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Why is Hashrate important?

The hash rate is a critical measure of a blockchain network’s health. It measures the computational power used to mine and process transactions. A higher hash rate means a more secure network, requiring more computational power to alter the blockchain and making it more resistant to attacks.

Conversely, a lower hash rate indicates less computational power for mining and processing transactions, reducing the network’s overall security.

What is the relationship between hashrate and mining difficulty?

The more hashing conducted by the miners, the more hashrate or the more “guesses” are generated. New blocks are expected to be discovered at a constant rate of once every 10 minutes. If the miner manages to find a new block in less than 10 minutes, the difficulty level for mining will be increased. If the miner finds a new block for more than 10 minutes then the difficulty level for mining will decrease. This is known as mining difficulty.