Ethereum hashrate means

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A solution in the Ethereum PoW network is called a hash, or simply h. My GPU hashrate. Your GPU or mining rig is calculating thousands, millions of hashes solutions per second. It means that it is calculating 31 solutions per second. In other words, it is solving a hash function 31 million times per second.

A solution is a result gained after one cycle of mining software operation. Miners solve a hash function set by a cryptocurrency algorithm multiple times in a second. This is what one solution of a hash function, or a hash, means. Mining itself is a guessing game. Miners are solving the hash function and searching for a potential block solution until they find the right one. The quant notes that there are a few reasons behind this trend.

The second reason is the increased operating costs. The ever-rising electricity prices are bound to have affected miners as well. And lastly, the upcoming merge with the proof-of-stake PoS network means Ethereum miners have a time limit to get back an ROI. These factors have lead to mining becoming unprofitable for some miners, and as the drop in the hashrate suggests, they are selling their rigs recoup some of the costs.

The below chart shows the trend in the price of the coin over the last five days. For updates and exclusive offers enter your email.