Kaspa has a rival in crypto, yes you read that right. It’s Alephium. This project offers a unique sharding algorithm known as BlockFlow, enabling it to efficiently handle a high volume of transactions while maintaining robust security features.
Alephium’s hashrate is going through the roof recently. Something similar Kaspa had before a massive pump of its native token KAS.
House of Chimera analyst pointed this out on X in his viral tweet.
Hashrate Explosion: A Sign of Things to Come?
From April to mid-May 2024, Alephium’s hashrate barely moved, hovering near zero PH/s. But things started to change in June. A slow but steady uptick began, hinting at growing interest in mining activity. This gradual growth continued through July, setting the stage for what was to come.
Then, seemingly out of nowhere, Alephium’s hashrate exploded. From late August 2024, the chart shows a dramatic spike, with the hashrate shooting past 20 PH/s by late September. This sudden surge suggests a massive influx of mining power and network activity.
Source: X/@HouseofChimera
What’s driving this hashrate boom? According to House of Chimera, it’s a combination of increased network adoption and fiercer competition among miners. This surge isn’t just a number on a chart – it’s a sign of growing confidence in Alephium’s network, both in terms of security and potential rewards.
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Show more +Show less – The Ripple Effects of Rising Hashrate
A skyrocketing hashrate isn’t just good news for miners. It has far-reaching implications for the entire Alephium ecosystem:
Beefed-up security: As more miners join the network, it becomes increasingly difficult for bad actors to manipulate transactions.
Miner magnet: The hashrate surge reflects growing interest from miners, likely drawn by potential profits, tech advancements, or anticipation of Alephium’s future growth.
Adoption acceleration: This rapid spike suggests not just more miners, but broader adoption of Alephium’s protocol as a whole.
Analyst Giba sees big things on the horizon for Alephium. In a quote tweet, he stated: “$ALPH is a blue chip, now seeing a spike on hashrate. Slowly climbing, then all at once. 2-digit per $ALPH coming in the short term.”
Giba draws parallels to Kaspa’s meteoric rise, noting: “Highly liquid play, giga+ brain team, scaleable L1 polw solution and now mining power increasing with asics as we saw just the same before $KASPA to 4B+ mcap (X20-X30 from current $ALPH levels).”
Read also: Kaspa (KAS) Versus SUI: Which Token Is Better to Buy Right Now?
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The post Déjà Vu: Kaspa Rival’s Hashrate Skyrockets – Another KAS-like 20X Run in the Making? appeared first on CaptainAltcoin.
