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What is Hash Rate and how does it work?

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Hash rate is present in the process of earning bitcoin and other virtual coins, which is called cryptocurrency mining.
Mining is the process of acquiring cryptocurrencies using powerful computers and specially designed software. Cryptocurrency miners do the mining through highly potent equipment by having them solve complex mathematical problems—intensely complicated ones that cannot be solved by hand.
After successfully solving complicated math problems, the miners then generate new bitcoin and also make the entire Bitcoin network secure and reliable through having the transaction information verified. This might sound easy and simple, but in reality, there is a lot of technical work going on before a bitcoin is generated—that’s where the hash rate comes in.
How hash rate works
When mining, the power of the high-performing computers that are used to acquire bitcoin and other cryptocurrencies is measured through a hash rate. This hash rate, or hash power, is the speed or the total processing power of the Bitcoin network. It is deemed a necessary part of the system, as it gauges and also represents the productivity and efficiency of the mining machine used.
This mining hardware does the computation to arrive in a valid block hash, defined as the reference or identification number of a block—the record of all the computer files, information, and essential data in the blockchain.
A hash has a block header at the top of a transaction’s block. It has 64 characters composed of numbers and letters, and provides the summary of the entire block, which has details such as the block’s version, the previous block hash, the Merkle root or the block transactions hashed together, and the time when the miner is mining the block.
It also has the bits or the shortened version of the target hash—or “the number that a hashed block header must be less than or equal to for a new block to be awarded.” It also includes the nonce, dubbed as the “mining field” that the miners change to arrive at the hash of the block header, that is below the target. A nonce is an arbitrary number that can be used just once.
To come up with a valid block hash, which begins with zeros, a miner has to hash the block’s header and get a hash that is below the target. This will allow them to create a unique identifier for each block. Note that the target changes along with the level of difficulty, so the miners alter the nonce until they hit a hash of their block headers.
If a miner arrives at the hash below the target and sends it to the network, everyone in the system will include it to their blockchains. So it will generate a reward for the miner who found suitable nonce.
Impacts of hash rate on miners 
Hash rates affect miners, whether they are mining on their own or via mining pools. But what is a good hash rate for miners? A higher hash rate translates to higher chances of mining a block. So when the rate is at the peak, miners have opportunity to receive block rewards from successfully mined blocks.
 

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