Does the Emergence of Hashrate Derivatives Affect the Overall Security of PoW Networks?

Yes, indirectly. By providing miners with financial tools to hedge risk, derivatives can attract more professional and large-scale capital into mining.

This increased financialization can lead to a higher, more stable total network hashrate, which increases the cost and difficulty of a 51% attack, thereby enhancing overall network security. However, they also create new avenues for speculation.