Blockchain
Hash Rate
The total computational power being used to mine and secure a proof-of-work blockchain. Measured in hashes per second, higher hash rate means greater security.
Last updated: January 5, 2025
What is Hash Rate?
Hash rate measures the total computational power being used to mine and process transactions on a proof-of-work blockchain. It represents how many hash calculations the network can perform per second.
Hash Rate Units
| Unit | Hashes/Second | Scientific |
|---|---|---|
| H/s | 1 | 10^0 |
| KH/s | 1,000 | 10^3 |
| MH/s | 1 million | 10^6 |
| GH/s | 1 billion | 10^9 |
| TH/s | 1 trillion | 10^12 |
| PH/s | 1 quadrillion | 10^15 |
| EH/s | 1 quintillion | 10^18 |
Bitcoin’s Hash Rate
Current Scale
- ~600 EH/s (as of 2024)
- That’s 600,000,000,000,000,000,000 hashes/second
- Massive computational power
- Growing over time
Historical Growth
| Year | Approximate Hash Rate |
|---|---|
| 2013 | 10 TH/s |
| 2017 | 10 EH/s |
| 2020 | 100 EH/s |
| 2024 | 600 EH/s |
Why Hash Rate Matters
Network Security
- Higher hash rate = harder to attack
- 51% attack requires majority
- Cost to attack scales with hash rate
Mining Difficulty
- Hash rate affects difficulty
- More miners = higher difficulty
- Keeps block time consistent
Network Health
- Rising hash rate = bullish signal
- Shows miner confidence
- Investment in infrastructure
Hash Rate and Security
51% Attack Cost
To attack Bitcoin:
- Need 50%+ of hash rate
- At 600 EH/s, need 300 EH/s
- Would cost billions in hardware
- Plus ongoing electricity
- Economically irrational
Decentralization
- Hash rate distribution matters
- No single pool should dominate
- Geographic spread important
Factors Affecting Hash Rate
Bitcoin Price
- Higher price = mining more profitable
- More miners join
- Hash rate increases
Hardware Efficiency
- New ASICs increase hash rate
- More hash per watt
- Continuous improvement
Electricity Costs
- Cheaper power attracts miners
- Regions compete
- Seasonal variations
Regulatory Environment
- Mining bans reduce hash rate
- Friendly regions attract miners
- Geographic shifts occur
Mining Pool Hash Rates
Major Pools
| Pool | Approximate Share |
|---|---|
| Foundry USA | ~25-30% |
| AntPool | ~15-20% |
| F2Pool | ~10-15% |
| ViaBTC | ~10-15% |
| Binance Pool | ~5-10% |
Shares fluctuate
Decentralization Concerns
- Top 3-4 pools have majority
- Theoretical collusion risk
- Pool switching is easy
Individual Miner Hash Rate
ASIC Miners
| Model | Hash Rate | Power |
|---|---|---|
| Antminer S21 | 200 TH/s | 3,500W |
| Whatsminer M60 | 186 TH/s | 3,480W |
| Antminer S19 XP | 140 TH/s | 3,010W |
GPU Mining (Altcoins)
- GPUs: 50-150 MH/s (ETH era)
- Much lower than ASICs
- Different algorithms
Tracking Hash Rate
Resources
- Blockchain.com
- Glassnode
- Cambridge Bitcoin Electricity
- BTC.com
What to Watch
- Overall trend (up/down)
- Sudden drops (miner capitulation?)
- Geographic distribution
- Pool distribution
Hash Rate and Price
Historical Correlation
- Generally positive correlation
- Price leads, hash rate follows
- Miners invest when profitable
Hash Rate Drop Scenarios
- Miner capitulation (bear market)
- China mining ban (2021)
- Hardware shortage
- Regulatory crackdowns
Buy Bitcoin
Available on major exchanges regardless of hash rate:
Hash rate affects security, not your ability to buy.
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