As there are many terms to such a large project like Elastos and the Cyber Republic, we’ve decided to build a growing glossary of terms that can help the less technically acquainted understand better what the tech means and the impact it could have. This week we’re focusing on Hash Rate.
Term: Hash Rate
“A hash rate is the measure of miner’s performance. In other words, it is the hash function’s output or it is the speed at which a miner solves the code. In the year 2014, the performance of miner was measured in Billions of hashes/s.
“The higher hash rate means increased opportunity for cryptocurrency mining and receiving block reward. The hash/s is the measure of the efficiency of the miner in W/Ghash/s. Hash/s is also measured in J/Ghash (Joules per 1 Billion hashes).
“Hash per second represents SHA-256 algorithms that are used per second, known as hash rate. It is SI derived unit that is symbolized as h/s.”
Calculating Elastos’ Hash Rate (Originally published on community-run “ELANews”)
Hash rate is the average number of hashes that are required to solve a block.
How to Calculate hash rate?
Expected time to solve block in seconds = 120
Hashmax is just the max 32 byte number or 2^256
Target is the current target, which is calculated from the difficulty as:
As discussed earlier, Targetmax is the highest (hence, easiest) hash that was considered valid in Elastos (the genesis block’s target), and is:
Which is also equal to:
CurrentDifficulty is the difficulty obtained from the block in the Block explorer. For reference we will obtain from Block #359800
CurrentDifficulty = 941873199780623
Now we can compile the hash rate calculation:
Which we calculated using Wolfram and equates to: 14.637 EH/s
Now, let’s compare this value to the BTC hash rate:
At the time of writing, April, 19, 2019, BTC hash rate is equal to 47.492 EH/s
Percentage of BTC hash rate = 30.54%
Thus, at the time of writing, Elastos has secured 30.54% of the total BTC hash rate only 20 days post-launch of merged-mining operations. The numbers speak for themselves; the Elastos blockchain is of the most secure blockchains in the world.
Seeing as the above calculation is rather complex, below is a simplified formula which calculates hash rate from the difficulty shown in Elastos Blockchain Browser:
Which can be further simplified to:
Hash rate = CurrentDifficulty x 15540.9
Community member Charles (TG @ccoombs) has also made a calculator that takes inputs “bits” from the Elastos Blockchain Explorer and Bitcoin hash rate. This calculation utilizes bits, whereas the previous works with Difficulty. Both compute the same hash rate as output.
Charles’s Calculator can be used here: https://repl.it/@CC3/Hashrate-calculator
It might be a good metaphor to compare horsepower to hash rate, and mining to…running into random drops while driving around in Mario Kart, the video game. The faster you go, the higher your chances that you’ll get to a drop fastest compared to your competition, but there’s no guarantee that you’ll actually get to the drop fastest because there’s a lot of other factors. Random luck. Proximity. How many other people are racing. Difficulty of the track. If you were trying to grab a different drop at the same time.
Or driving skills, in my case.
Essentially, the more powerful the machine and the more efficient it can run, the higher the hash rate, and therefore the higher the machine’s chance to mine a block and get rewarded.
To touch back on merged mining, merged mining basically is playing the same Mario Kart video game, but we added Elastos random drops to the game which, really, who would say no to? It’s not like it costs any more power, and extra tokens? Hell yeah.