Nervos Network (CKB): Behind the Soaring Hashrate, What Makes This Project Attractive to Miners?
The focus of the crypto market often leans towards emerging projects rather than established players. However, projects that persist through prolonged bear markets, adapting continuously to market changes, can still attract capital and investor favor once they re-enter the market with a new narrative.Take Nervos Network, launched in Q1 2018 with ambitions to scale Layer 1 blockchain technology.
In addition to primary issuance, there is also secondary issuance . The purpose of secondary issuance is to collect state rent, following a fixed annual issuance plan of 1.344 billion CKB tokens. Tokens from secondary issuance are allocated to miners, Nervos DAO depositors, and the treasury fund. CKB's secondary issuance mechanism ensures that even after all primary issuance CKB tokens are mined, miners can still receive corresponding rewards for continuously protecting network security, regardless of on-chain transaction volume. According to Nervos Network's hashrate chart, the hashrate has shown rapid growth this year: increasing from 163 PH/s at the beginning of the year to a peak of 399 PH/s, marking a 143.8% rise. As of the latest data, the hashrate stands at 362.32 PH/s.
Storing any content on Nervos Network consumes on-chain space. As the ecosystem projects thrive on Nervos Network, more on-chain assets and locked CKB quantities increase, reducing the circulation of CKB and thereby enhancing its scarcity. In the future, with the rise in CKB prices, more miners will be attracted to provide security for the network. The increased security will also attract more users to store value and data on the blockchain, creating a virtuous cycle.
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