what is a good hash rate for Ethereum, Dogecoin and Bitcoin?
In this article, we will explain what the Hash rate is. We will also explain what a reasonable hash rate is and a good hash rate for Ethereum, Bitcoin, and Dogecoin.
What is Hash Rate?
Most people do not know what Hash Rate is, the speed at which a cryptocurrency miner operates. Significantly it is the speed of the computing device which the miner uses to develop the unit of cryptocurrency. Speed is the most important part of Mining operations.
What is a good Hash Rate rate?
Most people have no idea what a reasonable hash rate is. It is the one that keeps a cryptocurrency very secure. Higher the hash rate, the computing power would be needed to take control of a network. Therefore a good hash rate is a high hash rate.
How to calculate Hash Rate
Unless they are still mining and speculating, calculating the Hash rate of a cryptocurrency is not something most people will ever have to do. But luckily, this information has been collected and displayed in the publicly available charts and graphs.
For the users who are interested in mining the cryptocurrency. It could be useful to calculate the expected hash rate of a mining rig. The two important and prime factors that will determine the profitability of mining the bitcoin are the hash rate and the electricity costs involved. Miners can also insert the appropriate variables into a hash rate calculator and receive the results the right way.
Benefits of High Hash Rate
When it comes to the benefits of the high hash rate, there is countless more computing power contributing to a network.
As a result, it becomes much harder for potential bad actors to do the bad things because doing so requires a lot of power. For example, to take control of a network and do things like reverse or double-spend transactions, an individual needs to own 51% of the hash rate and have enough power to control 51% of the hash rate.
That’s the main benefit of a high hash rate-increased security. This can also increase confidence in a coin, higher user volume, and practically higher currency prices. So Bitcoin’s excellent hash rate has a lot to do with its continued success.
Why does the Hash rate matter
To understand what hash rate is and its functions, you first need to understand bitcoin mining. Bitcoin mining is a computerized process with three main functions.
- Confirm transactions
- Issue new Bitcoins
- Ensure the Bitcoin network remains very secure
In the flat currencies, new units are issued by the central banks. All new bitcoins are issued to miners via a block reward for solving a block in bitcoin. They use the best hardware to solve complex computational problems that produce a hash.
To Find the hash number, bitcoin miners use the SHA-256, a cryptographic Hash Algorithm. The miner inputs data into the SHA-256 hash function, including:
- All the current transactions fit into the block’s size limit.
- The previous block’s hash results.
- The nonce.
The nonce is a random value the miner changes with each hash attempt to get the new outputs.
Even a very tiny change in input produces an entirely different output. Bitcoin miners are looking for a with a certain number of zeros. Today bitcoin miners also have to find a hash that starts with at least nineteen zeroes, and to get this number requires a lot of attempts.
Good hash rate for Bitcoin
Most people do not know what a good bitcoin hash rate is; the answer is there is no Hash rate for Bitcoin mining the way there is a very good temperature for hanging out at the bleach. The Bitcoin networks’ total hash rate changes many times and is always going up in the long term.
How the hash is connected with the Cryptocurrency Bitcoin
In our cases, the hash-sum of the bock must contain a certain number of zeros. The block consists of the previous block, the hash of all the included transactions, and an accidentally sorted number. To speak in terms of understandable analogies, the idea of the blockchain is just like the electricity bills. However, much more important is its economic essence, and it is worth mentioning in more detail.
Good hash rate for Dogecoin
Dogecoin hash rate is a calculated numerical value that specifies how many hashes are being generated by Dogecoin miners trying very hard to solve the current dogecoin block or any of the dogecoin blocks.
Dogecoin hash rate is represented in hashes per second or H/s.
The global Dogecoin is a network hash rate calculated value and is always measured in hashes per second. The calculation uses the current mining difficulty and the average Dogecoin block time between mined blocks versus the defined block time as variables which helps you determine the global Dogecoin network hash rate.
As the dogecoin hash rate goes up, the Dogecoin hashrate numbers get so large that an abbreviation must be used. The current Dogecoin hash rate is 256.92 TH/s at the block height of 4,089,566.
Reasonable hash rate for Ethereum?
The reasonable hash rate for Ethereum is actually the Radeon R9 295X2 has one of the highest hash(46.0 MH/s) of the Ethereum GPU’s on the market and will cost you $600.it has a power cost per day of about $1.44, a return per day of about $1.61, and a cost per MH/s of around $13.04. So this gives you a return per year of $586.43.
If you want to mine at least 1 ETH a day, you are going to need a good hash rate of 1845 Mh/s, and with an average of 210 Mh/s per mining rig containing at least 7 GPU’s in the RX 470/80&570/80 series, this means you would need to build 8 of these rigs at giving or take $2500 each.
This article has explained what hash rate is and how it works. We have also explained why a hash rate matters. We have also explained the good hash rate for bitcoin, Ethereum, and Dogecoin. Finally, we recommend you do some research of your own to get the best results.