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Kaspa Mining Growth Accelerates As Industrial Miners Join the Game

Release: 2024/05/31 18:06 Reading: 789

Original author:Cryptopolitan

Original source:https://www.cryptopolitan.com/kaspa-mining-growth-industrial-miners-join/

Kaspa Mining Growth Accelerates As Industrial Miners Join the Game

Kaspa Mining Surge Indicates Pool Influence and Hashrate Boom

Kaspa's mining activity has accelerated, signaling a significant increase in hashrate driven by powerful mining pools. The Kaspa L1 network's focus on security, proof-of-work, and instant transaction validation benefits from an elevated hashrate.

Kaspa's hashrate has nearly reached 300 PH/s, a fraction of Bitcoin's hashrate but approximately 20 times larger than Ethereum Classic's, enhancing its resilience against attacks.

Mining Machine Availability and Pool Roster Transformation

An influx of mining machines with varying price points is now available, catering to both individual miners and large mining pools.

The surge in hashrate has dramatically altered the mining pool landscape. Initially, community-driven pools dominated, with WoolyPooly.com holding over 50% of the hashrate. Today, multi-coin pools such as F2Pool, known for its ability to attract and acquire rigs, have gained prominence.

Hardware Price Volatility and Mining Profitability

Kaspa's rising popularity has influenced hardware prices. The Bitmain Antminer KS5, the most expensive and powerful machine available, is priced at over $24,000. However, smaller and cheaper devices are also offered, with profitability concerns raised by some users.

Network Size and Token Distribution

Kaspa's network has grown, with nearly 500K addresses holding more than a "dust" amount of tokens. Adoption has been relatively slow compared to meme tokens due to increased attention on the latter.

The community anticipates price growth towards $1, but this is contingent on renewed interest in L1 narratives. Kaspa's blockchain relies on its DAG structure, speed, and mining to establish its influence.

Future Potential and Competition

In the long term, Kaspa aims to create products that merge the security of Bitcoin with the versatility of Ethereum. However, it faces competition from Bitcoin's tokenization and Ethereum's developed ecosystem.

Reporting by Cryptopolitan

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