Dash holds strong since other top payment cryptocurrencies including Bitcoin SV, Bitcoin Cash and Litecoin face future mining profitability issues and have their hashrates decreased in comparison to Dash as we are reading further in the altcoin news today.
According to the mining data that was gathered a few days ago, multiple cryptocurrencies pull very small revenue from the network transaction fees calling into question the future viability and profitability of securing the networks. Last week, the total fees generated by the entire LTC network over the course of a day reached $453.77. Bitcoin Cash and Bitcoin SV generated about $103.91 and $79.94 respectively. This contrasts with Bitcoin mostly which receives a much bigger portion of the mining revenue from the fees over the same day.
The miners in proof-of-work cryptocurrencies are compensated by fees and in part by supply emission of new coins created. Over a longer period, the emission by various networks tends to reduce. But in this scenario, however, the hope is that the network will generate enough usage so that the fees are enough to compensate the miners to sustain a robust hashrate in order to sustain the network from attacks. The emission of new coins to miners should be enough to provide revenue to support a robust enough hashrate for a secure network.
For the top cryptocurrencies mentioned above, the transaction counts and respective revenue has not been enough to add significant miner interest. The network hashrate for these networks have stagnated and declined over the previous year. According to the data from BitInfoCharts, Litecoin’s hashrate has decreased dramatically from the all-time high of $523.81 terahashes in July to 231.45 which is a decline of more than 50 percent. This is also much lower than the network’s hashrate one year ago of 253.08 terahashes.
Dash holds strong while Bitcoin Cash’s hashrate is up marginally from 2.1 exahashes at the time of the split with Bitcoin SV which is a drop from the last year’s high of 7.88 exahashes. Bitcoin SV follows a similar pattern with a current hashrate of about 1.21 exahashes. Dash experienced a far better picture in the hashrate growth since it is up by 3.93 petahashes. This represents a continuing investment in the network despite the wide price movements on the market.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]