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Hashrate is one of the most commonly referenced metrics in Bitcoin mining. But what is it?
Miners must produce hashes in order to mine Bitcoin.
Any sort of raw information-like passwords, poems or even images-can be turned into a hash
by putting the information into a hashing algorithm. Bitcoin uses the SHA-256 hashing algorithm.
The network does this by creating a desired hash that miners must guess and recreate.
This data can only be found by comparing generated hashes against the network's hash one at a time.
The uniqueness of each hash means miners must use enormous amounts of computational energy to find the next Bitcoin block.
This computational work is measured using the metric hashrate
The base unit is typically listed as hashes per second (h/s).
The network itself is measured in exahashes per second, or a quintillion hashes per second.