In the world of Bitcoin, hashrate refers to the computational power that miners contribute to the network. Miners use specialized hardware to solve complex mathematical problems, known as hash functions, in order to validate transactions and secure the network. The hashrate is measured in hashes per second (H/s) or more commonly in terahashes per second (TH/s) or even higher units, indicating the number of calculations the network can perform in one second.
A higher hashrate is generally desirable for the Bitcoin network because it enhances security and efficiency. It makes it more challenging for malicious actors to manipulate the blockchain and ensures that transactions are confirmed in a timely manner. As technology advances, miners often seek more powerful hardware to increase their hashrate and maintain competitiveness in the mining ecosystem. The total network hashrate is a crucial metric for the overall health and security of the Bitcoin network.