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How is the computing power of each poW public chain one month after the Ether merger?

How is the computing power of each poW public chain one month after the Ether merger?

A month ago, the successful merger of Ether started its brand new era and Ether miners became a historic term, along with the smoke and mirrors of its $5 billion miner market and massive 850TH/S hashrate. The good thing is that the merger is a definite event, so that ethereum miners have enough time to make their own choice, some are actively looking for the next subject, some are waiting and watching in the bear market, and some choose to quit completely at the moment of the end of the ETH POW era. One month after the merger, we will glance at the migration landing point of the miner group through the change of the arithmetic power of each public chain to see who is the biggest ethereum hashrate migration landing place? What changes hashrate has undergone after the migration?

In the past, ethereum mining used Ethash algorithm, because Ethash has a certain resistance to ASIC, so ethereum miners did not form large-scale professional ASIC miners like bitcoin miners, in hashrate, ethereum graphics miners are 2 orders of magnitude worse than ASIC miners, and it is this difference that makes ethereum graphics miners unable to compete with BTC, BCH and other public chain ASIC miners. BCH and other public chains on ASIC professional miners to compete.

Therefore, at present, there are not many POW public chains that can undertake Ethernet hashrate, mainly concentrated in ETC, ETHW, Ravencoin, ERG and some other small and medium-sized public chains.

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Major POW public chains in the current market Data source: f2pool

Introduction: Ether Classic, the public chain forked out because of The DAO hack, is also the biggest split in the Ether community. Although ETC inherits the initial geek spirit of Ether, it gradually falls behind in the subsequent development, and the ecological development cannot compete with the current ETH and other L1. From the hashrate growth in the chart below, we can see that three days before the Ether merger, a huge amount of hashrate started to pour in, rising from the initial 55.67TH/S to 234.35TH/S, an increase of nearly four times, which is the most important destination for the migration of Ether hashrate.

Current hashrate: 146.93TH/S hashrate growth (decrease): After the merger, hashrate grew up to 178.68TH/S (based on September 1, the same below), an increase of 320.9%, after which hashrate gradually declined and stabilized at around 150TH/S. The percentage of the original Ether hashrate is about 21.0% (based on the maximum increase of hashrate, the same below), which is the largest percentage among the following Ether hashrate migration targets.

2

ETC Calculus Change Data Source: 2miners

Introduction: As a fork chain of the original Ether, ETH POW inherits the consensus mechanism of POW and modifies the setting of difficulty bomb, so that the original Ether miners can directly migrate over for mining. ETH POS is not yet a threat to ETH POS, but it has also taken over part of the hashrate of the original Ether (about 4.32%).

Current arithmetic power: 36.79TH/S hashrate increase (decrease): Compared with the initial arithmetic power of 68.17TH/S, the current hashrate of the whole network has decreased by 31.38TH/S, a decrease of 46%. The proportion of the original Ethernet arithmetic power is taken over: about 4.32%.

3

ETHW Algorithm Power Change Data Source: 2miners

Introduction: Ravencoin is a blockchain platform mainly for Token asset trading, which came in September 2017 by forking Bitcoin. Since the merger with Ether in early September, Ravencoin’s price has risen nearly twofold, after which, along with the decline in Token prices, the arithmetic power has also declined, and is currently floating around 15TH/S.

  Current arithmetic power: 14.9TH/S Arithmetic power growth (decrease): During the merger, arithmetic power rose from 2.6TH/S at the beginning of September to a maximum of 20.16TH/S, with a maximum increase of 675.3%. The proportion of the original Ether calculating power: about 2.06%.

4

Ravencoin hashrate changes Data source: 2miners

Introduction: Ergo is a smart contract platform based on the Autolykos consensus mechanism (a type of POW), with various scripting languages and zero-knowledge proofs at its core, supporting a variety of new financial interaction models.

Current hashrate: 58.8TH/S

hashrate growth (decrease): During the merger, hashrate rose from an initial 15.23TH/S to a maximum of 175.11TH/S, a tenfold increase. In the following half month, hashrate was moved out massively and once fell to 20.23TH/S, almost wiping out the previous increase, and now hashrate is stable at around 50TH/S. The proportion of hosting original Ether hashrate: about 18.8% according to the maximum calculation.

5

Ergo hashrate changes Data source: 2miners

Introduction: Conflux is a home-grown public chain, which achieves further development in transaction throughput (TPS) and confirmation time through a consensus algorithm of tree diagram structure. As early as August 10, Conflux had launched a community proposal to change its PoW mining algorithm to Ethash to make it easier for ethereum miners to switch to Conflux.

Current hashrate: 2.97TH/S hashrate growth (decrease): from 1.03TH/S before the merger to 3.29TH/S after the merger, an increase of 329%, the current hashrate is stable around 2.8TH/S, there is no obvious hashrate flight phenomenon after the merger, which is also different from other projects This is also different from other projects. Take over the original ethereum hashrate percentage: 0.26%

6

conflux hashrate change Data source: minerstat

In addition to the major arithmetic migration projects mentioned above, there are also many small public chains that have seen varying degrees of network hashrate spikes after the huge influx of Ether hashrate, for example: Neoxa hashrate has gone up by nearly 6x, Flux (Zelcash) hashrate has gone up by a maximum of 4.3x, Firo has gone up by nearly 10x, and Bitcoin Gode hashrate has gone up by 4.4x. Bitcoin Gode hashrate increased 4.4 times, but because the ecological and community effects of these public chains are very weak, although the growth is large, the ethereum hashrate undertaken only accounts for a very small part, which is basically negligible.

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By looking at the changes in the hashrate graphs of the above public chains, we can summarize the following conclusions.

1-3 days before the Ether merger, hashrate on Ether fled massively and started to look for new miningable targets, and created the peak of hashrate on each of the above public chains on the day of the merger.

Basically, within 3-5 days after the merger, the hashrate of the above-mentioned public chains started to flee again, which also shows that the sustainability of mining of these small coins is not friendly, and neither ETC nor ETHW can reach the sustainable mining revenue on the original Ether.

Within 3-5 days after the merger, the market started to move downwards, and the coin prices of the above projects showed a similar trend to hashrate, which further argues that the coin prices will determine the change of hashrate.

If the hashrate added by the above-mentioned public chains from September 1 to October 15 is aggregated, it can be roughly estimated that the hashrate flowing out from Ether is about 250TH/S, accounting for 29% of the original hashrate of Ether, which means about 60% of the Ether hashrate has withdrawn from the mining market or is still in the wait-and-see stage. As a representative of graphics card mining, the withdrawal of such large computing power of Ether will naturally affect the graphics card market. According to Northeast Securities (6.700, -0.08, -1.18%) estimates, 17 million 3060-class cards or 42 million 1060-class cards have been used for mining (mainly for Ether) in the past, that is to say, 60% of the withdrawal of Ether hashrate, which brings about the dumping pressure of graphics cards at the level of ten million, overlapping with the bear market and the reduction of demand in the general environment, this The downward cycle of the graphics card market may be very long.

At present, along with the large-scale application of POS, there are fewer and fewer targets supporting physical mining machines for mining, coupled with the increase of DAPP application scenarios, public chains under the POW mechanism may be more difficult in the future ecological competition due to the lack of performance, and if BTC is excluded, the future mining machine market may further shrink.


Post time: Oct-19-2022