Hash rate (or hashrate) is a measure of the total computational power dedicated to mining a Proof of Work blockchain – expressed in hashes per second (H/s), with modern Bitcoin mining measured in exahashes per second (EH/s, where 1 EH/s = 10^18 hashes per second). Hash rate reflects the security of a PoW network: the higher the hash rate, the more computational power an attacker would need to control 51% of the network. Bitcoin hash rate has grown from ~1 MH/s in 2009 to 600+ EH/s in 2024 – a 600 quadrillion-fold increase. Hash rate fluctuates with BTC price (higher price = more profitable mining = more machines online), mining difficulty (adjusts every 2,016 blocks), energy costs (miners switch off when costs exceed revenue), and regulatory changes (China 2021 mining ban caused a 50% hashrate crash). Hash rate is a lagging indicator of miner sentiment: rising hash rate signals miners expect sustained profitability; falling hash rate signals financial stress in the mining sector.
Example: Example: Bitcoin hash rate hit 600 EH/s in early 2024, meaning the entire network performs 600 quintillion hash calculations per second. To execute a 51% attack, an attacker would need more than 300 EH/s of hardware, costing $15+ billion and consuming more electricity than many countries. Bitcoin hash rate is its security budget.
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