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This unknown cryptocurrency steals hashrate from Ethereum Classic and other networks

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Since the Ethereum merger, the processing power provided by miners’ graphics cards (GPUs) has shifted in search of more profitable networks. One of the most recent networks is Kaspa (KAS), which accumulates 431.42 th/s of hashrate.

According to statistics from the What to extract, mining activity on Kaspa’s network can offer a profit of $0.16 at current market values and with average investments and costs. It should be made clear that these variables can alter the profitability of any miner with this cryptocurrency, which has nonetheless attracted the attention of miners, as can be inferred from the interest that arise in the forums as Bitcoin Talk.

The Kaspa hashrate Has grown by 80 percent from the beginning of October to Dec. 5, 2022according to data from minerstat.com. In the same time frame, Ethereum Classic’s hashrate fell from 151 th/s to 126 th/s, according to data provided by 2miners.com. Also in that period, the processing power of Ravencoin fell from 15.42 th/s to 10.23 th/s, and that of Ergo has gone from 58.86 Th/s on Oct. 2 to 28 Th/s at the time of writing.

These three networks, Ethereum Classic, Ravencoin, and Ergo, have been the ones that monopolized the hashrate Ethereum migrant in early November.as explained by CryptoNews.

However, it should be noted that. Kaspa’s 431 Th/s is not directly comparable to Ethereum Classic’s 126 Th/s.. This is because the networks use different algorithms (kHeavyHash and Etchash, respectively), so comparing the hashrate between the two (even using the same GPUs for mining) requires applying a formula. Specifically, Kaspa’s hashrate must be divided by six to equal that of Ethereum Classic. The result of this calculation would be 71 Th/s, so Kaspa’s processing power is still less than that of Ethereum Classic.

Launching the double Gminer with Kaspa.
Dual Gminer launch with Kaspa is one of the topics of the moment on Bitcoin Talk. Source: Bitcoin Talk.

Events that have focused attention on Kaspa.

The launch of the Gminer dual mining software for Ethereum Classic and Kaspa was an event that influenced Kaspa’s positioning in the spotlight in recent weeks.

Price of Kaspa.
Here is how the market value of KAS has grown over the past month. Source: Coingecko.

The cryptocurrency priceby just six monthsreacted positively to the arrival of the miners, even in the midst of a bear market.. As can be seen in the chart above, it has risen from late October to the present, fluctuating between $0.001 and $0.0077 at the time of writing.

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