Bitcoin Hashrate is the computation the Bitcoin network needs to perform every second to validate transactions and form new blocks. The higher this index, the stronger and more secure the Bitcoin network is.
If you are interested in information on Bitcoin Hashrate, why not try spending some time following the following content from AZCoin?
What is the concept of hashrate?
Before delving into Bitcoin Hashrate, let’s first talk about the concept of Hashrate in case you don’t know. So this is a concept for a unit that measures the computational processing capacity of a blockchain network or any cryptocurrency mining device.
Hashrate will be measured by the number of calculations performed in a certain unit of time, here usually seconds. The units of hashrate include:
- H/s (Hash/seconds).
- kH/s (KiloHash/seconds) equals one thousand hashes per second.
- MH/s (Megahash/seconds) equals one million hashes per second.
- GH/s (Gigahash/seconds) equals one billion hashes per second.
- TH/s (Terrahash/seconds) equals one thousand billion hashes per second.
- PH/s (Petahash/seconds) equals 1 billion billion hashes per second.
Accordingly, the higher the hashrate, the greater the safety of the network because it requires more resources to attack. On the contrary, if a blockchain network has a low hashrate, the rate of it being successfully attacked will be much higher.
Besides, hashrate is also used to evaluate the performance of cryptocurrency mining equipment, with devices with higher hashrate mining more blocks thereby earning more money.
What is the Bitcoin Hashrate?
From the information obtained from the hashrate concept, now if we apply it to Bitcoin Hashrate we can understand that this is the calculation speed of the miner performing the SHA-256 algorithm. In other words, Bitcoin Hashrate represents the number of SHA-256 calculations performed per second.
Currently, tracking Bitcoin Hashrate has been modernized and greatly simplified as you can easily track it through many different websites. Websites that we trust and can recommend to you are Blockchain.com, Bitinfocharts.com, Coinwarz.com,…
Besides, if you have time, we suggest you check out other interesting content like What is Bitcoin dominance, Mining Monero, What is Crypto Lending,…
How are hashrate and Bitcoin prices related?
There is a strong relationship between hashrate and the price of Bitcoin, although it is not a general rule for all situations. So if placed in a perfect situation, balanced in all factors, the relationship between hashrate and Bitcoin price will produce the following two scenarios:
- Increased hashrate leads to a higher level of safety. Investors put more trust in Bitcoin and started mining it, thereby causing the price of Bitcoin on the market to increase significantly.
- The decrease in hashrate leads to a decrease in safety. Investors lose confidence in Bitcoin, leading to restrictions on mining and transactions, thereby causing the price of Bitcoin on the market to decrease significantly.
However, as mentioned before, the relationship between hashrate and Bitcoin price is not a general rule. Because there are still many other side factors, such as investor competition, special events,… which are unpredictable and have a big impact on Bitcoin prices.
Also, if you need more information about cryptocurrency prices and want to follow them more closely, you should check out the best crypto exchange site here.
Why is hashrate important?
From what we have learned so far, you probably know that hashrate is an index that shows the mining speed of a blockchain network. Of course, without discussing the ability to evaluate mining devices, hashrate is very important not only in the Bitcoin network but also in other blockchain networks because:
- Ensuring the safety and protection of the network against external destructive attacks, creating trust among investors and miners.
- Solve competition issues in cryptocurrency mining, avoiding one individual or organization being able to monopolize a large amount of mining rewards.
Conclusion
This is also the end of all the content we can share with you about Bitcoin Hashrate. If you have any other questions, don’t hesitate to contact AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
