Maybe you’ve heard of Bitcoin mining or maybe you just have heard about ‘hashing power’ and didn’t really understand what that meant.
Essentially, hash rate is a measure of the amount of processing power on a crypto-currency network (popular in terms of Bitcoin mining). Each transaction inside the blockchain need to be hashed or uniquely labeled. Hash rate is the measure of how many transactions can be hashed per second. Generally, a high hash rate is beneficial for a blockchain’s security, as the risk for 51% attacks decrease as hash rate increases.
Currently, Bitcoin hash rate is measured in EH/s or quintillion hashes per second. As the hash rate increases, mining difficulty also increases.