Hashpower, also known as hashrate, refers to the total computational power used in blockchain networks to solve cryptographic puzzles necessary for mining, processing, and validating transactions. It is a key metric in Proof of Work (PoW) blockchains like Bitcoin, where it helps secure the network and maintain operation. Hashpower is typically measured in hashes per second (H/s).
In PoW blockchains, miners compete to solve complex cryptographic puzzles. The more hashpower they have, the more attempts they can make per second, which increases their chances of generating the next block and earning rewards. Higher hashpower generally means a miner can find solutions faster than competitors with less hashpower.
Importantly, hashpower is directly tied to the security of a PoW blockchain. High network hashpower generally indicates a secure blockchain, since the computing cost to attack becomes prohibitively high. For example, more hashpower in a blockchain network makes it computationally infeasible for attackers to control the majority of the network’s mining power (e.g., launching a 51% attack).
Hashpower also affects the network’s mining difficulty. As hashpower increases, the network raises mining difficulty to maintain consistent block times (e.g., every 10 minutes in Bitcoin), and vice versa. Since hashpower reflects the computational work performed, it directly correlates with energy consumption, raising discussions about the environmental impact of PoW mining.
