If you are exploring cryptocurrency mining, you have likely come across the term "hashrate." But what does it actually mean, and why is it important for mining revenue? In this article, we will explain what hashrate means, how it affects miners’ earnings, and how miners can track their performance, hashrate, and other key statistics through ViaBTC’s mining pool.  

What is Hashrate? 

Hashrate is a well-known term among miners and one of the most important metrics of cryptocurrency mining. It refers to the computational power used to secure a blockchain network and process transactions. It is also measured by the number of cryptographic hash calculations performed per second.

In Proof of Work (PoW) cryptocurrencies like Bitcoin, mining can get really competitive because all miners are racing to find a valid block hash that meets the network’s difficulty target. In this context, hashrate represents a miner’s speed in that race. It is usually calculated in hashes per second (H/s). However, because modern blockchain networks operate at enormous scales, miners often see hashrates expressed in larger units such as terahashes per second (TH/s), petahashes per second (PH/s), or even exahashes per second (EH/s). 

Hashrate Units and What They Mean in Numbers

• 1 hash per second (H/s) = 1 calculation per second 
• 1 kilohash (kH/s) = 1,000 hashes per second
• 1 terahash (TH/s) = 1 trillion hashes per second
• 1 petahash (PH/s) = 1 quadrillion hashes per second
• 1 exahash (EH/s) = 1 quintillion hashes per second

Mining Tools That Generate Hashrate

Mining tools are the devices that allow miners to solve complex mathematical problems. Think of Hashrate as the “speed” at which a miner solves mathematical puzzles in a blockchain network. The faster the miner solves, the higher the Hashrate. 

In the earlier days, people mined PoW coins like LTC, BTC, and others using regular CPUs, which surprisingly worked but were slow, like trying to dig a hole with a spoon. As mining demand increased, miners shifted to GPUs, which could handle many calculations simultaneously but still had performance limitations. Today, most miners rely on ASICs, specialized mining machines built solely to solve mathematical puzzles as quickly as possible. Among these, the Bitmain Antminer S19 XP Hydro currently has one of the highest hashrates, achieving a 257 TH/s on the SHA-256 algorithm. 

How Hashrate Directly Affects Mining Revenue 

Hashrate can directly influence mining revenue because it determines how often a miner can successfully find or contribute to identifying new blocks on the network. A higher hashrate typically means a larger share of the total network power, which increases the chances of earning revenue through mining and transaction fees. 

Since mining revenue is typically distributed to the miner or mining pool that successfully adds a block, having a higher hashrate increases the probability of earning these rewards. However, mining revenue is not based solely on hashrate. Miners’ earnings can also be affected by network difficulty, electricity costs, hardware efficiency, and the price of the cryptocurrency being mined. 

A Guide to Tracking Mining Revenue and Stats on ViaBTC 

ViaBTC is a global cryptocurrency mining pool that supports over 20 PoW coins and allows miners to work together to earn rewards more consistently. It provides easy-to-use mining tools to track hashrate, check earnings, view payouts, and estimate profits. 

To check mining revenue and relevant statistics on ViaBTC, miners must first have an official account, and then follow these steps: 

• Log in to your ViaBTC account to access the dashboard, where all key data on hashrate, earnings, and payouts is displayed.  
• Allow your miner to run for at least 10-15 minutes so the dashboard can start showing accurate performance and revenue data.
• Go to the “Workers” and “Earnings” section on ViaBTC to see detailed information, including each worker’s performance, accepted shares, real-time hashrate, and current mining revenue. 

Note: Miners can also access these same statistics on their mobile devices through the ViaBTC App. The dashboard displays hashrate and mining revenue by coin, along with miners’ payout history and balances earned throughout mining.   

Separately, crypto miners can monitor their mining performance and earnings data through ViaBTC’s “Earning Watcher” feature. This feature gives a dashboard view of all mining operations, including profit and hashrate data. Miners can calculate how much they’ve earned over time through the mining pool’s “Profit Calculator.”

Key Takeaway

As a crypto miner, it’s important to understand all the metrics and concepts before delving into mining. Hashrate remains a primary driver of mining revenue, as it determines how much computational power a miner contributes to the network. While a higher hashrate generally increases the likelihood of earning mining rewards, real profitability depends on several other factors, including electricity costs, maintenance, crypto market prices, etc. To gain more information on hashrate and mining revenue, miners can track their performance and earnings through global mining pools such as ViaBTC. 

Disclaimer 

The opinions expressed in this article are for educational and information purposes only and should not be considered financial or investment advice. Readers are responsible for conducting their own research and making informed decisions.