Currently, among the new generation of PoW mining coins on the market, the one with the most super Alpha characteristics is Alephium.

Written by: Ningning

When mentioning PoW mining coins today, the new generation of newbies feels a strong sense of unfamiliarity, knowing very little about the remnants of these crypto assets from the Cambrian era, let alone having any concrete understanding of concepts like combating ASIC consensus algorithms and Master Nodes, which were once popular.

The high-speed train of the times rushes forward with a whoosh. After Ethereum transitioned to the PoS consensus algorithm, PoS chains have become the default setting for Web3 infrastructure. However, there remains a group of staunch crypto fundamentalists who believe that the only application of crypto should be Coin/Currency, rather than the myriad of other utilities.

In their eyes, only Coins/Currencies produced through the PoW consensus mechanism possess the natural aroma of "non-state currency," which cannot be compared to the interest generated from PoS consensus emissions, tainted by the copper smell of financial capitalism.

Supported by this niche but strongly consensus-driven group of enthusiasts, PoW mining coins periodically see the emergence of super Alpha with hundredfold or thousandfold increases.

Previously, there was Beam in 2019, followed by Kaspa in 2023. The year 2024, however, has been relatively quiet.

Currently, among the new generation of PoW mining coins on the market, the one with the most super Alpha characteristics is Alephium.

I believe that four necessary conditions for a PoW mining coin to become a super Alpha are:

• A grand narrative that makes sense

• Full support from the miner conspiracy group

• A self-consistent consensus mechanism and token economics

• Stable token output and sufficient liquidity

Let’s use these criteria to evaluate the fundamentals of Alephium:

–- In terms of grand narrative, Alephium combines both technical and commercial grand narratives.

Technical Grand Narrative:

Alephium pioneered the Proof-of-Less-Work (PoLW) consensus mechanism, maintaining PoW security while reducing energy consumption by 87%.

The BlockFlow sharding technology achieves scalability, currently supporting 400 TPS, with future scalability up to 10,000 TPS. It features a UTXO-based smart contract system (sUTXO) similar to CKB and Fuel, combining Bitcoin's security with Ethereum's programmability.

Unlike other PoW mining coins, Alephium's programmability is excellent and emphasizes incentivizing DApp developers, having already built a complete application ecosystem. Recently, the total TVL of the Alephium ecosystem reached an ATH of $24.22M, while the APR of the stablecoin LP pool USDTeth/USDCeth on the DEX Elexium reached as high as 43.79%. This is an impressive achievement for an ecosystem with a circulating market cap of only $150M for its native protocol token.

Commercial Grand Narrative:

Alephium's PoLW mechanism naturally aligns with ESG principles, and the sUTXO model supports complex asset tokenization logic, with high scalability to meet the large-scale RWA on-chain needs. These features make Alephium inherently suitable as a distributed ledger infrastructure for ESG RWA asset operations.

Recently, Alephium partnered with GIGATONS, headquartered in the Abu Dhabi ADGM financial free trade zone, with GIGATONS choosing Alephium as the underlying blockchain for its GIGA Protocol, planning to tokenize $100 billion in ESG assets on Alephium within ten years. The first collaborative project is to develop a solar-powered Bitcoin mining facility in partnership with HEARST.

This solar Bitcoin mining project aims to generate verifiable on-chain carbon credits by combining renewable energy with crypto mining, targeting a reduction of 4,500 tons of CO₂ emissions annually.

• In terms of support from the miner conspiracy group, the "mining giant" Bitmain has quietly entered the Alephium mining space, designing and producing the Ant AL1 ASIC miner. Alephium's choice of the Blake3 consensus algorithm is also friendly to ASIC chip design and development. Additionally, Alephium has received support from leading mining pools such as Antpool and f2pool. For example, with the Ant AL1 ASIC miner, at the current price, with an electricity cost of $0.06 per kWh, the daily electricity cost is $5.05, and the daily mining income is $25.52. This level of profit, after deducting miner depreciation and operational costs, remains quite substantial, reminiscent of the state of Kaspa in early 2023.

• In terms of consensus mechanism and token economics, Alephium has conducted "disruptive innovation" on the classic PoW halving economic model by inventing the PoLW consensus mechanism. When the total network hash rate exceeds 1 Eh/s, miners need to burn 87.5% of their theoretical earnings to gain mining rights, thereby converting most external costs (equipment and electricity) into internal costs ($ALPH burning). This approach maintains the security and decentralization of PoW while reducing energy consumption by about 87% and creating scarcity for $ALPH. Furthermore, Alephium features mechanisms such as 100% transaction fee burning and smart contract storage rent locking, further empowering $ALPH.

• Currently, Alephium's $ALPH has been listed on exchanges such as http://Gate.io and MEXC, and cross-chain bridges (ETH, BSC) have been deployed. There is also a liquidity pool on Uniswap on the Ethereum mainnet, fully meeting miners' needs to sell tokens for electricity and maintenance fees. In terms of token output, the hash rate has maintained between 20PH/s and 30PH/s over the past two months. In the past year, due to the production of Aisc miners and the addition of mining pools, the hash rate has grown by about 1,000 times.

In summary, in investing, we should not be rigid or dogmatic; we must always think about adding a touch of diversity to our investment portfolio.

That's all.

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