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EURK Pilot Test Smart Contract is unavailable for security reasons as of 2nd of April. Therefore, EURK will not be available for buying, selling, and exchanging until further notice.
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We sincerely apologize for the inconvenience caused.
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EURK Team
As the popularity of cryptocurrencies has grown exponentially in recent years, so too have the computations powering these blockchain networks. One of the key metrics used to measure this computational effort is known as the crypto hash rate.
Join us in this article as we explore the concept of hash rates, their calculation for various cryptocurrencies, and their significance as an indicator of the health and security of blockchain networks. Let’s begin!
To understand hash rates, we first need to know what a hash is. In cryptocurrencies, a hash is the result of running transaction data through a hashing algorithm. This algorithm takes the input and produces a unique alphanumeric output known as a hash.
In Bitcoin, the hashing algorithm is SHA-256. To calculate the hash rate, we measure the number of hash attempts completed per second by all miners on the network.
For example, if the combined hashing power of the entire Bitcoin network was performing 100 quadrillion (10^15) hash attempts every second, we could say the Bitcoin hash rate was 100,000 terahashes per second (TH/s).
Top blockchains publish their hash rates in different units: Bitcoin in TH/s, Ethereum in GH/s, or MH/s. Looking at historical data, we can see how individual crypto hash rates have changed over time.
Fluctuations in a cryptocurrency hash rate can have important effects. Generally, an increasing hash rate corresponds to a more secure network, as there is more computing power working to validate transactions and mine new blocks. This makes the blockchain more resistant to attacks.
On the other hand, a decreasing hash rate could mean reduced security. Furthermore, the crypto mining difficulty is dependent on the hash rate; as it increases, it adjusts to remain around 10 minutes per block. A major drop could cause block times to lengthen.
The crypto hash rate also influences miners' profitability. When new, more powerful ASIC miners enter the market, individual miners with older equipment may become unprofitable and exit the network if the revenue does not offset electricity costs. This can drive fluctuations in the overall rate.
Let's examine current hash rates among some leading cryptocurrencies. The Bitcoin (BTC) network's 7-day average hash rate sits around 240 exahashes per second (EH/s). This reflects an increase of over 100% in the past year alone.
Bitcoin's hash rate, which is the world's largest cryptocurrency by crypto market cap, reinforces its position as the most secure blockchain.
Ethereum (ETH), the second largest, has a hash rate of around 1,200 terahashes per second (TH/s). Like Bitcoin, Ethereum is transitioning to a proof-of-stake model, which will change its mining landscape.
Some other major coins with sizable decentralized hash rates include Litecoin (LTC) at 4.2 TH/s and Monero (XMR) at 3.2 GH/s (gigahashes per second). The emerging layer-1 smart contract blockchains also see their security strengthened as their respective cryptocurrency hash rates grow.
Miners continually improve their rigs with faster, more energy-efficient ASICs and GPUs to submit more hashes per second.
Solo crypto mining is rarely profitable, so most miners donate their individual hash power to pools in order to receive frequent payouts based on collectively solved blocks.
Some large mining operations relocate to regions with surplus renewable energy in order to reduce costs and mine more profitably for a longer period of time.
Engineers develop optimizations, such as heat recycling, to squeeze every last hash out of existing equipment before hardware upgrades.
The two biggest factors driving sustained crypto hash rate growth are cryptocurrency adoption and the expansion of decentralized finance applications.
As crypto utilities increase and replace traditional finance methods, especially in developing nations, more miners are incentivized to participate in proof-of-work networks long-term.
In terms of hardware, there is no single "best crypto hash” algorithm or mining rig configuration suited for all coins. Different blockchains utilize distinct algorithms aligned with their design goals around security, decentralization, and ASIC resistance.
However, for most proof-of-work protocols today, application-specific integrated circuits (ASICs) generally outperform graphics cards (GPUs) and central processing units (CPUs) due to raw hash power efficiency.
Top ASIC miners suited for major coins include Bitmain's Antminer S19 Pro series for Bitcoin, the Whatsminer M30S+ for Bitcoin Cash, the Ebang Ebit E11++ for Litecoin, and the Innosilicon A10 Pro Ethash miner for Ethereum.
In crypto, the "best hash" depends on profitability and sustainability factors unique to each project's hardware ecosystem as well as the total value secured on its blockchain network over time.
With new all-time highs set, Bitcoin currently has the highest recorded hash rate of any proof-of-work cryptocurrency, clocking in at around 570 EH/s.
Participating miners have exponentially grown the rate at which they hash the Bitcoin blockchain over its 13+ year lifespan, securing over $330 billion in value. It remains the global leader by a wide margin, reflecting mining investments driven by BTC's blue-chip asset status among digital currencies.
Over the long run, a cryptocurrency's specific use cases, longevity, and adoption lifecycle have a direct impact on hash power participation. Therefore, Bitcoin’s hash rate is the highest.
A crypto network's collective hash rate serves as an accurate real-time gauge of security, decentralization, and mining incentives on that blockchain.
Higher rates correspond to exponentially greater computing requirements and costs for would-be hackers to conduct 51% attacks or reverse validated transactions. Monitoring trends also provides investors with risk assessments.
For these reasons, anyone involved in, building, or simply following developments in cryptocurrency should routinely analyze hash rate data.
As crypto finds more real-world applications, such as transparent transactions across borders powered by stablecoins like EURK, crypto hash rates will continue to expand to fortify the protocols underpinning this new digital economy.
EURK is a euro stablecoin that is 1:1 pegged to euro currency and has reserves in Switzerland to maintain its peg. As a euro stablecoin platform, EURK offers robust security to its users in the realm of DeFi. You can easily explore the current status of the best euro stablecoin, EURK, on CoinGecko!
If you want to add EURK to your portfolio, you can buy EURK on secure crypto exchanges such as Coinstore and KoinBX and start to benefit from EUR stablecoin advantages for your business and projects.
There are several sources where one can track the hash rates of major cryptocurrencies:
The crypto hash rate is a key metric for understanding the security, growth, and evolution of proof-of-work blockchains. Keeping track of hash rate trends on sites like those above helps gauge the health of different cryptocurrency networks over time.
A stablecoin like EURK, which offers transparent euro transactions on multiple blockchains through its 1:1 stablecoin backing, could gain broader adoption by eliminating volatility risks. If you want to explore EURK by adding it to your portfolio, all you need is a compatible euro stablecoin wallet.
You can check out “How do I get a crypto wallet?” to learn each step. Become a partner with EURK today and find out how EURK euro stablecoin can affect your transactions positively by eliminating the risks of volatility and providing security with stability!
