As the Bitcoin rally continues it seems that the hash rate for the cryptocurrency has hit an all-time high.
On August 19th, the crypto marketcap leaders hash rate has continued to smash previous records throughout summer and today hit an amazing 82.5 TH/s.
Top crypto commentator Kaiser has commented saying:
“The hash rate of a cryptocurrency — sometimes referred to as hashing or computing power — is a parameter that gives the measure of the number of calculations that a given network can perform each second. A higher hash rate means greater competition among miners to validate new blocks; it also increases the amount of resources needed for performing a 51% attack, making the network more secure.”
Remember Bitcoin’s halving event remains some time away in May 2020 this is a pre-coded 50% reduction of block rewards for miners. This is when the reward for the miner is dropped by 50%.
What is the hash rate?
According to Hashgains.com, a hash rate is the measure of miner's performance. In other words, it is the hash function's output or it is the speed at which a miner solves the Bitcoin code. Hash per second represents SHA-256 algorithms that are used per second, known as hash rate.
A higher hash rate is better when mining as it increases your opportunity of finding the next block and receiving the reward.
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