• 核心观点：Hash 是一个部署在以太坊主网、无需矿机仅用浏览器 GPU 即可参与的 PoW 实验代币，通过固定规则（总量 2100 万、减半、抗量子）发行，但释放高度前置且初始流通量低，属于高风险高波动的新项目。
• 关键要素：
  1. 代币总供应量 2100 万枚，其中 5% 用于 Genesis 阶段（105 万枚），5% 用于 Uniswap V4 流动性池，剩余 90% 通过挖矿产出，且前 10 万次铸造释放占比达 47.6%，释放极其集中。
  2. 挖矿机制为浏览器内暴力计算 keccak256 哈希，每 100 个区块（约 20 分钟）更新挑战值，且挑战与矿工地址绑定以防止抢答案。
  3. 奖励规则模仿比特币减半：基础奖励为 100 Hash/次，每累计 10 万次铸造减半，难度每 2016 次铸造调整目标产出为约 1 分钟/次，挖完预计约 290 天。
  4. 项目强调合约不可升级、无团队金库、无预挖，并借后量子安全叙事（依赖 Keccak256 哈希，抗 Grover/Shor 算法）定位为基础设施实验。
  5. 截至 5 月 11 日，Hash 市值最高约 900 万美元，当前回落至 400 万美元，价格 0.19 美元，较 Genesis 阶段价格（0.03 美元）已涨超 5 倍。

Original author: KarenZ, Foresight News

Hash is attempting to redo something that seems quite outdated: mining. However, this time, no mining machines or server rooms are needed. Just open a browser tab, and you can use your GPU to participate in a PoW issuance experiment written on the Ethereum mainnet.

On May 11, Beijing time, Hash's official X account stated that Hash has launched Uniswap trading after the Genesis phase concluded, with its market cap peaking near $9 million before retreating to around $4 million.

A caveat is necessary: While Hash has a clear rule design and its narrative ties together browser mining, the Ethereum mainnet, and post-quantum concepts, it is essentially still a highly volatile new project that has just completed Genesis and entered the trading phase. Its current price of $0.19 represents a more than five-fold increase from the Genesis price of $0.03. Investors should still approach with caution.

What exactly is Hash?

The Hash website defines itself as "Browser mining post-quantum token on Ethereum mainnet." It is an ERC-20 token deployed on the Ethereum mainnet, with the following core selling points:

• Mining can be done using a browser without downloading a client or emphasizing GPU requirements.
• The total supply is capped at 21 million tokens, clearly borrowing Bitcoin's scarcity narrative.
• The project emphasizes that the contract is non-upgradeable, with no team treasury, no pre-mining, and no admin keys. Issuance rules are executed directly by the contract.
• Emphasis on post-quantum security.

In other words, the core idea of this project is to first set the issuance rules in stone, then let the market and miners take over.

How do the rules work?

The barrier to understanding this mechanism is lower than it might seem. You can think of it as a simplified on-chain puzzle game.

Each miner address receives a binding challenge. Users in the browser repeatedly try different nonces, performing local brute-force calculations of keccak256. When a sufficiently small result is found, it is submitted on-chain. The contract only does two things: verify if the result is correct and, if it meets the current difficulty, mint the corresponding amount of Hash.

Several key designs exist within these rules.

First, the challenge is bound to the miner's address. Even if others see your answer in the mempool, they cannot directly claim it.

Second, the epoch rotates every 100 blocks (approximately 20 minutes), reducing the value of hoarding answers in advance.

Third, each combination of (miner, nonce, epoch) can only be minted once.

Fourth, the protocol sets a hard cap of a maximum of 10 mints per block to prevent a sudden surge in supply.

Simply put, the key point is "the first to compute the answer gets the reward." To prevent others from stealing answers, the system gives each participant a puzzle tied to their own wallet address. Even if someone sees you are close to solving it, they cannot directly use your result to claim tokens. Furthermore, the puzzle changes periodically, so you cannot stockpile old answers for later.

In terms of issuance schedule, Hash also tries to emulate Bitcoin. The whitepaper states that the base reward in era 1 is 100 Hash per mint. Every 100,000 mints triggers the next era, halving the reward.

Difficulty adjusts every 2,016 mints, aiming to bring the network's output back to a rhythm of approximately 1 mint per minute. The official estimate is that, at this target rate, it would take about 290 days to mine all tokens.

The total supply is also predetermined, capped at 21 million tokens. Of this, 5% was sold during the initial Genesis phase; 5% is allocated to the trading pool liquidity, added alongside the raised ETH into an Uniswap V4 liquidity pool. The remaining majority will be gradually produced through subsequent mining.

Analyzing the issuance schedule and token allocation reveals that the first 10 million tokens available for mining are released the fastest. This single phase accounts for 47.6% of the total supply and 52.9% of the total mining supply. This means Hash's token emission is heavily front-loaded. It doesn't release slowly over time; instead, there is a large initial supply that rapidly contracts.

Extrapolating based on the whitepaper's target rate, assuming the network consistently maintains one mint per minute, the schedule would look roughly like this:

• Day 1: ~1,440 mints, releasing 144,000 Hash.
• 7 Days: ~10,080 mints, releasing 1,008,000 Hash.
• 30 Days: ~43,200 mints, releasing 4,320,000 Hash.
• ~69.4 Days: Completes the first 100,000 mints, enters the first halving.
• ~138.9 Days: Enters the second halving.
• ~208.3 Days: Enters the third halving.
• ~294 Days: Nearing complete mining.

This extrapolation is crucial. The new mining output from Hash in just the first week is already close to the entire 1.05 million tokens sold during the Genesis phase. Of course, the difficulty will adjust.

Why does it keep emphasizing "post-quantum"?

This is the key area where Hash aims to differentiate itself from most projects.

The project team states that Hash mining relies on hash primitives like keccak256. Theoretically, the primary impact of quantum computing on hash puzzles is closer to an "improvement in search efficiency," not the direct breakdown possible with certain elliptic curve systems. The whitepaper explicitly mentions that Grover's algorithm provides a square-root speedup, which can be offset by increasing difficulty, while Shor's algorithm does not directly target these types of hash puzzles.

Hash's official team also references Vitalik's mention of SPHINCS+ reference code, emphasizing that it is also built upon hash families like SHA3/keccak256. Since Hash already uses these primitives in its issuance and verification process, the argument can be simplified: the post-quantum cryptography now being discussed within the Ethereum community shares common foundational building blocks with what Hash is using. Hash leverages this angle to argue that it's not just about the "browser mining" gimmick, but rather an issuance experiment aligned with Ethereum's post-quantum security narrative.

This doesn't mean Hash has already become a "post-quantum asset," but it certainly helps the project carve out a position that is slightly more grounded than a pure meme or fair launch.

Overall, Hash's appeal lies in a combination of factors: browser-based mining participation, a predetermined total supply, a clear halving mechanism, transparent liquidity rules, and the more infrastructure-oriented "post-quantum" story.

Of course, the most attractive aspect of Hash right now is also its biggest source of risk. The small initial circulating supply can easily fuel rapid price increases. However, precisely because the mining release is concentrated and early holders have significant paper profits, subsequent price volatility will be very high if new buying pressure fails to keep up. In other words, Hash's future depends not just on short-term hype, but also on miner participation, genuine trading depth, and the market's ability to continuously absorb new supply. In this regard, it remains a high-risk, high-volatility new project.