Bitfury’s Alex Petrov Claims Proof of Work (PoW) based Crypto Assets Will Grow When Market Rises
- Over the past couple of months, BTCs native hashrate has been witnessing steady growth.
- According to Bitfury CIO ‘Alex Petrov’, PoW based altcoins are more secure when compared to currency’s that make use of other digital frameworks.
Even though Bitcoin’s value slid recently to around the $8,580 mark, the flagship currency’s fundamentals have remained as strong as ever. For example, over the past couple of month’s the hash rate has been on the rise — with its value currently pegged at 43,385 TH/s.
In this regard, we can see that as Bitcoin’s Hash Power continues to grow, people like Alex Petrov — Chief Information Officer (CIO) for Bitfury — believe that BTCs market performance will only continue to keep getting better and better.
Further elaborating on this stance of his, Petrov went on to add:
“For example have a coin and there is $10,000 in the market cap, so the cost of an attack should be an out high to protect the 10,000 market cap of the coin from the external attacks”
The Bitfury executive opined recently that an increase in hash power can directly result in Proof-of-Work based coins becoming more immune to third party threats (such as hacks and intrusions).
Not only that, he also believes that the higher the hash power associated with a particular cryptocurrency, the better its chances to experience a bull run in the near future.
According to Alex Petrov, currencies like BTC (that have high hash rates) are less susceptible to foreign intrusions and other associated threats. Not only that, in his opinion, in order to keep miscreants at bay at all times, the “hash power barrier” of a currency should be maintained at its highest.
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