Kaspa and Alephium mining rise as Bitcoin profitability declines
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.
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.
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