And if course all that depends on the miners. If you are miner, you will search for a good Hashrate to make it profitable.
After tons of reaserch. It's certainly depends on the coin you are mining and your cost of electricity.
A good hash rate for Ethereum is measured in MH/s (millions of hashes per second), whereas a good hash rate for Bitcoin is assessed in the tens to hundreds of TH/s (trillions of hashes per second). We recommends 2,500 MH/s for Ethereum and 2,500 TH/s for Bitcoin as a good Hashrate.
Things to keep in mind
One thing I can tell you is that your question is impossible to answer because it is missing a lot of details..
The problem is that "hashing power" is expensive, and getting more of it is much more expensive. As a result, increasing it will have no effect on your profitability.
The "hashing power" per unit of money is the metric to consider when determining the profitability of bitcoin mining.
Let's make up some numbers.
Assume a it takes 20 trillion hashes and a reward of 50 bitcoins.
Assume that a bitcoin is worth $30,000.
So you get roughly 1,500,000$ for every 16 trillion hashes you perform.
This indicates that each hash is worth on average:
1,500,000/20,000,000,000,000 = 0.000000075$
In this scenario, your goal is to generate 20 trillion hashes for less than 1.5 million dollars. Alternatively, each hash can be purchased for less than 0.000000075$.
The initial investment in gear will be followed by ongoing costs such as maintenance and electricity when mining bitcoin. Your operating costs must be lower than predicted revenue in order to recoup your initial investment and begin earning money.
The Bitcoin mining process
To understand what the phrase "hash rate" means, we must first go over the bitcoin mining process.
The mechanism through which crypto transactions are processed is known as mining. Miners are compensated with fresh Bitcoins as a reward for processing transactions.
A block is a collection of transactions. A new block is mined every ten minutes or so, and the reward goes to the miner who can prove they put in the greatest effort to create the block, a technique known as proof-of-work.
Every four years, the quantity of new coins issued with each block is slashed in half, a process known as "the halving." The bitcoin protocol, a piece of computer code, ensures that this process is followed.
The block reward was 50 coins when bitcoin was created in 2009. This was dropped to 25 in 2012, then to 12.5 in 2016, and finally to 6.25 in 2020. In this sense, Bitcoin is a "deflationary" currency, as opposed to fiat currencies issued by central banks, which are inflationary and can be printed indefinitely.
What's Hashrate in simple way ?
Hashrate is a metric for how much computing power is used per second in mining. Simply put, it refers to the speed of mining . It is measured in hash/second, which indicates how many calculations may be completed per second.
Why Does Hash Rate Matter ?
The amount of computational power being donated to the network at any particular time is referred to as the hash rate. The hash rate increases as the number of miners increases.
The hash rate boils down to how many times per second this algorithm is making calculations.
A hashing method converts a single piece of data into a random sequence of numbers and letters. Encryption is the name for this procedure, and it ensures that data is safe.
A hash is simply a machine that performs this function. The proof-of-work (PoW) algorithm used by Bitcoin is SHA-256, an encryption technique. The bitcoin hash rate is the number of times this algorithm hashes computations per second.
Bitcoin miners try to do as much of this work as possible in order to receive the 6.25 bitcoin block reward. The bitcoin protocol distributes these rewards via a lottery system, with the greatest odds going to the miners who put in the most effort.
The majority of mining now takes place in "pools," in which a group of miners pool their hashing power and then divide the block rewards among themselves based on how much hash rate each contributed.
How Hash Rate Impacts Mining Difficulty
The bitcoin protocol has a feature called difficulty adjustment that is one of its most innovative features.
The protocol dynamically adjusts the difficulty of mining bitcoin based on the current hash rate every two weeks or so. The difficulty of mining increases as the hash rate increases. Mining difficulty decreases as the hash rate decreases.
This helps to ensure that bitcoin's supply remains limited while also keeping mining costs low. The bitcoin hash rate achieved multiple new all-time highs in 2020, indicating increased confidence in the world's largest cryptocurrency by market capitalization.
Bitcoin has significantly more hashing power than any other cryptocurrencies combined. Perhaps this is why so many individuals have jumped on board with bitcoin from its inception.
Altcoins and Hash Rate
Other cryptocurrencies, too, require hashing power to run their networks, but how they do it differs.
While Bitcoin and many other coins employ the PoW consensus process, others, such as proof-of-stake, use alternative algorithms (PoS).
Proof-of-stake block rewards are distributed according to who has the most tokens "staked" on the network, rather than requiring expensive computers to provide hashing power to proof-of-work. Staking tokens entails storing them for an extended length of time, similar to a long-term savings account.
Although this technique of agreement is thought to be less energy-intensive, some believe that it is also less fair and secure.
Automatic staking of tokens that use PoS is now possible on some cryptocurrency exchanges. Users can keep the tokens in their wallets and receive incentives automatically.
There are a variety of methods for coins to secure their networks, but the crucial thing to remember is that the total hash rate of all other coins combined pales in contrast to the hash rate of bitcoin.
How to Calculate Hash Rate
Calculating a cryptocurrency's hash rate isn't something most people will ever have to do unless they're mining or speculating. Fortunately, the data has been gathered and published in publicly accessible charts and graphs.
You can also search for ["coin" mining calculator]. Like Bitcoin mining calculator and Ethereum mining calculator
Calculating the estimated hash rate of a mining equipment could be valuable for those interested in mining cryptocurrencies. The hash rate and electricity prices are the two main criteria that affect the profitability of bitcoin mining.
Miners can quickly calculate hash rates by entering the required information into a hash rate calculator.
Investors considering altcoin speculation may consider looking at the hash rates of various cryptos, as this is one of the few basic elements that can be analysed.
Benefits of a High Hash rate
Because performing bad things demands more power, the more processing power contributing to a network makes it tougher for potential bad actors to do terrible things. An individual must own 51 percent of the hash rate to take control of a network and perform acts such as reverse or double-spend transactions. And, at this moment, controlling 51 percent of the bitcoin hash rate appears rather implausible.
The main advantage of a high hash rate is greater security. This can lead to greater trust in a coin, increased user volume, and possibly higher currency prices. Security is crucial for investors trying to grow their cryptocurrency investments.
Bitcoin's high hash rate is a big reason for its sustained popularity and rising value. For this reason, many individuals say that BTC is the sole reliable store of value for investment purposes.
Bitcoin Hash Rate vs Price
The hash rate of bitcoin and the price of bitcoin have a strong relationship. Prices tend to climb when a hash rate rises, though it's unclear which drives which. It's a kind of a chicken-or-the-egg situation, and the subject has sparked a lot of discussion.
When the Hashrate goes up, price will likely follow
As mining currency becomes more profitable, the hash rate is likely to rise as well. Miners who are willing to spend in computing hardware to mine more coins have a greater hash rate, indicating that they are confident in the price. When the hash rate rises, prices may rise in tandem, as investors interpret this as a sign of confidence.
Although the pattern has not been established, it may be a good moment to buy bitcoin if the hash rate is increasing.
What's the best mining pool ?
The best is MinerGate. It allows user to mine cryptocurrency at using there GPU or CPU. They also had lower fees than others.
Sign up here.