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

Only one of the top ten cryptocurrency assets according to market capitalization has a PoW token. Of the top 20 tokens, there are only three that use a PoW consensus mechanism. Additionally, just six of the 50 largest crypto coins in terms of valuation use PoW, and there are roughly 230 exahash/s (EH/s), of hashpower.

Only 12% of Top 50 Crypto Assets leverage PoW — Hashpower currently Equates to close to 230 Exahash

Only 12% of top 50 coins use PoW now that Ethereum has switched from proof-of work (PoW), to proof-ofstake (PoS). Six crypto asset networks use PoW consensus mechanism like SHA256 and Scrypt to verify transactions, and create new coins. News reported recently that the top ten would see only one PoW asset remaining. At the time of writing, it was bitcoin (BTC). Dogecoin (DOGE), a top ten competitor, was recently relegated to the 11th spot.

Ethereum classic (ETC), is now the third PoW currency in the top 20 standings. Doge is estimated to have 429 terahash/second (TH/s), of hashrate, or 0.00042994EH/s. ETC is even lower with 0.00022551 EH/s. This equates to just 225 TH/s hashpower. ETC is followed by litecoin, which is the fourth-ranked PoW currency in the top 50. Today, the Litecoin chain receives approximately 0.000469 EH/s (469 TH/s). LTC is behind monero (XMR), which has 2.71 gigahash per sec (GH/s), of hashrate. Bitcoin cash (BCH) is the last PoW coin amongst the top 50 crypto assets according to market capital.

Bitcoin Cash currently has 1.28 EH/s dedicated to the BCH Blockchain. Bitcoin (BTC), has 228 EH/s. There are close to 230 EH/s between all six PoW network hashpower that secures all six chains. BTC's market value is 37.7% of all crypto economies' net value. However, BTC represents 94% of all PoW coins' USD value.

Eight years ago, PoW cryptocurrency assets dominated the top valuations. Now, there are just six PoW assets in the top fifty. It will be fascinating to see how the trend develops over the next eight years and whether PoW's dominance continues to decline.

How do you feel about the fact that six of the 50 most valuable crypto capitalizations are proof–of-work coins? Please comment below to let us know your thoughts on this topic.

By: Jamie Redman
Title: The PoW Dominance Purge — Only 6 Crypto Assets out of the Top 50 Market Caps Use Proof-of-Work
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Published Date: Fri, 16 Sep 2022 16:30:28 +0000

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