Working in cryptocurrency and knowing the term mining is not a big deal, but the process and understanding the mining thing is something a work to do.
People who are willing to invest in cryptocurrency too have the fantasy to mine the coin which might be even more profitable than simple investing and be waiting.
Working in mining process and use to get my hand on is really questioning in the beginning, but the learning spirit in my get me on the train of mining cryptocurrency. In initial stages, I use to ask questions like what is hashrates, how the mining works and how the mining make the profit using electricity and convert it into money.
Mining cryptocurrency with good hashrates are important to not only save time but a better efficient way to get more coin in a short period, which is our main goal.
After knowing the mining process, people usually came up with the questions like ‘how to increase hashrates’.
What is Hash Rates?
Hash Rate or Hash Power is the unit of measurement that measures how much power the crypto network consuming to function well i.e. making transaction and fuctioning of blocks generating and solving. A good computing power equals better hash rates.
When a miner is set up to mine the block it is provided with a hashrate which is use to find and solve the maths puzzle, based on how much the mining power determine how fast the rate of mining will be and ultimately ‘how many coins you make’.
Hashrate is measured in hashes per second or H/s. Here are the most usual know units for hasrates used my cryptocurrencies.
- 1kH/s = 1000 hashed per second
- 1 MH/s = 1,000,000 (one million) hashes per second
- 1 GH/s = 1,000,000,000 (one billion) hashes per second
- 1 TH/s = 1,000,000,000,000 (one trillion) hashes per second
- 1 PH/s = 1,000,000,000,000,000 (one quadrillion) hashes per second
- 1 EH/s = 1,000,000,000,000,000,000 (one quintillion) hashes per second
Hashrates Disribution For Bitcoin
Why Bitcoin Mining Not Profitable Now?
Hashrates is the main concern in mining cryptocurrency, how hard the hash rate is more difficult it is mining the coin, the block generates more difficult math question to solve.
And with the race to mine bitcoin, the hashrates surged to the sky making bitcoin a hard choice to mine now.
Is it worth investing in Mining?
Absolutely yes, if you are so enthusiastic like me it’s absolutely worth trying hands on. Even if you make less profit but you actually learn a lot about mining and the working of cryptocurrency.
The good part of the mining process is you can switch you other crypto coins if you do not feel like its making well profit, switching to other coin mining is just like a switching a button.