I'm trying to compare the hashrates, to get a better sense of bitcoin dominance. Instead of looking to the bitcoin dominance in the market cap which has it flaws.
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I'm wondering do i need some kind of correction factor for the Ether Hashrate?
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Data from:
https://bitinfocharts.com/comparison/hashrate-btc-eth-bch.html#log
Electricity used (for PoW coins) would be a better metric, since hashrate depends on the algorithm used. Bitcoin also has ASICs, while Ethereum only uses GPUs, hence creating a massive discrepancy in hashrate numbers. snip
I'm wondering do i need some kind of correction factor for the Ether Hashrate?
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Data from:
https://bitinfocharts.com/comparison/hashrate-btc-eth-bch.html#log
By taking electricity as a measure you circumvent that and can more accurately assess how many resources go into each crypto.
The downside is that it doesn't take into account the hardware costs, which you would have to estimate and include in your calculations for a more accurate picture.