Mixed Bellscoin mining boosts Litecoin (LTC) hashrate
Release: 2024/09/06 01:30 Reading: 982
Litecoin benefits from the addition of another mixed mining asset, Bellscoin (BEL). This new asset, introduced by F2Pool, enhances the hashrate for both Litecoin and Dogecoin.
Litecoin mining is evolving with the introduction of new assets for shared block production. Bellscoin (BEL) will join Dogecoin in leveraging the secure Litecoin network for block production.
Litecoin's hashrate has increased over the past week, surging from 959 TH/s to 1.17 PH/s. The balance of mining pools is also shifting due to BEL's impact. This addition extends the trend of returning to mined assets after the token creation boom.
The most significant change in block discovery is observed at f2Pool, the second-largest entity on the network. Conversely, the Binance pool has reduced its mining by over 60% in recent weeks.
One potential reason for this discrepancy could be the perceived volatility of Bellscoin and the need for further project evaluation before incorporating it into Binance's mining package. Nevertheless, the Binance mining pool is now producing BEL coins, hinting at a possible future role for the asset.
BEL has been trading for under a day and is still in the early stages of price discovery. It traded around $0.76, initially listed with low liquidity on CoinEx. At this point, the mined coin resembles a speculative token. However, early mining can establish holdings and potentially lead to more favorable prices in the future.
Additionally, Litecoin mining offers a low breakeven potential, despite the inclusion of DOGE in every block. BEL could potentially attract miners seeking increased profitability.
Litecoin miners have access to Scrypt rigs or can procure more efficient machines. The Litecoin L9 is the current top performer, optimized for producing both LTC and DOGE. BEL's addition may boost demand for this rig.
Investing in rigs during periods of increased mining activity carries risk. The L9 currently retails for $13,400. At the current hashrate, new miners could face significant losses if they invest in BEL mining. For existing miners, this opportunity could supplement their LTC and DOGE earnings. Both LTC and DOGE boast high liquidity and relative stability, providing a predictable means of realizing mining profits. LTC traded at $65.26 post-market correction, while DOGE retreated to $0.097.
BEL mining was announced in late August and may soon impact the mining economy. F2Pool, a major pool primarily dedicated to Bitcoin's network, has recently begun incorporating smaller assets, including Aleo, a novel coin enabling miners to leverage their NVidia GPUs for token creation.
BEL joins a growing list of mined assets that differentiate themselves from tokens. These include Kaspa (KAS) and privacy coin Xelis (XEL). While mining does not guarantee successful coin trading, it can serve as a marketing tool in a market eager for positive trades.
Dogecoin founder receives Bellscoin donations
The curious aspect of Bellscoin is its creation by Dogecoin co-founder Billy Markus. While Jackson Palmer distanced himself from crypto after creating Dogecoin, Markus has remained engaged and returned with a new coin.
Billy Markus, also known as Shibetoshi Nakamoto, has become an unofficial mascot for BEL. While Nakamoto does not directly promote BEL or mention the asset, the BEL community has donated to an address linked to Nakamoto, aiming to make him a top 50 whale. These donations appear to be part of the marketing strategy to promote BEL.
For miners, BEL may be a low-risk proposition since they receive block rewards regardless. However, the coin is receiving significant hype from crypto influencers, with highly bullish price predictions.
Bellscoin claims to be a revived version of an older asset launched by Billy Markus in 2013. However, the Shibetoshi Twitter account has not indicated any intent to revive the coin. BEL also faces liquidity issues and could be subject to price manipulation to attract new buyers.
Binance's reduced Litecoin mining might indicate uncertainty about BEL's suitability for listing. While BEL may experience short-term gains, early miners may benefit more than buyers in the long run.
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