Massive PoW blockchains are suffering from the aftermath of the ASIC and GPU exodus

While most people have turned their attention to the bitcoin mining raids in China and the recent massive drop in the bitcoin hashrate, many other digital assets have seen a significant drop in hashrate as well. Some of the largest cryptocurrencies by market valuation have lost a lot of hash power in the past few days.

PoW chains bear the brunt of the ASIC and GPU exodus

The data shows that the BTC hashrate fell significantly on Monday (June 28th), but intraday statistics are unreliable as they will change more over the next 5 to 7 days.

It is estimated that BTC’s intraday hashrate is down more than 35%, but that metric could be different by the end of next week. People focus a lot on the BTC chain’s hashrate, but no one pays attention to the large amount of other Proof-of-Work (PoW) blockchains that are also losing significant hashrate.

Bitcoin hash rate June 29th | Source: Coin black

For example, on Sunday (June 27), Monero’s hashrate was 2,580 megahash per second (MH / s) or 2.58 gigahash per second (GH / s). June 29th, after statistical, the hashrate of XMR dropped to 2.4 GH / s and lost 8% of the hashrate in one day.

Hash rate Monero June 29th | Source: Coin black

in addition, hashrate The Bitcoin Cash chain hit over 2.5 exahash per second (EH / s) in the first week of June, but dropped to just 1.15 EH / s on June 22nd. The BCH hash has since recovered, hovering around 2.3 EH / s at the time of going to press.

On Saturday (June 26), Litecoin’s hashrate was around 218 terahash per second (TH / s) and dropped to 145 TH / s on Monday. LTC’s hashrate recovered to 197 TH / s but is still down 9.63%. since Saturday.

Litecoin hashrate on June 29th | Source: Coin black

Dash hit 6 petahashes per second (PH / s) on Sunday afternoon. But on Monday, the Dash hashrate fell 34.5% that day to 3.93 PH / s. In addition, the hashrate is also falling in the Ethereum blockchain, Ethereum Classic, Zcash and many other PoW chains.

Some view blockchains like Dash’s consensus mechanism as modifications of the Proof-of-Stake (PoS) and PoW algorithms, as the chain uses LLMQ-based masternodes and chainlocks. The Ethereum chain is also in the process of fully migrating to PoS, but is currently still using it in conjunction with PoW.

Ethereum hashrate on June 29th | Source: Coin black

Although it’s the same PoW-based operation, these coins use different consensus algorithms. In other words, they use mining devices that have different application specific integrated circuits (ASICs) and graphics processing units (GPUs).

Bitcoin, Bitcoin Cash and Bitcoin SV all use the same SHA256 algorithm, but there are many other PoW algorithms such as Scrypt (Dogecoin, Litecoin), Randomx (Monero), Ethash (Ethereum), Blake (Decred), X11 (Dash) and Equihash (Zcash). Since China initiated crackdown, every coin has felt the pressure of the massive exodus of ASIC and GPU with a hashrate beat.

Minh Anh

According to News Bitcoin

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