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Does the term make you wonder what it actually means? And eventually, after learning a lot of stuff about Bitcoin, I was able to understand the reference. Hash Rate, also Hash Power, is the measuring unit that measures how much power the Bitcoin network is consuming to be continuously functional.
If you remember, in my previous article What is a Bitcoin hash I explained thoroughly that the Bitcoin network consumes a lot of energy because it has to solve mathematical intensive computations regularly to find the blocks.
These computations for finding the blocks are basically mathematical puzzles that a miner cannot just guess without a lot of computation. The target changes as the difficulty change every blocks. Since the varying of the nonce is hit and miss, the chances of getting this particular hash or targetwhich starts with these many zeros, is very low.
Therefore, many attempts must be made by a miner by varying the nonce.
And this number of attempts made per second is called hash rate or hash power. And this hash power or guessing attempts are made by miners who mine the Bitcoin blocks by a process called Bitcoin mining.
To understand more about hash power see this short video on hash power or hash rate which perfectly explains it. This interesting correlation is enforced in the Bitcoin protocol itself so that the average block time remains 10 minutes.
After reading this, some of you would want to mine bitcoins by providing hash power to the Bitcoin network but that is a very costly and energy-intensive affair which everyone cannot do. It requires you to make expensive hardware investments, pay for huge electricity bills, and demands that you have a good amount of computer knowledge.Search the world's information, including webpages, images, videos and more.
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