It is a way to measure the performance/output of a miner in running and solving different hashing algorithms. These algorithms allow the generation new cryptocurrencies and allowing transactions between them.
To be more specific, the term Hashrate (Hash per second, h/s) is an SI-derived unit representing the number of double SHA-256 computations performed in one second in the bitcoin network for cryptocurrency mining. It is usually represented as h/s (with an appropriate SI prefix).
A range of common hash rate denominations can be found below:
- 1 kH/s is 1,000 (one thousand) hashes every second;
- 1 MH/s is 1,000,000 (one million) hashes every second;
- 1 GH/s is 1,000,000,000 (one billion) hashes every second;
- 1 TH/s is 1,000,000,000,000 (one trillion) hashes every second;
- 1 PH/s is 1,000,000,000,000,000 (one quadrillion) hashes every second;
- 1 EH/s is 1,000,000,000,000,000,000 (one quintillion) hashes every second.