Among the new generation of PoW coins on the market, Alephium has the most super Alpha aspect.
Today, when mentioning PoW coins, the new generation of newbies feels a very strong sense of unfamiliarity, knowing very little about these remnants of the Cambrian era of crypto assets, let alone having any concrete understanding of concepts like combating ASIC consensus algorithms and Master Nodes, which were once popular.
The high-speed train of the era rushes forward with a whoosh. After Ethereum transitioned to PoS consensus algorithms, PoS chains have become the default setting for Web3 Infra. However, there remains a portion of steadfast crypto fundamentalists who believe that the only application of crypto should be Coin/Currency, rather than the myriad of other utilities.
In their eyes, only coins/currencies produced through the PoW consensus mechanism possess the natural fragrance of 'non-state currency,' incomparable to the interest emitted through PoS consensus, which is tainted with the stench of financial capitalism.
With the support of this niche but strong consensus group, PoW coins periodically emerge with super Alpha gains of hundreds or thousands of times.
Previous examples include Beam in 2019 and Kaspa in 2023. However, 2024 seems relatively quiet.
Among the new generation of PoW coins on the market, Alephium has the most super Alpha aspect.
I personally believe that four necessary conditions for a PoW coin to become a super Alpha are:


A grand narrative that makes sense


Full support from mining conspiracy groups


Consensus Mechanism and Token Economics Self-consistency


Stable Token Output and Adequate Liquidity


We use this standard to measure the fundamentals of Alephium:
–- In terms of grand narratives, Alephium combines both technical and business grand narratives.
Technical Grand Narrative:
Alephium pioneers the Proof-of-Less-Work (PoLW) consensus mechanism, maintaining the security of PoW while reducing energy consumption by 87%.
BlockFlow sharding technology achieves scalability, currently supporting 400 TPS, and can be expanded to 10,000 TPS in the future. It features a smart contract system based on the UTXO model (sUTXO), combining the security of Bitcoin with the programmability of Ethereum.
Unlike other PoW coins, Alephium's programmability is exceptional and emphasizes incentivizing DApp developers, having initially built a complete application ecosystem. Recently, the total TVL of the Alephium ecosystem reached an ATH of $24.22M, while the APR of the DEX Elexium's stablecoin LP pool USDTeth/USDCeth soared to 43.79%. This is an impressive achievement for an ecosystem with a market cap of only $150M for its native protocol token.
Business Grand Narrative:
Alephium's PoLW mechanism inherently aligns with ESG principles, the sUTXO model supports complex asset tokenization logic, and its high scalability meets the on-chain needs for large-scale RWA. These features make Alephium naturally suitable as a distributed ledger infrastructure for ESG RWA asset operations.
Recently, Alephium partnered with GIGATONS, headquartered in the Abu Dhabi ADGM financial free trade zone, with GIGATONS choosing Alephium as the underlying blockchain for its GIGA Protocol, planning to tokenize $100 billion in ESG assets on Alephium within 10 years. The first collaborative project is to develop solar-powered Bitcoin mining facilities together with HEARST.
This solar-powered Bitcoin mining project generates verifiable on-chain carbon credits by combining renewable energy with crypto mining, aiming to reduce 4,500 tons of CO₂ emissions annually.


In terms of support from mining conspiracies, the 'mining giant' Bitmain has quietly entered the Alephium mining space, designing and producing the Ant AL1 ASIC miner. Alephium's choice of Blake3 consensus algorithm is also friendly to ASIC chip design and development. Moreover, Alephium has gained support from leading mining pools such as Antpool and f2pool. For example, with the Ant AL1 ASIC miner at the current price, assuming an electricity price of $0.06 per kWh, the daily electricity cost is $5.05, and the daily mining income is $25.52. This level of profit, after deducting depreciation and operational costs, remains quite objective, reminiscent of the good state of Kaspa at the beginning of 2023.




In terms of consensus mechanisms and token economics, Alephium has performed 'disruptive innovation' on the classic PoW halving economic model by inventing the PoLW consensus mechanism. When the total network hash rate exceeds 1 Eh/s, miners need to burn 87.5% of theoretical earnings to obtain mining rights, thus converting most external costs (equipment and electricity) into internal costs ($ALPH burning). In this way, it maintains the security and decentralization of PoW while reducing energy consumption by about 87% and creating the scarcity of $ALPH. In addition, Alephium also has mechanisms such as 100% destruction of transaction fees and smart contract storage rent locking, further empowering $ALPH.




Currently, Alephium's $ALPH has been listed on exchanges such as http://Gate.io and MEXC, and has deployed cross-chain bridges (ETH, BSC). There is also a liquidity pool on Uniswap on the Ethereum mainnet, fully meeting miners' needs to sell tokens for electricity and maintenance fees. In terms of token output, the hash rate has maintained between 20PH/s and 30PH/s over the past two months. In the past year, due to the production of Aisc miners and their joining of mining pools, the hash rate has grown by about 1000 times.


In conclusion, in investments, we must not be rigid or dogmatic, and always think about adding a touch of diversity to our investment portfolio.
That's all.