Bitcoin’s Hashrate Surge
This week, Bitcoin has experienced an extraordinary surge in its hashrate, reaching an exceptional high of 1,109 exahash per second (EH/s). This remarkable achievement not only showcases Bitcoin’s computational power but also benefits several merge mined cryptocurrencies, including Namecoin, Rootstock, and Fractal Bitcoin, which have all recorded significant gains.
Understanding Merge Mining
The concept of merge mining, which allows for auxiliary proof-of-work (AuxPoW), enables miners to utilize the same computational resources across multiple blockchains. As a result, mining operations are efficiently turned into multitasking capabilities on application-specific integrated circuit (ASIC) hardware, enhancing the overall productivity of miners.
Transition to the Zettahash Era
Bitcoin has now officially transitioned into the zettahash era, surpassing the 1,000 EH/s mark collectively across all miners. This monumental hashpower increase is not only bolstering Bitcoin itself, but it is also benefitting other networks that share its infrastructure.
Impact on Merge Mined Cryptocurrencies
For instance, Namecoin, created in 2011, has been effectively leveraging this merge mining relationship, currently achieving a hashrate of 732 EH/s. It even peaked recently at 786.98 EH/s, marking a significant milestone for the altcoin and showcasing its competitiveness against some of the top proof-of-work networks.
Rootstock, another project that utilizes Bitcoin’s scalability through merge mining, is experiencing similar advantages. It operates a sidechain associated with Bitcoin and is designed for smart contracts, boasting a current hashrate of approximately 822.92 EH/s. This arrangement allows miners to benefit from Bitcoin’s secure framework while also earning transaction fees in the form of RBTC, a token tied directly to Bitcoin’s value.
Fractal Bitcoin (FB) is also part of this ecosystem, clocking in at 768.91 EH/s. It has a unique mining process that entails both merge mining alongside Bitcoin and independent mining. Presently, it is positioned as a scaling solution for Bitcoin, leveraging layers built upon the Bitcoin Core code to expand its functionalities without compromising the fundamental network.
Conclusion
In summary, Bitcoin’s impressive ascendance into the zettahash realm is not merely about its own dominance, but it also signifies a broader enhancement in security and scalability for numerous associated networks. The implications of merge mining are becoming increasingly clear, cementing its role as a substantial contributor to the strength of multiple proof-of-work blockchain systems.
