Cryptocurrencies have reached Exascale class supercomputing, with a hash rate of around 115 ExaHashes per second just for Bitcoin
Menlo Park, Calif. – Nov. 13, 2020 – PRLog — OrionX Research today unveiled the fifth edition of the CryptoSuper500 list. The list tracks supercomputers used for cryptocurrency mining, an intensive application that has become a driver of technology development and investment decisions globally. The CryptoSuper500 list was inspired by the well-known TOP500 list of the most powerful supercomputers in the world.
The report highlights the rapidly growing hashrate among the top six coins mined with Proof of Work consensus algorithms. In crypto mining, hashes are the metric that parallels floating point operations (flops) in the supercomputing world. Cryptocurrencies have reached Exascale class supercomputing, with a hash rate of around 115 ExaHashes per second just for Bitcoin.
The Bitcoin hash rate is roughly flat since the last Bitcoin halving in May, but due to the strong Bitcoin price rise, the Annual Economic Value (AEV) has grown significantly. AEV of cryptocurrencies that rely on proof of work mining has hit a new high of around $9 billion, despite the Bitcoin Halving of block reward in May. AEV is up 90% since the June 2020 list.
“Bitcoin is not going away. Each Bitcoin is worth as much as 8 ounces of gold, and Bitcoin’s market cap at $300 Billion is greater than all but 18 publicly traded companies. There are over 7,500 cryptocurrencies to date, 19 are unicorn-sized, and central banks are starting to roll out their own digital currencies,”
The annual economic value (AEV) of the top 5 pools in the current list compared to the last list, published in June 2020, are as follows:
- F2Pool, a global pool with projected AEV of $1.058 billion compared to $832 million in June 2020
- SparkPool in China with an AEV of $840 million compared to $370 million
- Poolin in the US and China with an AEV of $736 million compared to $614 million
- BTCdotcom, a global pool with an AEV of $683 million compared to $442 million
- Ethermine in the US with an AEV of $654 million compared to $291 million
The six coins mined with Proof of Work consensus algorithms which were included in this analysis are:
- Bitcoin, Ethereum, Litecoin, Zcash, Bitcoin Cash, Bitcoin SV
The full list with additional explanation is available in a slide presentation at OrionX.net/research.
“Until now, we have been in the start-up phase of Bitcoin, when its behavior was designed to cultivate the market, attract participants, and keep them with sticky benefits,” said Shahin Khan, Founding Partner and Analyst at OrionX. “Everything about it will gradually change towards a less volatile environment as the impact of newly mined Bitcoins coins on existing supply of Bitcoins decreases, and the use of Bitcoin as primarily a store of value and as growing medium of exchange matures.”
Samples of OrionX Constellation Research reports are available for free at OrionX.net/research without registration.
OrionX is a Silicon Valley firm that combines technology research, market execution, and customer engagement. More than 60 companies, from startups to the Fortune-100, in virtually every technology segment, have trusted OrionX to help set new break-away strategies, ignite brands, position and launch products, and create integrated campaigns for increased market share. To deliver the best in market execution and customer engagement, OrionX Research tracks new technologies and market strategies. Technology topics include IoT, 5G, Cloud, AI, Blockchain, and Quantum Computing. With a stellar reputation in Silicon Valley, OrionX is known for its depth and agility, operational excellence, and original content. Visit us at OrionX.net.
* Note: This effort is an analysis of the technologies and trends surrounding blockchain and cryptocurrencies. It is not, and must not be considered as, financial, investment, or legal advice.
Cryptocurrency topics: orionx.net/blog
CryptoSuper 500 Fourth Edition white paper
Top Cryptocurrency Supercomputers June 2020, (slide presentation)
The Brutal Efficiency of Crypto Mining
Article comparing future supply model and stock-to-flow model for Bitcoin market cap and price projections
Overall statistics: coinmarketcap.com, coinwarz.com, cryptoslate.com
BTC: btc.com, blockchain.com
ETH: btc.com, etherscan.io
BCH: btc.com, cash.coin.dance
Other coins: miningpoolstats.stream