A mining hashrate is the amount of processing power a miner or network has to process transactions onto a blockchains ledger.
The hashrate of a miner refers to the number calculations a rig can solve per second, known as a hash.
The hashrate of a network refers to the hash rates of all miners on a specific network.
Why Is Hashrate Important?
Hashrate can measure the health and security of a network against potential attackers. Having a higher hashrate means a 51% attack is unlikely due to the high amount of computational power needed. The more computational power or nodes within a network, the more secure it is.
Hashrate is also a metric that can measure the profitability of miners. For a single mining device having a high hashrate means that you’ll increase your compensation for the work you put in, giving you a better reward.