While Bitcoin’s Hashrate Remains Sky-High, Merge-Mined Crypto Asset Networks Benefit

In caller times, Bitcoin’s hashrate has been consistently supra 300 exahash per 2nd (EH/s) arsenic aggregate mining pools dedicate important hashpower to the Bitcoin blockchain today. Interestingly, immoderate of the world’s apical bitcoin mining pools are besides utilizing their hashrate to merge-mine different coins, and these networks person benefited from bitcoin’s accrued hashrate.

How Bitcoin’s Hashrate Benefits Other Crypto Networks

Bitcoin’s hashrate secures the web and provides rewards for miners participating successful the system, but mining pools besides dedicate computational powerfulness to networks similar Namecoin, Elastos, Emercoin, and Vcash. For example, Namecoin has a hashrate of astir 187 EH/s today, and immoderate of the apical bitcoin mining pools merge-mine the web to get namecoin (NMC) rewards.

Merge mining is simply a process successful which miners tin excavation assorted cryptocurrencies astatine the aforesaid clip without immoderate further cost. Merged mining is akin to a idiosyncratic playing Pac-Man and Asteroids astatine the aforesaid time, utilizing the aforesaid joystick and earning rewards for some games. Namecoin was the archetypal cryptocurrency task to beryllium merge-mined, arsenic it shares the aforesaid SHA256 algorithm arsenic Bitcoin, and the archetypal merge-mined artifact connected the web was mined connected Sept. 19, 2011.

A ocular of however merge-mining works created by Tari Labs University. In elemental terms, an ASIC mining rig executes the merge-mining process by performing the aforesaid hash calculation for some blockchains. The crypto miner builds a artifact for some blockchains and assigns enactment units based connected this artifact to different miners. If a miner solves a artifact astatine either oregon some trouble levels, the completed impervious of enactment is re-assembled and submitted to the close blockchain, ensuring that each hash the miner does contributes to the full hashrate of some currencies.

Bitcoin pools that dedicate hashrate to the Namecoin concatenation see F2pool, Viabtc, Poolin, and Mining Dutch. While F2pool is the 4th largest bitcoin mining excavation implicit the past 3 days, it’s the largest namecoin miner arsenic it dedicates its full 44 EH/s to the Namecoin network. Viabtc dedicates 26.25 EH/s to the Namecoin chain, and Poolin points 5.10 EH/s toward Namecoin arsenic well. At the clip of writing, a azygous namecoin (NMC) is worthy $1.24 per unit and 12.5 NMC positive fees are distributed successful each artifact reward.

Namecoin has the second-largest hashrate among SHA256 blockchains, but the Emercoin (EMC) web is the third-largest nether BTC and NMC. EMC has 93.38 EH/s dedicated to the network, and Mining Dutch and Viabtc are the apical miners for the coin. Viabtc, which is BTC’s fifth-largest mining excavation by hashrate, besides dedicates 26.76 EH/s to EMC. The Emercoin web leverages a hybrid proof-of-work (PoW) and proof-of-stake (PoS) statement mechanism. A azygous emercoin (EMC) is presently changing hands for $0.0088 per coin.

Meanwhile, Viabtc dedicates the aforesaid magnitude of hashrate to the Syscoin (SYS) network, different hybrid PoW and PoS blockchain. Today, a azygous SYS trades for $0.167 against the U.S. dollar. In summation to the aforementioned PoW cryptocurrencies that leverage the SHA256 statement algorithm, miners are besides dedicating hashrate to networks specified arsenic Xaya, Veil, Hathor, Elastos, and Vcash. Older cryptocurrency networks similar Terracoin (TRC) and Unobtanium (UNO) besides spot a tiny fraction of SHA256 hashrate.

F2pool dedicates 44.32 EH/s to Vcash, but the coin’s autochthonal plus has nary listed worth connected immoderate of the apical coin marketplace aggregation sites. Elastos has implicit 100 exahash dedicated to the chain, and apical mining pools similar Antpool, F2pool, Viabtc, and Mining Dutch are dedicating hashrate to the Elastos network. Current statistics further amusement that 100 exahash per 2nd is besides dedicated to the RSK astute declaration network.

What bash you deliberation the aboriginal holds for merge mining and the relationships betwixt antithetic blockchain networks? Share your thoughts successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Tari Labs University, miningpoolstats.stream

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