Hashrate refers to the measure of a miner’s computational power, typically measured in hashes per second (h/s). It is a key metric for the strength of a cryptocurrency network, as it represents the amount of computing power being used to secure the network and process transactions.
In the case of Bitcoin, a higher hashrate means that the network is more secure, as it would be more difficult for an attacker to take control of 51% of the network, which is required to perform a 51% attack.
Hashrate also plays a role in the process of mining, as it determines the chances of a miner successfully solving a mathematical puzzle required to validate a block of transactions and earn the block reward. The more hashrate a miner has, the more likely they are to solve the puzzle and earn the reward.
The hashrate of a network can fluctuate depending on the number of miners participating and the amount of computational power they are dedicating to the network. As the price of a cryptocurrency increases, more miners may be attracted to the network, resulting in an increase in hashrate.
It can also be used for other blockchain and digital currency like Ethereum, Litecoin, Bitcoin Cash and many more.
