Among the new generation of PoW coins on the market, Alephium has the most super Alpha aspects.
When mentioning PoW coins today, the new generation of Newbies may feel a strong sense of unfamiliarity, knowing very little about the relics of the Cambrian era of these crypto assets, let alone having any specific understanding of concepts like anti-ASIC consensus algorithms and Master Nodes that were once popular.
The high-speed train of the era rushes forward with a whoosh. After Ethereum transitioned to the PoS consensus algorithm, PoS chains have become the default setting for Web3 Infra. But there remains a group of resolute crypto fundamentalists who believe that the only application of crypto should be Coin/Currency, rather than the myriad of other utilities.
In their view, only Coins/Currencies produced through PoW consensus mechanisms possess the natural fragrance of 'non-state currency', incomparable to the interest generated by PoS consensus emissions that are tainted with the copper smell of financial capitalism.
Under the support of this small but strongly consensus-driven group of enthusiasts, PoW coins periodically experience super Alpha price surges of hundreds or thousands of times.
There was Beam in 2019, followed by Kaspa in 2023. However, 2024 has been relatively quiet.
Among the new generation of PoW coins on the market, Alephium has the most super Alpha aspects.
Personally, I believe that four necessary conditions for a PoW coin to become a super Alpha are:


A grand narrative that makes sense


Full support from the miner conspiracy group


Consensus mechanism and tokenomics coherence


Stable token output and sufficient liquidity


We use this standard to measure the fundamentals of Alephium:
–- In terms of grand narratives, Alephium combines both technical and commercial grand narratives.
Technical grand narrative:
Alephium pioneered the Proof-of-Less-Work (PoLW) consensus mechanism, reducing energy consumption by 87% while maintaining PoW security.
BlockFlow sharding technology achieves scalability, currently supporting 400 TPS, with future scalability up to 10,000 TPS. It features a UTXO model-based smart contract system (sUTXO) similar to CKB and Fuel, combining Bitcoin security with Ethereum programmability.
Unlike other PoW coins, Alephium's programmability is outstanding, focusing on incentivizing DAPP developers, and has 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 stablecoin LP pool USDTeth/USDCeth on DEX Elexium reached as high as 43.79%. This is an impressive achievement for an ecosystem with a protocol-native token circulating market value of only $150M.
Commercial grand narrative:
Alephium's PoLW mechanism naturally aligns with ESG concepts, and the sUTXO model supports complex asset tokenization logic, with high scalability to meet the needs of large-scale RWA on-chain. These features make Alephium naturally suitable as a distributed ledger infrastructure for ESG RWA asset operations.
Recently, Alephium reached a partnership with GIGATONS based in the Abu Dhabi ADGM financial free trade zone, with GIGATONS choosing Alephium as the underlying blockchain for its GIGA Protocol. Within 10 years, they plan to tokenize $100 billion in ESG assets on Alephium, with the first collaborative project being the joint development of solar-powered Bitcoin mining facilities with HEARST.
This solar-powered Bitcoin mining project aims to generate verifiable on-chain carbon credits by combining renewable energy and crypto mining, targeting an annual reduction of 4,500 tons of CO₂ emissions.


In terms of miner conspiracy group support, the 'mining tyrant' Bitmain has quietly entered Alephium mining, designing and producing the Ant AL1 ASIC miner. Alephium also chose the Blake3 consensus algorithm, which is friendly to ASIC chip design development. Moreover, Alephium has gained support from major mining pools like Antpool and f2pool. For example, the Ant AL1 ASIC miner, at current prices, with an electricity price of $0.06/kWh, incurs a daily electricity cost of $5.05, while daily mining income is $25.52. This level of revenue remains quite substantial after deducting miner depreciation and operational costs, similar to the state of Kaspa earlier this year.




In terms of consensus mechanisms and tokenomics, Alephium has performed 'disruptive innovation' on the classic PoW periodic halving economic model, 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 gain mining rights, thereby converting most external costs (equipment and electricity) into internal costs ($ALPH burning). This way, it maintains the security and decentralization of PoW while reducing energy consumption by about 87%, creating scarcity for $ALPH. In addition, Alephium features mechanisms like 100% transaction fee burning and smart contract storage rent locking, further empowering $ALPH.




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


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