The hash rate is considered to be the unit of computational power in cryptocurrency networks. One of the main ways to get cryptocurrency is called mining. It is based on solving mathematical problems. Most cryptocurrencies are issued by solving mathematical and computational problems with computers that can be placed anywhere in the world.
What is hash rate
A hash rate is a unit which measures the computing power of equipment for cryptocurrency mining. Cryptocurrency mining requires a user to solve a large number of mathematical problems to earn cryptocurrency. This complex mathematical process requires a powerful special device that will help you to find the right hash in the shortest time.
The speed of cryptographic operations on special devices or PC components determines the hash rate of the mining equipment of a particular owner. And the total capacity of the miners involved in the process of mining a particular cryptocurrency is a hash rate of the whole blockchain network.
Simply put, a hash rate can be defined as the speed at which your video card or ASIC can mine a specific cryptocurrency.
How is the hash rate speed measured?
The hash rate is a unit of measurement defined in hashes per second or h/s, let’s look at the values:
1 kH / s is 1,000 (one thousand) hashes per second
1 MH / s is 1,000,000 (one million) hashes per second.
1 GH / s is 1,000,000,000 (one billion) hashes per second.
1 TH / s is 1,000,000,000,000 (one trillion) hashes per second.
1 PH / s is 1,000,000,000,000,000 (one quadrillion) hashes per second.
1 EH / s is 1,000,000,000,000,000,000 (one quintillion) hashes per second.
So, we get that:
1 MH / s = 1,000 kH / s
1 GH / s = 1,000 MH / s = 1,000,000 kH / s
1 TH / s = 1,000 GH / s = 1,000,000 MH / s = 1,000,000,000 kH / s etc.
What determines the hash rate?
The hash rate of a mining rig depends on the computing potential of its components. Also its level is affected by:
- Program settings for mining
- The correct set-up of the mining farm
- Stability of connection to the server
Different mining algorithms can have various hash rates on the same mining equipment.
Mining difficulty and hash rate growth
Mining difficulty is an indicator that displays how difficult it is to make a mathematical calculation to find a new block and receive a reward. This is a variable that the network automatically corrects every 2,016 blocks (approximately every 14 days) in order to maintain the average time spent mining a new block at 10 minutes, regardless of fluctuations in the hash rate of the network. The difficulty indicator depends on
- the hash of the network
- the time spent on finding the previous blocks
With a decrease of hash rate, the time spent to find new blocks increases, and with an increase in hash rate, the time decreases.
The hash rate of a network directly depends on the number of miners working in it. The more miners are trying to get the same coin, the faster the difficulty of the calculations increases.
How does the mining difficulty of a network change? Let’s imagine that currently a blockchain has a certain indicator of mining difficulty and its hash rate is equal to 710 MH/s. The hash rate of any cryptocurrency network is the total power of the mining equipment connected to it. The increasing demand on the digital coin also increases the profitability of mining. When more and more new users start mining a coin, the hash rate of the network increases, and the system increases the difficulty of the calculation process. As a result, the decryption time of the new cryptocurrency block is leveled to the value embedded in the program code.
In case of price decrease miners can leave the network and hash rate together with difficulty falls too. However, this method is effective only up to a certain point. A large hash rate drop will paralyze the mining network, because miners not only generate new crypto coins, but also process transactions. The system ceases to function and the coin gradually dies.
The hash rate of mining devices is a parameter that directly affects the profitability of mining. Its level is constantly fluctuating, but the average value is usually within the mining capabilities of the average miner.
Related
Stay tuned
Subscribe for weekly updates from our blog. Promise you will not get emails any more often.
Our authors
Most Popular
New Posts
Stay tuned
Subscribe for weekly updates from our blog. Promise you will not get emails any more often.
Our authors
