After The Merge, miners are looking for proof-of-work chains to continue their mining business. Can Kadena emerge as a miner’s favorite? Let’s find out!
In this article, we’ll delve into the Kadena blockchain and, more specifically, its native token. This is the first part of the article, and here is the second part.
What Is Kadena?
Kadena is a Layer 1 proof-of-work (PoW) blockchain design that aims to have infinite scalability. The blockchain can process around 480k transactions per second, which makes it one of the fastest blockchains. On top of that, it is a decentralized and secure chain. Thus, it is close to solving the infamous blockchain trilemma of scalability, security, and decentralization.
$KDA Tokenomics
$KDA is the native coin of the platform. It mainly functions as a gas fee, similar to $SOL on the Solana network.
The $KDA tokens have a maximum supply of one billion. In which, a staggering 70 percent of the total supply is allocated to miners. That makes Kadena one of the favorite chains for miners. Miners can mine 70% of the total supply over the next 120 years, an innovative anti-dumping mechanism.
At the time of writing the article, 198 million $KDA tokens are circulating in the market. That means only 20% of the total supply is circulating. Even though this value seems very low, the large allocation to miners justifies it.
$KDA’s market cap grew from $100 million to $3 billion in just 60 days. The token had an all-time high on November 11, 2021, at $27.64. Currently, it is trading at $1.46 and has a market cap of $287 million.
Team
Kadena was launched in 2016 by Stuart Popejoy and Will Martino, former members of the JP Morgan blockchain team. Stuart and Will successfully developed JP Morgan’s first blockchain too. Above all, the most cited author in Satoshi’s Bitcoin whitepaper, Dr. Stuart Haber, is the chief advisor to Kadena.
The blockchain also has extensive partnerships and collaborations with Web3 and non-Web3 organizations. These include USCF Investments and Rymedi – a blockchain-based healthcare technology company that caters to the U.S. Food and Drug Administration. In the Web3 world, Kadena has partnerships with Polkadot, Cosmos, Ledger, and more.
Also, Kadena has launched a $100 million grant program for Web3 builders in April 2022. It is a key initiative to accelerate ecosystem growth along with Gas Stations. A Gas Station is a platform that gives out Kadena as a gas fee for users of dApps.
How to Mine Kadena Coins?
Anyone can mine Kadena using a typical ASIC mining rig or a PC. ASIC mining rigs are motherboard-based machines with an effective cooling system. However, an ASIC miner can only mine a specific crypto, unlike a general mining machine. That means ASIC miners outperforms GPU-based miners in terms of efficiency.
Accordingly, to mine Kadena, one should buy an ASIC miner and join a mining pool. In that case, Antminer KA3 from Bitmain is the best mining machine which costs $6300 and gives out a daily revenue of 44 $KDA, almost $65. So you can recoup your initial investment in about 100 days, considering the electricity costs.
Read the next article in this series to learn more about $KDA.
⬆️For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️ ALTCOIN BUZZ – BINANCE – GET UP TO $600* ON SIGN UP
Sign up using the links below on Binance Exchange and get the following benefits
- Earn a $100 Spot Trading Bonus
- Get a 20% trading fee discount for life!
- Get $200 worth of 2 months of Altcoin Buzz Access PRO Membership (50+ Trading Signals, Hidden Gems) and unlock up to $500 more in prizes
Click on the following link (as per your location) to avail the benefits. Binance Global, Binance US.
For more details visit*: Binance Sign Up Offer Page. *Terms & Conditions Apply
Disclosure: Altcoin Buzz may receive a commission, at no extra cost to you, if you click through our links and make a purchase from one of our partners.
