Ever wondered how much the top 21 POW cryptocurrencies generate in 24 hours? Curious about each coin's market share or which mining hardware dominates the landscape?
Let's dive into the world of #Crypto Mining as of 23 July 2023
After crunching the numbers and analyzing the data, I've compiled a detailed sheet of calculations (see attached). It reveals some fascinating insights about market share of each coin!
ASICs clearly rule the roost when it comes to mining. They are responsible for a staggering 97.83% of all new coins generated in the past 24 hours. But what does this mean for other types of mining hardware?
#btc
Despite the dominance of ASICs, GPUs and CPUs have found their niche. GPUs are used to mine seven different cryptocurrencies and CPUs are the preferred choice for #Monero ($XMR), contributing 0.23% to the total new coins generated.
Even more intriguing is #Chia ($XCH), mined with HDDs, contributing 0.94% to the total new coins generated. alone is $20k less than all the GPU returns generated!
In terms of sheer volume, #Bitcoin ($BTC) remains the undisputed leader. It accounts for a whopping 87.76% of all new coins generated in the last 24 hours with more than $27mil in value generated.
Aside from $BTC, cryptocurrencies like $DOGE, $KAS, $LTC, and $ETC significantly contribute to daily coin generation, showing that #Bitcoin isn't the only player in town.
But how does this all translate into market share? Well, the top five coins (BTC, DOGE, KAS, LTC, ETC) account for a massive 96.35% of POW returns.
Meanwhile, smaller market cap cryptos like $DNX, $RVN, $CFX, and others make up around 2.28% of total coin generation. It's a small but crucial reminder of the vast diversity within the crypto world.
One interesting observation is that the amount of new coins generated by GPUs is lower than one might expect. This is largely due to #Kaspa's recent shift to ASICs and #ETC classification as an ASIC coin due to its unprofitability when mined with GPUs.
despite the various types of cryptocurrencies and mining methods, ASICs continue to overwhelmingly dominate the scene, underscoring their significant role in the world of crypto mining.
As a GPU miner myself, these figures are a sobering reminder of the challenges facing GPU mining. The crypto world is dynamic, and with so many coins shifting away from GPUs, it's clear that algorithms favouring GPU mining need to find a way back into the market.
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