Looking at PoW Mining Prospects from LUNA’s Plunge

May 19 20:54 2022

Looking at PoW Mining Prospects from LUNA’s Plunge

Terra is crashing.

Terra is a Korean-created smart contract blockchain similar to Ethereum, Terra blockchain mainnet was released in 2019, uses LUNA as its native cryptocurrency, and allows the creation and deployment of smart contracts on its blockchain, and the consensus mechanism is PoS.a

Recently, the thing that caused an uproar in the cryptocurrency circle is that the LUNA coin has plummeted. As of May 16, the price has fallen to $0.0001972, which is close to 0. On April 5, 1 LUNA coin was still worth $119.18, which has shrunk by more than 600,000 times in more than a month.

Terra relies on the derivation of PoS to achieve consensus, rather than hardware and electricity like Bitcoin’s Proof of Work (PoW), so coin ownership equals power. Since the price of LUNA is almost free, making governance attacks less expensive, attackers can get enough LUNA tokens cheaply and perform a social attack on the network by forcing a majority vote.

This is another important difference between a network like Terra and Bitcoin and Ethereum Classic: in the former, a small number of entities can vote on things like stopping the network, while a truly decentralized cryptocurrency like Ethereum Classic enables is not influenced by any particular group.

As we all know, PoW mining competition is composed of miners scattered all over the world with only one purpose, that is to find the next valid block and get cryptocurrency as a reward, so it is more stable. A warning can also be drawn from this incident, PoS still has strong instability, and the alternative cryptocurrency project is just an experiment. A proven peer-to-peer digital currency, like Ethereum Classic, uses a PoW mechanism. And, ETC has both the smart contract function of ETH and the decentralized concept of BTC intact, and the comprehensive ETH turns to 2.0, plus the halving event, ETC’s market is also constantly improving this year, and it can be said that ETC has a very broad future.

Nowadays, ETC has become a profitable cryptocurrency. Although the arrival of ETH 2.0 is just around the corner, ETC is also still one of the most profitable cryptocurrencies now using ASIC mining rigs to mine ETC. At current prices, mining with mining equipment provided by JASMINER or other competing brands, ETC can also provide decent profits per month on average.

Mining is a process that combines hash rate or computer processing power to increase the chances of winning block validation. The validation process itself is a competition, with many miners competing to validate a block, and only the winning miner earns a designated reward. And professional ASIC equipment will undoubtedly help miners in this “long run” to obtain the highest return in the fastest way and at the lowest cost. JASMINER is the first manufacturer in the world to enter the vertical track of Ethereum ASIC mining machines. It has been practicing the research and development concept of “high throughput, high hash rate, low power consumption”. As the main model for mining ETC, the JASMIENR X4 High-throughput 1U server mainly supports the ETCHASH algorithm, has a hash rate of 520MH/S±10%, and consumes only 240W±10%. The small and exquisite form makes it suitable for various simple environments and provides powerful processing power for mining ETC.

As an old public chain, ETC’s own development is based on the function of smart contracts. It is also expanding and extending the ETC ecosystem, giving the public chain new sections and vitality, so as to integrate more users and funds, and give users more surprises. Therefore, ETC will become an important focus of the market in the second half of the year, and both project parties and traders have high expectations for it.

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