Dash Mining Is Strong, Other Altcoins “Don’t Look Good” Says eToro

A new analysis by the cryptocurrency exchange eToro emerged in the crypto news, showing that Dash mining is strong now and the cryptocurrency’s profitability and outlook is stronger compared to other altcoins.

Specifically, eToro’s analysis is compared to competitors such as Bitcoin Cash (BCH), Bitcoin SV (BSV) and Litecoin (LTC) and the Dash mining is strong – in fact, so strong to outperform them all.

While analyzing several prominent cryptocurrencies, the report shows their recent hashrate drops and contrasts them with Dash which “in terms of mining profitability, remains strong despite an ecosystem-wide drop.
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The fact that Dash mining is strong can be seen from the two paragraphs below (an excerpt from the eToro analysis):

“Miners that work on proof-of-work networks, are compensated by fees in their cryptocurrency as they validate transactions. These proof-of-work networks have a finite coin supply. This means that they would need to generate enough usage to compensate miners fairly and maintain a good hash rate. Things don’t look too good for Litecoin, Bitcoin SV, and Bitcoin Cash at the moment…

Network hash rates have been on a steady decline (or have stagnated) over the last year for the cryptocurrencies mentioned earlier. This is largely due to transaction counts, and declining miner profitability. Understandably miners aren’t interested in a network where they can’t make a good profit. Litecoin, BSV, and BCH have all shown decreased hash rates, or stagnated over the past year, according to data from BitInfoCharts.”

All of the coins mentioned in the new eToro report are proof-of-work networks, where the block reward of new coins and fees that is generating is going to pay miners. However, the Dash mining is strong even with a significantly smaller portion of the block reward at 45%.

All of this makes the cryptocurrency strong and puts its hash rate of particular note as miners are competing for a smaller portion of revenue than for other networks. As eToro summed up, Dash mining is strong and the growth of the active addresses and transactions may indicate that miners see the network and its user base growing fast enough to sustain the consistent hash rate growth in the long-term.

The report featured in the Dash news summarized that ““In terms of profitability, Dash mining remains strong. The Dash hashrate is up to around 4.09 petahashes at the time of writing, up from 2.68 petahashes this time last year.”