Sixth Edition of the CryptoSuper500 List Shows Cryptocurrency Mining Nears $40 Billion Annual Value
Inspired by the TOP500 list, biannual list of the most powerful cryptocurrency mining pools tracks compute power and economic value
As of May 29th 2021, almost all the produced value is in three coins: Ethereum's ETH coin, Bitcoin, and Dogecoin. While Bitcoin continues to represent the top spot in mining power, ETH produced the most mining revenue, aided by emerging applications that offer Decentralized Finance (DeFi) or manage Non-Fungible Tokens (NFTs).
"We present an overview of market forces and details of the top 45 pools for Ethereum, Bitcoin, and Dogecoin," said Dr. Stephen Perrenod, OrionX Partner and Analyst and the developer of the CryptoSuper500. "Trends to watch include advances in ASIC-based and GPU-based mining rigs, the end of Ethereum mining, the trend of increasing electricity usage offset by increases in the green fraction of mining, and bans in certain countries that cause hash rate to move elsewhere."
Cryptocurrency Supercomputing refers to large-scale cryptocurrency mining operations which are typically powered by accelerator technologies such as GPUs, FPGAs, or custom ASICs. Bitcoin is the most notable of such currencies. Cryptocurrency mining via Proof of Work is important since it represents the most effective consensus algorithm to maximize security in a decentralized manner.
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* Note: This effort is an analysis of the technologies and trends surrounding blockchain and cryptocurrencies. It is not, and must not be considered as, financial, investment, or legal advice.