Chinese miners push PRL hashrate higher, FDV reaches $1.6B

These days, there’s a ton of talk on overseas Twitter about DRV and PRL.

In particular, PRL (not the Pearl listed on Upbit) is getting a huge amount of shoutouts, led by the Chinese crowd. Pearl Research really gives off strong last-season Tao vibes, so I’ve been following up and keeping an eye on it.

Every cycle, there’s usually one mining coin that pops off—two seasons ago it was Kaspa, last season it was Tao, and this season I’m thinking it might be Pearl.

Right now the price is around 0.78, which puts the circulating market cap at about 240M and the FDV around 1.6B, so it’s already quite a large cap.

Especially with Pearl, as soon as it came out, Chinese mining farm operators rolled in with stacks of 5090s to mine it, so the hashrate shot up like crazy. Looks like the Chinese guys’ average cost basis is around 0.3.

https://t.me/justicekingsman/7585?single

I’m still bowing in thanks for getting me out of that mining bag I was stuck in back then… At the time, there was buzz that a16z had funded them, but if you dig around, it doesn’t look like a16z actually invested. What does seem true is they raised from a heavyweight Web2 VC in Silicon Valley.

DRV is dubbed the options Hyperliquid—it’s one of those that regularly gets periodic shilling anyway.