WHAT: (aka Hash Power) a measure of how fast miners can guess the next block. It is a unit of measure in hash per second or [h/s] for how much power the Bitcoin network is consuming to generate and find blocks at the normal rate of appx. 10 minutes. The term can apply to every cryptocurrency that uses proof of work.
Hashrate denominations
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.
Comman Hashrate Conversions
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
WHY: It’s generally accepted that an increasing hash rate means better overall network security, but that assumption has been challenged in recent years.
EXAMPLE: View current hashrate distribution among the largest mining pools: https://www.blockchain.com/en/pools
Fun video explanation here:
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