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RSK Net Hashrate at All-Time Highs

· in Press Release
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
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Merged mining makes reference to mining two (sometimes more) different cryptocurrencies at the same time with the same hash rate. In this way, the miner will not receive the rewards of only one network but it will receive coins from two blockchains. This is possible thanks to Auxiliary Proof of Work (AuxPoW).

Miners can start earning extra rewards by using RSK, the number one Bitcoin merged mining platform. The good thing about merged mining is that users will not have to buy new mining hardware or upgrade their previous rigs. Instead, they can use the same infrastructure and start mining two digital assets. 

Bitcoin miners that want to get better rewards can mine BTC and RSK at the same time. This is thanks to how RSK works and boosts the Bitcoin network through the execution of more complex transactions. Basically, RSK is helping the entire Bitcoin ecosystem to continue growing and become more sustainable. 

bitcoin crypto merged mining

According to data provided by BitMex Research, each Bitcoin block mined contains around two commitment hashes from other blockchains in the Coinbase transactions. This shows that most of the miners are conducting multiple forms of merge mining. 

You can just adapt your mining pool software to do merged mining. There are many out of the box pools with a large number of functionalities to do merged mining. You can also extend your pool to do merged mining if you want to do so. 

In addition to it, RSK has proven to be the most profitable Bitcoin merged mining platform. Merged mining could also be a solution to decreasing rewards on the Bitcoin networks and a lack of fees received by the miners. By mining in two different networks at the same time, miners get more rewards for their work and allow two different blockchain networks to be secure and operative. 

Nowadays and thanks to merged mining, RSK is the most secure smart contract platform in the world. At the same time, it can also be considered one of the most secure blockchains as well. 

RSK Functionalities

The RSK platform helps the Bitcoin network grow in many different areas, including scalability, functionality and blockchain interoperability. By using a set of advanced smart contracts, RSK allows the Bitcoin network to extend its use cases and offer complex solutions to users, including off-chain transactions. 

In terms of functionality, the Bitcoin network can now get a major role in the Decentralized Finance (DeFi) market. That means that it is possible for the Bitcoin network to deal with Stablecoins, Self Sovereign Identities, Fungible and Non-Fungible Tokens, Blockchain for Supply Chain, Decentralized Storage and many other things. 

This was before exclusively to other networks, including Ethereum (ETH). Nevertheless, Bitcoin is much more secure than Ethereum and it has a larger user-base. 

Furthermore, by using the RSK network, it is possible to bridge Bitcoin to other specific blockchain networks. This is thanks to the interoperability solutions provided by RSK. In this way, users can pay for the execution of smart contracts and get many other functionalities and blockchain use cases.