Network Hashrate
Bitcoin BTC Network Hashrate
This chart shows the history of changes in the total hashrate of the BTC network over various periods of time.
It provides an estimate of how many hashes per second are performed by miners of the BTC.
An increase in the total hashrate of the BTC network can indicate a growing interest from miners due to increased mining profitability or the inclusion of additional power by a major market player.
A decrease in the network's hashrate can occur due to decreased profitability, network failures, or problems at major mining pools.
What is hashrate?
Hashrate is the performance of mining equipment (ASIC, graphics card, processor). Hashrate is measured in solutions per second.
One solution on the Bitcoin is called Hash, abbreviated as H. Mining performance is measured in H/s (hashes per second) accordingly.
How is it measured?
- 1 KH/s = 1 000 H/s
- 1 MH/s = 1 000 KH/s = 1 000 000 H/s
- 1 GH/s = 1 000 MH/s = 1 000 000 KH/s = 1 000 000 000 H/s
- 1 TH/s = 1 000 GH/s = 1 000 000 MH/s = 1 000 000 000 KH/s = 1 000 000 000 000 H/s
Current network hashrate of Bitcoin : 784.82 EH/s = 784 821 193 360 676 100 000 H/s
GPU’s hashrate
Your mining rig, or even a single graphics card, iterates over millions of solutions (hashes) per second.
For example, one Nvidia RTX 3060 graphics card has a hashrate of ~48 MH/s on the Ethash algorithm (ETH, ETHW, ETHF, ETC, EXP coins, etc.) It calculates 48,000,000 solutions per second.
According to the list of the best GPUs :
- Graphics cards show different hashrates on different algorithms, so you can not compare the hashrates of different algorithms.
- On some algorithms, solutions are called "sol" — solutions rather than hash. The core principle is the same, but it means that the graphics card calculates something more complex than just a simple hash.
The solution is the result obtained after running through one cycle of the miner program. Miners solve a task many times per second (a hash function or just a hash).
Mining is like a game of guessing the correct key, in which miners solve a problem (hash function) and sort through possible block solutions until they find the right one.
After finding the block, the "job" changes, and the world’s miners start looking for another correct key again.
What is Network hashrate?
Bitcoin hashrate shows the overall performance of all miners in the Bitcoin Network.
Current network hashrate of Bitcoin: 784.82 EH/s = 784 821 193 360 676 100 000 H/s
The network hashrate is a calculated value. To find the Network hashrate, we need to know the current difficulty of the entire network, the average block time specified by the network, and/or the real-time info about the last blocks.
Why is it important to know the overall network hashrate?
A change in the overall hashrate of the coin network can tell you when the coin’s mining profitability will grow or when will it fall.
How does the distribution of rewards between miners works?
It’s quite sophisticated, but we’ll try to explain it as simply as possible:
- Any blockchain (cryptocurrency network) gives miners a block reward, divided among all miners who mine a particular coin.
- The reward is almost always the same — let’s say, 1 pizza a day.
- Miners receive a share of the reward equal to the provided network hashrate.
- So, if Mark has 1 gigahash, and the entire network is 5 gigahash, then Mark will receive 1/5 of a pizza daily.
- If John joined the network with 5 gigahashes, the network’s total capacity would become 10 gigahashes.
- Mark’s share immediately dropped to 1/10 of pizza a day, while John gets 5/10 of pizza.
- The more hashrate of a particular miner is — the more coins (pizza) he gets. But, at the same time, the more miners in the network — the fewer coins (pizza) each miner receives.
- Miners compete with each other to see who gets the most hashrate. So, naturally, the one with the most hashrate always gets more.
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