Bitcoin mining is a process of adding transaction records to a public Bitcoin ledger called Blockchain. Mining will always run so that every transaction can be confirmed, and every network user can access this Ledger. Blockchain is useful to see and distinguish legitimate Bitcoin transactions from each transaction activity.
Basically, the miners serve the Bitcoin community by confirming each transaction and ensuring that every transaction is legitimate. Every time a new block is 'closed', a miner will get a gift or reward in the form of Bitcoin. In October 2017, the reward reached 12.5 Bitcoin per block.
The process by which this new coin emerges resembles a process in which commodities such as gold are mined from the ground. And that is why this process is also called 'mining'.
Bitcoin mining hardware is an investment and has several associated costs. The stronger the hardware we have, the more electrical power is needed. Before making a purchase, we need to consider the electricity consumption of the hardware or hardware we want and calculate how much the electricity bill we will pay later. Surely we do not want to spend all our money to cover electricity costs when mining a coin that is not even comparable to what we will get instead.
We can use the hash rate and total electrical power consumption to find out how much hash we will get for each watt of electricity used by our hardware. To do this, we only need to divide the number of hashes by the number of watts. For example, if our hardware hash rate is 5,000 MH / s and requires 32 watts of electrical power, then we will get 156.25 MH / s per watt. We can use an electricity price calculator online or check our electricity bill to find out how much will be paid regarding electricity costs.
There are several characteristics that need to be considered when choosing the equipment that is most suitable for us, and one of them is the hash rate.
Hash rate is the number of calculations that hardware can do every second. This is a very important parameter in my opinion because a higher hash rate will obviously increase our chances of solving mathematical problems quickly and correctly.
What the miners are looking for is output determined from the hash function. When it comes to hash functions, the same input will always produce the same output, but they are designed to be unpredictable. So the best way to find specific output is to try as many random inputs as possible. In addition, mining is very competitive, so to collect rewards, miners must be able to pass random inputs as quickly as possible. That is why choosing hardware with high hash levels is very important for mining.
Hash speed is measured in magnitudes per second (MH / sec), geishas per second (GH / sec) and terahash per second (TH / sec).
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