May 28, 2023

At the time of writing, only one in the top ten crypto assets by market capitalization is a Proof of Work (PoW) token and only three out of the top 20 are tokens that take advantage of the PoW consensus mechanism. Furthermore, based on valuations, only six of the 50 largest crypto coins use PoW and all of them have about 230 exhash per second (EH/s) hashpower combined.

Top 50 Crypto Assets Leverage Only 12% Of PoW – Hashpower Currently Close To 230 Exhash

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With Ethereum switching from Proof-of-Work (PoW) to Proof-of-Stake (PoS), only 12% of the top 50 coins now take advantage of PoW. Six crypto asset networks use PoW consensus mechanisms such as SHA256 or Scrypt to verify transactions and mint new coins. News recently reported how only one PoW asset would remain in the top ten and at the time of writing, that is bitcoin (btc), Dogecoin (DOGE) Recently there was a top ten contender, but the market cap of the mem token has been pushed to the 11th spot.

PoW dominance net - only 6 crypto assets out of top 50 market cap use proof-of-work
Only six coins out of the top 50 largest market cap are PoW crypto assets.

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He leaves Ethereum Classic (ETC) Today as the third PoW coin in the top 20 standings. Doge has a hash rate of about 429 terahash per second (TH/s) or 0.00042994 EH/s. e.t.c Even less, with 0.00022551 EH/s, which is equivalent to 225 TH/s hashpower. Following e.t.c Is Litecoin (LTC), Which is the fourth ranked PoW coin in the top 50. Roughly 0.000469 EH/s or 469 TH/s is devoted to the Litecoin chain today. Back LTC Is Monero (XMR) With a hash rate of 2.71 gigahashes per second (GH/s). PoW Coin is the last and last of the top 50 crypto assets by market cap Bitcoin Cash (BCH),

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bitcoin cash is currently 1.28 u/s of hashpower dedicated to BCH Blockchain. bitcoin (B T c) has 228 EH/s, and among all six PoW networks, there are approximately 230 EH/s hashpower securing all six chains. whereas B T cIts market valuation is 37.7% of the net worth of the entire crypto economy, out of every PoW coin in existence, B T c The PoW coin is equivalent to 94% of the USD value of the economy.

Eight years ago, PoW crypto assets dominated the pack of top valuations, and now there are only six PoW crypto assets in the top 50. It will be interesting to see what the trend looks like over the next eight years, and whether or not PoW dominance continues to slip.

What do you think about the fact that only six of the top 50 largest crypto capitalization coins are proof-of-work coins? Let us know what you think about this topic in the comment section below.

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