If you part of the crypto sphere, you must have heard the word Bitcoins hash rate fluctuating or the hash power is coming down. Do you know the meaning of Hash rate of cryptocurrencies?
Here is a guide to tell you about the hash rate of cryptocurrencies. It forms an integral part of every cryptocurrency but here we will be explaining with the example of Bitcoin hash rate.
What is the meaning of Hash Rate?
Hash Rate is the measure of the power the Bitcoin is consuming for being continuously functional. It is simply a measuring unit which tells how much has power is consumed by Bitcoin to generate blocks in a mean time of 10 minutes.
A lot of energy is consumed in the Bitcoin network because the miners have to solve complex mathematical puzzles in order to find a block. These mathematical calculations require a lot of computation and cannot be based on just guesswork. In order to be successful, the header of the block needs to be hashed in such a way that the header is equal to or less than the “target” (Hash), only then a block is successfully mined.
What is a Nonce?
The miners can vary a small portion of the block header through which they can arrive at a particular hash, which is called a “Nonce”. A nonce starts with a “0” and it increments every time for obtaining a required target.
Thus, it is a hit and trial method and the chances of hitting the right nonce with a lot of zeros are very less. Thus, the miners keep on varying the nonce to hit the correct hash (target).
This variation made by the miners per second is called the hash rate. These guessing attempts made by the miners in order to mine blocks is called Hash Power used in the process of Bitcoin mining.
Unit of Hash rate
Hash Rate is the number of hashes per second made in the process of Bitcoin mining. The present Hash rate is 50 TH/s which refers to approximately 50,000,000,000 kH/s. The hash rate is continuously growing as more miners are joining the network and the difficulty level is increasing.