Bitcoin hashrate! What is it?! The blockchains that most cryptocurrencies
are built on are global ledgers made up of individual blocks which contain transactional
data, and they are called blocks. The “hash” part of the term “hashrate”
refers to the complex mathematical problems that need to be solved in
order for new blocks to be generated. These hashes are a string of numbers
that are generated at random, and it may take millions of guesses
until the right answer is found. These “guesses” are generated by the computational
power of Bitcoin miners, which compete to solve the hash and find the block reward, which,
in the case of Bitcoin, is paid in BTC. The more machines operating on the network, the higher the total amount of computational
power, and therefore the higher the hashrate. Bitcoin’s hashrate has been gradually
increasing over the last 10 years, and an increasing hashrate represents a
more secure blockchain, because it becomes harder for disruptive parties to capture
the majority of the network. A strong hashrate ensures
a secure Bitcoin network.
