What is hashrate?

A hashrate is a measure of how many calculations can be performed per second and can be measured in billions, trillions, quadrillions, and quintillions. For example, a hashrate of 1TH/s means one trillion calculations can be performed every second.

These calculations that are being measured have to do with mining. Mining is the process of verifying and adding transactions to a blockchain network, such as Bitcoin. People who mine cryptocurrency often use specialized hardware that can perform many trillions of calculations a second. In exchange for verifying and adding transactions, miners are rewarded with crypto.

Generally, the more miners participating in a network, the higher that network’s hashrate is because there are more miners competing for the reward. The fewer miners, the lower the hashrate.