According to the latest data, the blockchain network Fractal Bitcoin continues to capture around 226 exahash per second (EH/s) of Bitcoin’s hashrate via merged mining. Additionally, Fractal Bitcoin’s native crypto asset, FB, achieved an all-time high (ATH) last week but has since dropped 61.9% below that ATH just six days later.
Mining Pools Reap Rewards as Fractal Bitcoin Generates Returns Alongside Bitcoin’s Subsidy
The blockchain protocol Fractal Bitcoin continues to harness 226.19 EH/s of merged mining hashpower from the Bitcoin blockchain to fuel its sidechain. Additionally, 18.1 EH/s of permissionless mining bolsters the network’s operations.
Onchain data shows that so far, a total of 40,354 Fractal Bitcoin blocks have been mined, with around 2,068,925 FB tokens in circulation. Each FB is currently trading at $12.91, bringing the total market value to $26.8 million.
This market valuation places FB in the 674th position among the more than 10,000 crypto asset market caps. Mining metrics show 103.4 EH/s of Fractal Bitcoin’s merged mining hashpower comes from unknown bitcoin (BTC) miners.
The mining pool giant Antpool dedicates 82.34 EH/s to Fractal Bitcoin out of its 170.74 EH/s allocated to the Bitcoin network. In addition to that contribution, F2pool contributes 25.48 EH/s, and Spiderpool dedicates 7.72 EH/s to Fractal Bitcoin.
Permissionless mining pools supporting the network include F2pool, Spiderpool, Maxipool, Moonx, Solo Fractal, and Fairpool. Currently, 32.3% of the 2 million FB tokens in circulation are held by the top five wallets showing a high level of concentration.
The largest wallet alone controls 15.7%, with all five addresses holding a combined total of 668,631.54 FB. While FB is priced at $12.91 per coin, just last week on Sept. 15, 2024, it reached $38.80 before falling by more than 61%.
While there’s 2 million coins in circulation, FB’s supply will continue to grow. With a max supply of 200 million FB, the fully diluted valuation would increase to $1.3 billion using current FB exchange rates.
In the past 24 hours, FB saw $18.79 million in global trading volume, accounting for only 0.03523% of the $53.352 billion traded throughout the entire crypto market. Despite the recent dip, mining pools are cashing in some extra income by mining the sidechain alongside Bitcoin.
Each block currently generates 32 to 34.5 FB, which currently translates to just under $495 per block. One of the wallets controlled by F2pool holds a hefty $388K in value, or 30,128.73 FB tokens. Another F2pool address commands 10,318.35 FB, valued at $150K, while one of Antpool’s coinbase reward address boasts 22,922.6 FB, worth $335K.
This additional revenue for miners contributing to FB mining, while also securing the Bitcoin network, comes at a time when profits from mining BTC alone have been tough. Earning over $500,000 in less than two weeks is no small feat.
What do you think about bitcoin miners contributing to the Fractal Bitcoin sidechain and the high concentration of FB coins? Share your thoughts and opinions about this subject in the comments section below.