Trending...
- VIP Vacations Earns Prestigious Elite Diamond Preferred Status with ALGV
- PMUniversity Now Offers Emerging Tech Training As An Authorized Training Partner With Certnexus
- New York Young Republican Club Endorses Allen Mashburn For Lieutenant Governor Of North Carolina
The Ninth Edition of the CryptoSuper500 Report Evaluates Crypto Winter as Annual Economic Value of Proof of Work Supercomputing Drops to Under $7B
MENLO PARK, Calif. - eTravelWire -- OrionX Research today released the ninth edition of its CryptoSuper500 list. The list, now four years old, recognizes cryptocurrency mining as a form of supercomputing application, tracks the top mining pools, and offers a snapshot of the cryptocurrency industry. CryptoSuper500 was developed by Dr. Stephen Perrenod, OrionX Partner and noted Crypto Analyst who has also created a top-ranking Bitcoin evaluation model and elucidated the concept of the "blockchain calendar".
With Ethereum's change in consensus algorithm in September, away from the security-first proof-of-work for token creation to the transaction speed-first proof-of-stake, and the current crypto winter in prices, cryptocurrency mining pools produced at a rate of less than $7B annual economic value (AEV), down from over $42 billion a year ago. The list is now completely dominated by Bitcoin, showing an AEV of $5.8 billion, down from $20 billion one year ago. Dogecoin is the new #2, but is much smaller in generated annual economic value than Bitcoin due to a more inflationary money supply algorithm, and lower security as measured by deployed hash-rate, a measure of the rate at which cryptographic puzzles are solved by supercomputing resources.
More on eTravel Wire
"Trends to watch going forward include faster and more energy-efficient mining hardware including some mining rigs that have liquid cooling, the continued dominance of the North American mining industry with public companies as major players, and the trend of increasingly green electricity and even carbon neutrality goals for the industry," said Dr. Stephen Perrenod, OrionX Partner and Analyst. "We expect some consolidation in the publicly traded crypto miners, unless prices rise quickly from here, and see continued volatility, as well as promise in select cases, in the cryptocurrency industry."
Bitcoin's security relies on a specialized form of supercomputing that employs several million ASIC mining 'rigs', with many different owners, working around the globe in a synchronized competitive race, repeated every block (about 10 minutes' worth of transactions). They execute the same open-source software, and encode value and transactions onto a shared but decentralized and publicly auditable blockchain. Such mining rigs are powered by custom Application Specific Integrated Circuits (ASICs) in Bitcoin's case, while other proof-of-work cryptos use ASICs or hardware accelerators such as (Graphic Processing Unit) GPU chips.
Bitcoin's electricity consumption is estimated to be approximately 0.5% of the global electricity use according to the University of Cambridge's Centre for Alternative Finance. Unlike most electricity, it is used for production, not consumption. Bitcoin can be viewed as energy that is securely encapsulated as highly secured information, held as long-term value in the Internet.
More on eTravel Wire
Cryptocurrency technologies include blockchains, consensus algorithms, utility and security tokens and the technologies and applications that support them. These include digital wallets, exchanges, non-fungible tokens (NFT), and decentralized finance applications (DeFi). Cryptocurrency mining is a specialized domain of decentralized high performance computing (HPC).
There are now some 21,000 cryptocurrencies, up from 13,000 a year ago. Only a very small minority use supercomputing levels of resources. Most others will struggle to break away and are expected to be niche players or nearly worthless in the long run.
The full list with additional explanation is available at OrionX.net/research.
About OrionX
OrionX is a Silicon Valley consulting firm offering Technology Research, Market Execution, and Customer Engagement services to high tech companies. More than 70 financial institutions and technology leaders in virtually every technology segment have trusted OrionX to provide advice, help set new break-away strategies, ignite brands, and grow market share. 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.
With Ethereum's change in consensus algorithm in September, away from the security-first proof-of-work for token creation to the transaction speed-first proof-of-stake, and the current crypto winter in prices, cryptocurrency mining pools produced at a rate of less than $7B annual economic value (AEV), down from over $42 billion a year ago. The list is now completely dominated by Bitcoin, showing an AEV of $5.8 billion, down from $20 billion one year ago. Dogecoin is the new #2, but is much smaller in generated annual economic value than Bitcoin due to a more inflationary money supply algorithm, and lower security as measured by deployed hash-rate, a measure of the rate at which cryptographic puzzles are solved by supercomputing resources.
More on eTravel Wire
- Kingston NY-Based Ryan & Ryan Kicks Off its 65th Anniversary Dec. 6 by Underwriting a Chamber of Commerce Mixer Saluting RUPCO
- Tobu Railway's Hosts "Tokyo Downtown Tour: Bamboo Lighting."
