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Hashing and Hash Rate as the Basis of the Cryptocurrency World
The world of cryptocurrencies is full of terms which are worth knowing in order to understand how the market operates. Let’s have a look at the concepts of hash rate and hashing.
Hashing is finding a solution to a math problems by using a miner’s computing system. In other words, it’s the cornerstone of the cryptocurrency system. Its functions are similar to the ones of a “printing press” in the conventional monetary system.
A hash rate reflects the number of mining cycles a miner’s computing system can run per second to find the right solution to the problem. Consequently, the higher the hash rate is, the sooner a miner can solve math problems and the more reward they can earn.
Cryptocurrency networks also have a hash rate that reflects the total computing power of all mining devices. Therefore, to be able to mine cryptocurrency in networks with a high hash rate, you must have a high hash rate of your own, i. e. more powerful devices.
Hash rate is measured in:
– hash/second (H/s) — 1 (the lowest);
– kilohash/second (Kh/s) — 1,000;
– megahash/second (MH/s) — 1 mln;
– gigahash/second (GH/s) — 1 bln;
– terahash/second (TH/s) — 1 trillion;
– petahash/second (PH/s) — 1 quadrillion.
The hash rate measured in H/s is not used any more since the difficulty rate of any cryptocurrency network is continuously growing and requires more computing power. The quest to reduce consumption while preserving the rate of solving problems is the key issue for a miner.
FYI, the hash rate is over 33,000,000 TH/s in the Bitcoin network, about 312 TH/s for Litecoin, and 278 TH/s for Ethereum. In other words, the Bitcoin hash rate is and will remain the highest. Bitcoin’s network has the most power, but mining the first-ever cryptocurrency is the most difficult task, too.
The concepts of hashing and hash rate are relevant for the understanding of how cryptocurrency is mined and can clarify the question of cryptocurrency prospects.