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Would DCRN be the next dark horse to revive crypto mining?

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Would DCRN be the next dark horse to revive crypto mining?

August 03
17:33 2022

The 2022 bear run and the skyrocketing energy price have further squeezed miners’ profit margin and may push a larger number of active miners out of business. Great risks remain for the crypto market amid the historically high U.S. inflation and a potential economy recession looming. The contraction of Bitcoin’s recent on-chain performances and activities is a direct indicator reflecting the pressure faced by miners. Furthermore, the BTC dumping from mining giants in May for better liquidity didn’t help ease miners’ pressure.

 

The secondary market had also been hit hard from investors shorting, with stock price of listed crypto mining companies slumping by as much as 89% (Riot Blockchain down 78%, TeraWulf down 89%, Toronto-listed Hut 8 Mining and Bitfarms down 79% and 71% respectively). Most mining corporations are holding mining rigs that are significantly depreciated and operating at tightening margins as Bitcoin’s price drops. Recent moves by these mining giants – including the selling and shutdown of mining rigs, are yet another alerting signals of shrinking hashrate and increased difficulty in mining blocks. If these downtrends continue and judging from the 2018 winter, the current market is dipping towards the bottom of this round of bear.

Under such circumstances, the biggest challenges faced by average miners are the prolonged payback periods, with the majority of new entrants stagnant, and mining rigs for experienced miners sleeping in their stockroom and depreciating.

 

Against the pessimistic sentiment, however, this novel public chain DCRN (Decred-Next) hard forked form DCR could well be the perfect answer, or to be more modest, a preferred answer for miners. Decred-Next is a new public chain hard forked from Decred due to a disagreement in the old community’s consensus subsidy split. Decred-Next retains the hybrid consensus mechanism of 60% POW, 30% POS and 10% treasury that was adopted by the original Decred consensus, thus the output of POW is six times that of DCR.

Since DCRN’s listing on gate.io on July 18, the token price has been climbing up steadily, and settles at around USD19 to USD20 now. Furthermore, the total hashing power has seen an astronomical growth of 620% within only one week, jumping from 15P to the current 97P+. This robust performance has drawn attentions from investors and supporters of the original DCR community to enter, further driving the rise of token price. Currently, according to the official data of AntPool, the daily income per T is about seven times that of the original DCR.

Taking the case of Blake256 algorithm, where Whatsminer D1 and DR5 are the most popular models, most rigs are in a shutdown state due to DCR’s constant price fall. However, after the hard fork and listing of DCRN, these rigs are not only back to life and start operating again, procurement price has also seen a tripled increase due to high demands from the mining community. Both model D1 and DR5 are even experiencing supply shortage in the market now.

The major contributing factors to DCRN’s popularity are the ultra-high yield and short payback period. Comparing with other mainstream models in the market, payback period of D1 and DR5 ranges from 103 to 145 days only. Threshold for purchasing is also much more budget friendly.

 

Running against the bear trend, DCRN’s great potential to be the dark horse that revives the crypto mining market is on the radar of investors and partners in the ecosystem. In a recent roadshow, the DCRN team hinted about the upcoming collaboration and listing on three world’s top trading platforms. In other published information and AMAs from DCRN, it also maps out a future where it hopes to improve the efficiency of public chains through innovation in sharding, adoption of EVM-compatible network, and the development of ETH compatible Dapp in early 2023. 

Media Contact
Company Name: Decred-Next(DCRN)
Contact Person: Media Relations
Email: Send Email
Country: Singapore
Website: www.Dcrn.Xyz