- "Street Fighter™ 6" Panel Announced for December 2nd at Los Angeles Comic Con; The Music of Street Fighter 6: A Special Look at the Video Game
- Blue Harbor Resort Unveils Lake Life Sheboygan Holiday Gift Guide
- National Minority Health Association Launches "Equity for All."
"Trends to watch going forward include faster and more energy-efficient mining hardware including some mining rigs that have liquid cooling, the continued dominance of the North American mining industry with public companies as major players, and the trend of increasingly green electricity and even carbon neutrality goals for the industry," said Dr. Stephen Perrenod, OrionX Partner and Analyst. "We expect some consolidation in the publicly traded crypto miners, unless prices rise quickly from here, and see continued volatility, as well as promise in select cases, in the cryptocurrency industry."
Bitcoin's security relies on a specialized form of supercomputing that employs several million ASIC mining 'rigs', with many different owners, working around the globe in a synchronized competitive race, repeated every block (about 10 minutes' worth of transactions). They execute the same open-source software, and encode value and transactions onto a shared but decentralized and publicly auditable blockchain. Such mining rigs are powered by custom Application Specific Integrated Circuits (ASICs) in Bitcoin's case, while other proof-of-work cryptos use ASICs or hardware accelerators such as (Graphic Processing Unit) GPU chips.
Bitcoin's electricity consumption is estimated to be approximately 0.5% of the global electricity use according to the University of Cambridge's Centre for Alternative Finance. Unlike most electricity, it is used for production, not consumption. Bitcoin can be viewed as energy that is securely encapsulated as highly secured information, held as long-term value in the Internet.
More on eTravel Wire
- Lanier Islands Invites Atlanta to Enjoy Dinner with Santa and More
- Green Office Partner Launches Managed Print Services Program in Canada
- Vantiva Confirms its Strong Commitment to Diversity, Equity and Inclusion
- The World's No.1 Superstar Rings in 48th Birthday and 25 Years as an Entertainer
- Devart Is the Winner of 2023 New World Report Software and Technology Award
Cryptocurrency technologies include blockchains, consensus algorithms, utility and security tokens and the technologies and applications that support them. These include digital wallets, exchanges, non-fungible tokens (NFT), and decentralized finance applications (DeFi). Cryptocurrency mining is a specialized domain of decentralized high performance computing (HPC).
There are now some 21,000 cryptocurrencies, up from 13,000 a year ago. Only a very small minority use supercomputing levels of resources. Most others will struggle to break away and are expected to be niche players or nearly worthless in the long run.
The full list with additional explanation is available at OrionX.net/research.
About OrionX
OrionX is a Silicon Valley consulting firm offering Technology Research, Market Execution, and Customer Engagement services to high tech companies. More than 70 financial institutions and technology leaders in virtually every technology segment have trusted OrionX to provide advice, help set new break-away strategies, ignite brands, and grow market share. 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.
Source: OrionX.net
Filed Under: Business
0 Comments
Latest on eTravel Wire
- Yarn Shop Start Ups! New Book Release!
- PMUniversity Now Offers Emerging Tech Training As An Authorized Training Partner With Certnexus
- VIP Vacations Earns Prestigious Elite Diamond Preferred Status with ALGV
- Woburn Dentistry Provides Comprehensive Perio Procedures From One Convenient Location
- Revolutionize Tracking with the iLocate Mini Tracker from Endoacustica Europe!
- Enhancing Residential Living with Air-Driven Home Elevators in Quebec
- Experience the Magic of the Holidays with Fun Corporate Magic's Virtual and In-Person Shows
- Catalhoyuk Introduces State-of-the-art Visitor Centre
- Zeus Investments Korea look at how AI is changing the investment landscape
- Travel candidates and job placements both up in Oct
- What is the phone number for Air France headquarters
- Art Exhibition - Mandolene: Hard Edge for a New Generation
- Study Finds Lotus Vaping Technologies' Flavored E-Liquids Reduce Smokers' Cigarettes Per Day at Significantly Higher Rate Than Tobacco Flavor
- Vine Strategy review OpenAI: A Leader in the AI Market
- L2 Aviation and Klatt Works announce MOU for the revolutionary aircraft Smoke Assured Vision Enhanced Display (SAVED) Safety System
- Link.Store Launches the Ultimate Etsy Shop Manager Manual – A Comprehensive Guide for Thriving on Etsy
- CENTURY 21 Edge Enhances Focus on Central Florida through Sale of Pembroke Pines Office to CENTURY 21 Integra
- Experience the Holiday Magic in Havre de Grace: Unique Shopping and Enchanting Events
- VIP Vacations Recognized as a 2022 Top Wedding Professional by WeddingWire
- Robert D. Botticelli, Director of Business Development for Century Fasteners Corp., Honored by ADDAPT