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Fractal Bitcoin captures 35% of Bitcoin hashrate after mainnet launch

Fractal Bitcoin captures 35% of Bitcoin hashrate after mainnet launch

GrafaGrafa2024/09/11 00:25
By:Liezl Gambe

Fractal Bitcoin (CRYPTO:FB), a newly launched sidechain that utilises merged mining with Bitcoin (CRYPTO:BTC), has captured over 35% of Bitcoin's total hashrate following its mainnet launch.

Based on the project’s block explorer, Fractal Bitcoin now controls approximately 241 exahash per second (EH/s) of merged mining hashpower, while Bitcoin itself maintains a hashrate of 681 EH/s.

Fractal Bitcoin leverages merged mining, which allows miners to mine multiple cryptocurrencies at once using the same computational power.

This approach enables miners on networks like Bitcoin and Namecoin (CRYPTO:NMC) to secure both blockchains without consuming additional energy, thus maximising their rewards.

Major mining pools such as Antpool, F2pool, and Spiderpool, which already contribute to Bitcoin’s hashrate, have expanded their mining operations to include Fractal Bitcoin.

These three mining giants collectively provide 133 EH/s to Fractal Bitcoin's network.

Additionally, around 108 EH/s of the sidechain’s hashrate comes from unknown miners.

Although Fractal Bitcoin's current hashrate of 241 EH/s is still below Namecoin’s 353 EH/s, it shows considerable growth potential.

For context, Rootstock, another sidechain using merged mining, has about 310 EH/s dedicated to its network, placing Fractal Bitcoin in a competitive position among sidechains.

Within the first 24 hours of its mainnet launch, Fractal Bitcoin managed to absorb 241 EH/s of hashpower.

According to Coinex statistics, the native token of Fractal Bitcoin, FB, is currently valued at $14.83 per coin.

With approximately 2.18 million FB tokens in circulation, the token's market capitalisation is $3.15 billion.

Initially, when FB trading began, the coin was valued at $23.87, highlighting its early volatility.

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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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