On-chain Data Review: PoW Star Kaspa’s Performance in September

4 min readOct 13, 2023

Over the past month, cryptos including Bitcoin have remained sluggish, with lackluster performance in terms of total market cap, trading volume, and liquidity. Although the broader crypto market has continued to languish in a tough bear, a dark horse in the PoW category defied the odds in September, rising at a remarkable pace across multiple metrics.

According to CoinEx Exchange, KAS, Kaspa’s native token, has seen an impressive 12% price surge over the past 30 days. With a total market cap of over $900 million, KAS now ranks 44th on the CoinGecko market cap leaderboard, making it one of the most popular PoW coins among miners. Today, we will review Kaspa’s performance in September through four key indicators and uncover the highlights of this rising star in the PoW race.

Source: CoinEx’s official website

KAS Hashrate Hits New Highs

Data from the blockchain explorer shows, as of October 12, the KAS hashrate has surpassed 50 PH/s. What’s astonishing is that the coin doubled its hashrate in just two weeks, an unprecedented growth rate.

Source: Kaspa Explorer

Essentially, hashrate measures the processing capacity of a computer or network. It shows us the number of cryptographic hash operations a computer or network can perform within a specific time frame. A high KAS hashrate typically reflects great confidence in the Kaspa network, which attracts more miners.

Kaspa employs a unique halving mechanism that reduces the block reward by half annually, with a steady monthly reduction of (1/2)^(1/12). Since 2023 kicked off, Kaspa has already seen ten halvings, cutting the block reward from 277.18 KAS to 164.8 KAS. The frequent halving events, however, haven’t dampened miner enthusiasm. As evidenced by the growing hashrate, miners remain confident in Kaspa’s future prospects and long-term value.

Source: Minerstat

All-time High Price

In September, the crypto industry suffered multiple security incidents, and the SEC once again delayed applications for the Bitcoin spot ETF, causing havoc in the space. However, these uncertainties did not stop the growth of KAS, and its legend of hundredfold growth keeps going. In particular, the KAS price reached an all-time high of $0.0538 on September 20, a whopping growth of 31,352% from its all-time low in less than 16 months.

Source: CoinGecko

A high price equates to increased mining rewards, which motivates miners to invest even more hashrates in KAS mining. With more miners joining the network, Kaspa will become more secure and stabler. Meanwhile, as more mining rigs are connected to Kaspa, the KAS hashrate will become more distributed, enhancing the network’s resistance to attacks. This positive feedback loop empowers the development of the Kaspa ecosystem and creates more potential value for miners and the entire community.

As of October 12, KAS is trading at $0.0444, according to CoinGecko.

Surge in Non-zero Addresses

Non-zero addresses refer to accounts with a non-zero balance of a certain coin. In other words, non-zero addresses are coin holders. In the past 30 days, non-zero KAS addresses have surged, which indicates that more crypto users are showing interest and adopting KAS.

Source: kas.fyi

Data shows that the most substantial growth in KAS holdings occurred in the ranges of 100K-1M and 1M-10M, both exceeding 8%. In terms of large holders, the top 10 KAS holders control only 13.9% of the coin’s circulating supply, while the top 100 holders control just 31.7%. What this means is that KAS whales are unlikely to control the KAS price, as the decentralized holding structure reduces the risk of market manipulation.

A Growing Fan Base

Community fans are a major driver for all crypto projects. These passionate supporters actively engage in discussions on social media platforms, forums, and chat groups, sharing their views, suggestions, and know-how about the project. The loyalty and activity of community fans are crucial for the success of a project.

Source: Messari.io

Over the past 30 days, Kaspa has attracted a huge number of followers on Twitter and Telegram, two of the most popular social media platforms in the crypto community. According to Messari.io, Kaspa gained about 8,000 more followers on Twitter and 1,600 new followers on Telegram. Its growing fan base provides Kaspa with robust social media support and influence, which further enhances its market visibility.

Where Can I Mine KAS?

Thanks to the growing prominence of Kaspa, several mining pools have introduced KAS mining services. ViaBTC, a world-leading, all-inclusive mining pool, launched a KAS pool, as well as the KAS mining tutorial, on May 31, 2023.

* Find out more about KAS mining at