Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Kaspa and Alephium mining rise as Bitcoin profitability declines

Kaspa and Alephium mining rise as Bitcoin profitability declines

GrafaGrafa2024/08/22 04:10
By:Mahathir Bayena

As Bitcoin’s (CRYPTO:BTC) hashprice remains relatively low, miners are increasingly shifting their focus to more profitable proof-of-work (PoW) assets like Alephium (CRYPTO:ALPH) and Kaspa (CRYPTO:KAS). 

These digital currencies currently offer the highest profitability for miners, outpacing Bitcoin’s mining rewards, according to recent data.

Bitcoin, despite being the most well-known PoW network, ranks only as the fourth most profitable to mine as of late 2024. 

For instance, the top-performing Bitcoin mining rig, Microbt’s Whatsminer M63S, generates around $9.08 per day with 390 terahash per second (TH/s) of hashpower. 

In contrast, algorithms such as Blake3, Kheavyhash, and Scrypt are yielding higher returns.

Alephium, which utilises a unique consensus mechanism called proof-of-less-work (PoLW), has seen a significant increase in its hashrate, soaring from 500.8 TH/s in February 2024 to 2,850 TH/s in August. 

This surge in hashpower reflects the growing interest in Alephium, which has also seen its value rise by 586% over the past year. 

With the introduction of new mining rigs like Bitmain’s AL1 Pro, expected to earn around $327 per day, Alephium continues to attract miners seeking higher profits.

Kaspa, another PoW coin using the Ghostdag protocol, has also seen its hashrate reach an all-time high of 824 PH/s. 

This protocol allows for parallel block creation, enhancing network efficiency and appeal. 

The Kaspa network’s profitability has caught the attention of miners, with Bitmain’s KS5 Pro miner generating approximately $26.48 per day. 

Kaspa’s native token, KAS, has increased by 283% over the past year, further driving its adoption among miners.

As the crypto mining landscape evolves, the quest for higher profitability is leading miners to explore alternatives to Bitcoin. 

With more advanced mining technologies and the appeal of newer networks like Alephium and Kaspa, the industry is witnessing a significant shift in focus. 

Publicly traded Bitcoin miners like MARA have already disclosed ventures into mining KAS, signaling a broader trend that could reshape the future of crypto mining.

At the time of reporting, Kaspa was valued at $0.1579, Alephium was at $1.61, and Bitcoin was at $60,361.41.

1

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!