Decentralization BITCOIN And HASH RATE (POWER)

[romelitounknown]

https://elitemininginc.com/2020/01/decentralization-of-bitcoin-and-hash-rate-power

DECENTRALIZATION OF BITCOIN AND HASH RATE (POWER)

Previously we looked more closely at the Bitcoin Difficulty and what it is. Now we will take a closer look at the ‘hash rate’, what it is and also what it means for the decentralization of Bitcoin.

HASH AND HASH RATE
As we mentioned in the article on the bitcoin difficulty, a ‘hash’ is the output of a hash function, and the hash rate is the speed a single computational action needs to complete an operation in the code. For mining purposes, the higher the hash rate the better, because it increases the chance of finding the next block and thus receiving the block reward. The blocks are like mathematical puzzles; the mining machines have to make thousands or even millions of guesses per second to find the right answers to ‘solve’ the block.

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[romelitounknown]

HASH AND HASH RATE
As we mentioned in the article on the bitcoin difficulty, a ‘hash’ is the output of a hash function, and the hash rate is the speed a single computational action needs to complete an operation in the code. For mining purposes, the higher the hash rate the better, because it increases the chance of finding the next block and thus receiving

THREE PILLARS OF BLOCKCHAIN TECHNOLOGY
Transparency: Anyone can see the ledger of transactions.
Immutability: The stored information is time-stamped and can’t be changed by a single actor.
Decentralization: The ledger exists on multiple computers, often referred to as nodes and everyone can run the code to get the blockchain on their machine.

[MoonCrypt]

Elite mining has shared another lovely topic with us, very important to understand the Hash rate system and how it’s important to the eco system.

[Atypunjbtt]

Hash Rate, aka Hash Power, is the measuring unit that measures how much power the Bitcoin network is consuming to be continuously functional.

It was at the highest in the year end 2019.

[Jammermob]

I would very much like to see decentralization in the crypto industry develop, but unfortunately the modern economic system will not allow this to happen.

[MadEth]

the Bitcoin community is really a powerful one it shows more than just the satoshi vision, but what individuals can do together

[Trililing]

Elite mining has shared another lovely topic with us, very important to understand the Hash rate system and how it’s important to the eco system.

Really? So how did hash rate becomes very important to the eco system?