Bitcoin has seen a significant strengthening of its mining network in recent months. The network's hash rate has almost completely recovered from China's crackdown on mining. The hash rate is a measure of the total computational power that contributes to mining Bitcoin. A hash is a fixed-length alphanumeric code that miners have to solve to process BTC transactions. We measure the hash rate in exahashes (1 quintillion hashes) per second (EH/s). The hash rate is also a rough measure of…
Tag: Hash Rate
Bitcoin Mining – How Do Miners Process Transactions Inside The Blockchain?
May 11, 2020, was a big event for Bitcoin miners. The third halving transitioned, cutting the supply of bitcoin in half, from 12.5 to 6.25 BTC every ten minutes for every mined block. But what exactly is mining? It is a ubiquitous term associated with the Bitcoin network and many other cryptocurrencies. Yet many explanations go only as far as indicating the importance of processing transactions, securing the network, and making transactions near-instant. This guide lets you understand more of…
2 years ago
51% Attack – Everything You Need to Know About it
This saying keeps circling again and again according to which the strength of a cryptocurrency like Bitcoin is in its network. The greater the number of individual contributors and supporters of the network, the higher its resiliency towards external threats. In the blockchain, there is a direct correlation between the number of participants and network security. There is strength in decentralization. The reason for the interdependence between participants and security, at least for Proof-of-Work coins like Bitcoin, is the amount…
2 years ago