“Hashrate” refers to the total combined computational power that is being used to mine and process transactions on a Proof-of-Work blockchain, such as Bitcoin and Ethereum (prior to the 2.0 upgrade). A “hash” is a fixed-length alphanumeric code that is used to represent words, messages and data of any length.
Machines with a high hash power are highly efficient and can process a lot of data in a single second. In the case of Bitcoin, the hashrate indicates the number of times hash values are calculated for PoW every second. Hashrate is usually measured in units of k (kilo, 1,000), M (mega, 1 million), G (giga, 1 billion), or T (tera, 1 trillion). For example, 1 Mhash/s indicates 1 million hash calculations are done every second.
Before new transactional data can be added to the next block in the chain, miners must compete using their machines to guess a number. More specifically, miners are trying to produce a hash that is lower than or equal to the numeric value of the ‘target’ hash by changing a single value called a ‘nonce’. Each time the nonce is changed, an entirely new hash is created.
Adding a block to blockchain “confirms” of all the transactions stored within that block Every time a new block is added on top of earlier blocks, those earlier transactions are reconfirmed again and again, becoming more and more impossible to change.
For instance, the hash for “temu land” using the hashing algorithm that Bitcoin uses, SHA256, is 45ce09fa2b91db573376824a2d5df288eb617e5067ef7f852491b3764f37f671