Recent bitcoin hash rates are consistently 300 exahashes per second (EH/s) as multiple mining pools devote significant hashing power to the bitcoin blockchain today above the world’s highest hash rate of 300 exahashes per second (EH/s). Interestingly, some of the world’s top bitcoin mining pools are using their hash rates to merge mine other coins, and these networks are benefiting from bitcoin’s rising hash rates.
How Bitcoin’s hash rate benefits other crypto networks
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While Bitcoin’s hash rate keeps the network secure and provides rewards to miners who participate in the system, mining pools also dedicate computing power to networks such as Namecoin, Elastos, Emercoin, and Vcash. For example, Namecoin’s hash rate is about187EH/stoday, some of Bitcoin’s top mining pools are merge mining the network to earn namecoin (NMC) rewards.
Merge mining is a process that allows miners to mine various cryptocurrencies simultaneously at no additional cost. Merge mining is similar to someone playing Pac-Man and Asteroids at the same time, using the same joystick to earn rewards for both games.Namecoin, which shares the same SHA256 algorithm as Bitcoin, is the first cryptocurrency to be merge mined project, and the first merge-mined block on the network was mined on September 19, 2011.
Bitcoin pools that dedicate hash rates to the Namecoin chain include F2pool, Viabtc, Poolin, and Mining Dutch F2pool is the fourth largest bitcoin mining pool in the past three days, with 44EH/s Viabtc dedicates 26.25 EH/s to the Namecoin chain, and Poolin likewise directs 5.10 EH/s to Namecoin. At the time of writing, one Namecoin (NMC) is worth$1.24 per unitand 12.5 NMC plus fees are distributed with each block reward.
Namecoin has the second largest hash rate among SHA256 blockchains, while the Emercoin (EMC) network is third largest underBTCand NMC. EMC is a network has a specialized 93.38EH/s and Mining Dutch and Viabtc are the top miners for this coin; Viabtc is; the fifth largest mining pool with a hash rate of BTCis devoted to EMC with 26.76EH/s. The EmmaCoin network utilizes a hybrid proof-of-work (PoW) and proof-of-stake (PoS) agreement mechanism. Currently, oneEmma Coin (EMC) trades at $0.0088 per coin.
Meanwhile, Viabtc dedicates the same amount of hash rate to the Syscoin (SYS) network, a hybrid PoW and PoS blockchain. Today, oneSYStrades for $0.167 against the U.S. dollar.In addition to the aforementioned PoW cryptocurrencies that utilize the SHA256 consensus algorithm, miners have dedicated networks such as Xaya, Veil, Hathor, Elastos, and Vcash dedicated to hash rates. Older cryptocurrency networks like Terracoin (TRC) and Unobtanium (UNO) also see a small fraction of SHA256 hashrates.
F2pool dedicates. 44.32 EH/sto Vcash, but this coin’s native asset has no value listed on any of the top-tier coin market aggregation sites. elastos exceeds. 100 exhashdedicated to this chain, and top mining pools such as Antpool, F2pool, Viabtc, and Mining Dutch have dedicated hash rates to the Elastos network. Currentstatisticsshow that an additional 100 exahashes per second are also dedicated to the RSK smart contract network.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Tari Labs University, miningpoolstats.stream.
