After a month of its launch, on October 9, 2024, the Fractal Bitcoin (FB) network, a Bitcoin (BTC) sidechain, managed to capture 35% of the hashpower (or total processing power) of Bitcoin.
This hashpower measures the computing capacity of a miner or a network intended to process the cryptographic algorithms that secure and validate Bitcoin transactions. The higher that measurement, the greater the ability to find new blocks and receive rewards.
On October 9, the FB team explained that product of merged mining, which enables FB and Bitcoin to be mined simultaneously and with the same effort, Fractal Bitcoin achieved a hashrate (network computing power) total of 250 EH/s (exahashes per second).
Today, October 15, 2024, and according to the pool F2pool cryptocurrency mining platform, Fractal Bitcoin has a hashrate of 297 EH/s. Regarding this measurement, the Bitcoin main network has a hash rate of 660 EH/s.
Considering that Fractal Bitcoin allows mining with the same computing power used for Bitcoin and with the same equipment, it is not surprising that it has reached a hashrate of 297 EH/s, compared to 660 EH/s for Bitcoin. This figure indicates significant adoption by miners, who can Diversify your income without needing additional power.
With almost $500,000 generated in the last 24 hours, FB is currently in the place 5 from the ranking prepared by F2pool of mineable cryptocurrencies, behind some like Dogecoin (DOGE), Kaspa (KAS) and Aleo (ALEO). In this section, BTC, the absolute leader, achieved almost 30 million dollars during the last day.
The ground gained by Fractal Bitcoin could boost the profits of BTC miners in the middle of a complex 2024 for those who carry out this activity.
The merged mining of both cryptoassets makes it possible for miners to obtain rewards from both chains (Bitcoin and Fractal Bitcoin) without having to divide their computing power between them, maximizing their benefits.
Fractal Bitcoin uses a mining system called Cadence Mining
As explained here, FB allows mining merged with bitcoin, but also offers its users “permissionless” mining (in English permissionless). This technique enables any participant to join the network and contribute to the mining process without the need to obtain specific permits or licenses.
The use of merged mining and permitless mining makes up this system Cadence Miningwhich, in turn, aims to improve network security.
Thus, in the FB mining system, for every three blocks mined, two are generated independently (permissionless mining), while one is mined together with BTC blocks (merged mining).
Although the goal is a 2:1 ratio, the network may vary this pattern slightly to ensure the security and stability of the blockchain. The block reward is halved from time to time, following a similar model to Bitcoin.
Activity grows in Fractal Bitcoin
Additionally, Fractal Bitcoin reported that more than 37,000,000 addresses were created during the first month of its existence. mainnet (main network) and that record a total of 300,000,000 transactions.
In the last 24 hours, FB registered 750,000 active addresses and a total of 16,000,000 transactions.
As reported by CriptoNoticias, Fractal Bitcoin uses the same code as Bitcoin, which facilitates compatibility with existing infrastructure, protocols and standards. tokenssuch as BRC-20 and Runes.
In addition to this, FB allows additional layers to be built on the network, increasing its scalability with respect to the main Bitcoin network.
