Countless proof-of-work blockchains see significant hashrate losses – Bitcoin News mining
While the focus has been strong on the Bitcoin mining raids in China and Bitcoin’s recent hash rate loss on Monday, many other digital assets have seen significant drops in hash rates as well. Some of the largest digital currencies in terms of market valuation have lost significant dedicated hash power in the past few days.
PoW chains are feeling the wrath of the great ASIC and GPU exodus
Many crypto advocates have focused on China and Bitcoin’s hashrate (BTC) losing a large percentage of hash power. The data from Monday June 28th shows that BTC’s hashrate has dropped significantly, but the intraday stats aren’t as reliable as in five to seven days.
Estimates show that BTC’s intraday hashrate decline was over 35%, but that metric could be captured differently by the end of next week. The hashrate of the BTC chain became a major focus, but no one speaks of a large number of other blockchains that secure their networks with proof-of-work (PoW) and also lose significant hash power.
For example, on Sunday June 27, the Monero (XMR) hash rate was 2,580 megahash per second (MH / s) or 2.58 gigahash per second (GH / s). The following day, the hashrate of XMR slipped to 2.36 GH / s and lost 8.52% of the intraday hashrate.
The hashrate in the Bitcoin Cash (BCH) chain was over 2.5 exahash per second (EH / s) in the first week of June. Still, it fell to a low of 1.15 EH / s on June 22nd. BCH hash has jumped back a bit and is hovering just below the 2 EH / s region at the time of writing.
On Saturday, June 26th, Litecoin (LTC) hash rate was around 218 terahash per second (TH / s) and slipped to a low of 145 TH / s on Monday morning (EDT). LTC’s hashrate is back up to 197 TH / s, but it’s still down 9.63% since Saturday.
Dash had 6 petahashes per second (PH / s) on Sunday afternoon, but by Monday the DASH hash rate was down 34.5% intraday to 3.93 PH / s. Hashrate has fallen on the Ethereum (ETH) Blockchain, Ethereum Classic (ETC), Zcash (ZEC) and many other PoW chains.
Some view blockchains like Dash’s consensus mechanism as a modification of the Proof-of-Stake (PoS) and PoW algorithm, as the chain also uses masternodes and LLMQ-based chainlocks. The Ethereum chain is also in the middle of transitioning to a full PoS chain, but is currently also using a mix of PoW.
Although these coins use PoW, they use different consensus algorithms, which means that various application specific integrated circuits (ASIC) and graphics processor controlled machines (GPU) are required to mine these coins.
BTC, BCH and BSV all share the same SHA256 algorithm, but there are many other PoW algorithms such as Scrypt (dogecoin, litecoin), Randomx (XMR), Ethash (ETH), Blake (DCR), X11 (DASH) and Equihash (ZEC). Since the raids in China, every coin with a hashrate pulse has felt the pressure of the great ASIC and GPU exodus.
What do you think of all of the crypto asset networks that lost a sizeable hashrate in June? Let us know what you think on this matter in the comments below.
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source https://bidsfor.me/countless-proof-of-work-blockchains-see-significant-hashrate-losses-bitcoin-news-mining/
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