It is very important to know what is Hashrate in Cryptocurrency mining. Here we explain Hashrate thoroughly, along with excellent videos. In this post, we also show you, which cryptocurrencies use Hashrate when mining.
What is Hashrate In Cryptocurrency Explained
Hashrate is the measure of the computational power per second used when mining cryptocurrencies such as bitcoin. It is the measure of speed when mining. It is measured in units of hash/second. This means how many calculations can be performed in 1 second.
Machines with a high hash power are extremely efficient, allowing the processing of a lot of data in a 1 second.
In Bitcoin, the Hashrate indicates the number of times hash values are calculated on the Proof-of-Work (PoW) blockchain every single second.
Hashrate is usually measured in units of k (kilo = 1000), M (mega = 1 million), G (giga = 1 billion), or T (tera = 1 trillion). For example, 1 Mhash/s means 1 million hash calculations are completed every second.
For example, in early July 2022, Bitmain announced the launch of the fast Ethereum miner called the Antminer E9. The machine has super speeds of up to 2.4 gh (Gigahash per second).
You can read about this new Bitmain Antimer E9 2.4 gh miner here.
Which Cryptocurrencies Use Hashrate For Mining
Here are the top 10 cryptocurrencies using Hashrate through the Proof-of-Work consensus mechanism
- Bitcoin BTC
- Ethereum ETH
- Dogecoin DOGE
- Litecoin LTC
- Ethereum Classic ETC
- Monero XMR
- Bitcoin Cash
- Bitcoin SV BSV
- Kadena KDA
- Ravencoin RVN
Proof-of-Work is a consensus mechanism used to confirm that network participants, called miners, calculate valid alphanumeric codes, called hashes, which are used to verify Bitcoin transactions and add the next block to the blockchain.
Note: Ethereum (ETH) will be moving to Proof-of-Stake later in 2022 and will become ETH2.
You can find a terrific list of the top PoW tokens by market capitalization here. These are also good options for mining cryptocurrency.
Hashrate & Cryptocurrency Mining Calculators
Before you start mining a cryptocurrency, you need to know will it be profitable based on your hardware for Hashrate computational power, along with electricity costs.
Here is a great place to start with this easy cryptocurrency mining calculator.
Hashrate Explanation Videos
We have 3 excellent videos to give you a more thorough understanding of what is Hashrate in Crypto mining.
In this first Hashrate educational video, Hashrate is explained, why is it important, what does it mean for a cryptocurrency like Bitcoin, and how it influences investments.
Here is another quick video with the Bitcoin Hashrate explained in simple terms for crypto beginners.
This final Hashrate educational video gives a bit longer of an explanation of what exactly is Hashrate in cryptocurrency mining.