Hashrate (computing power)

In miningGlossaryMiningThe process in which specialised computers create new blocks using proof of work. In doing so, miners confirm transactions and are rewarded with newly created bitcoin plus the fees of the transactions in the block.In the glossary →×, every hashGlossaryHash (hash value)A fixed-length digital fingerprint that a hash function calculates from any data. Even the tiniest change produces a completely different value, and the original data can’t be worked out from the hash.On the learning path: Stage 1 · Step 3 – How does Bitcoin work? →In the glossary →× is an attempt to solve the proof-of-workGlossaryProof of workThe method by which miners prove that they have done real computing work for a new block. It lets the network agree on the valid chain without a central authority, and makes rewriting old blocks extremely expensive.On the learning path: Stage 1 · Step 3 – How does Bitcoin work? →In the glossary →× puzzle. The hashrate counts these attempts per second.

Unit	Hashes per second
TH/s (terahash)	1 trillion (10¹²)
PH/s (petahash)	1 quadrillion (10¹⁵)
EH/s (exahash)	1 quintillion (10¹⁸)
ZH/s (zettahash)	1 sextillion (10²¹)

Mining devices are usually rated in TH/s, the whole network in EH/s.

How high is it right now?

The network hashrate can’t be counted directly; it is estimated from the difficulty and the pace of blocks.^[1] It currently stands at 969 EH/s. Daily values fluctuate, because finding blocks depends on chance.

Worked example (own calculation, rounded): at a network hashrate of 1,000 EH/s, a device with 200 TH/s has one five-millionth of the computing power. On its own, it would find a block about once every 95 years on average – that’s why miners join forces in mining poolsGlossaryMining poolA group of miners who combine their computing power and share the block reward according to the work each contributes. This means even small miners receive small amounts regularly instead of a large one very rarely.On the learning path: Stage 2 · Step 3 – Criticism & risks →In the glossary →×.

Why it matters

A high hashrate makes attacks expensive: anyone wanting to reliably rewrite the blockchain needs more computing power than all honest miners combined.^[2] But more hashrate doesn’t mean more new bitcoin in the long run: every 2,016 blocks, the difficulty adjustmentGlossaryDifficulty adjustmentEvery 2,016 blocks, each node recalculates the mining target so that on average a block is created roughly every ten minutes – regardless of how much computing power is currently at work in the network.On the learning path: Stage 2 · Step 2 – Halving & 21 million →In the glossary →× resets the puzzle so that a block is found about every ten minutes on average again.^[3],[1]