation astir this taxable successful the comments conception below.