We know that the greater the hashrate of a mining machine, the more profit miners will get upon block generation. When you browse the official sites of major mining pools, you could often encounter two figures: the hashrate of the entire network and that of the mining pool you are visiting, which are hard for many new miners to tell difference. Here’s the answer. The hashrate of the entire network represents the whole network’s overall computing power, while the hashrate of the mining pool is the computing power that the cryptocurrency can provide in this pool.
Hashrate indicates the computing power of the mining machine, specifically, the number of hash operations that the mining machine can perform per second. Take Bitcoin for example. Bitcoin mining is actually a process of finding a random number that meets the requirements of the function through constant calculation. The main units of hashrate include H/s, KH/s, MH/s, GH/s, TH/s, PH/s, and EH/s.
The minimum unit of hashrate is H/s(Hash/s), representing a random hash collision in computing per second. And each subsequent unit is equal to 1,000 previous ones (1K=1,000H, 1M=1,000K, 1G=1,000M…). The rated hashrate of the current mainstream mining machines is about 70–120TH/s.Take M30 S++, a model of Shenma mining machines. Its official rated hashrate is 112TH/s. And for Bitcoin, its hashrate of the entire network is 100EH/s. That is to say, currently, there are 893,000 sets of M30 S++ mining Bitcoin.
However, different currencies may have different mining algorithms. For example, Bitcoin uses the sha256 algorithm, Ethereum the Ethash algorithm, and Monero the Randomx algorithm. Cryptocurrencies with different algorithms cannot share a dedicated mining machine. ASIC mining machines, for example, are tailored for Bitcoin’s sha256 algorithm, and cannot be used to mine cryptocurrencies with complex algorithms such as Ethereum.
In addition, the hashrate units for different cryptocurrencies also vary due to different mining algorithms. For example, for cryptocurrencies like ZEC and ZEN which use the Equihash series of mining algorithms, the minimum hashrate unit is Sol/s; and for those like AE, GRIN, and BFC which apply the Cuckaroo series of mining algorithms, it is Graph/s. Essentially, the two units are no different from H/s, and each subsequent unit is also equal to 1,000 previous ones.
Now you must have a general understanding of the hashrate of mining pools and can’t wait to choose one for mining. But please hold on! There is one more thing you need to pay attention to — hashrate fluctuations. Factors such as the operating status, working environment, and network connection of the mining machine can cause hashrate swings. Wild swings can lead to unstable incomes, which can often fall out of miners’ expectations.
Always keeping miners’ benefits in mind, ViaBTC Pool has rolled out the function of hashrate fluctuation notification as early as a year ago. After logging into ViaBTC.com, the official website of ViaBTC, miners can click on [Pool] in the upper left corner to enter [Dashboard], then click [Hashrate Fluctuation Notification] at the bottom of the website to set the relevant parameters and click [Confirm]. Or you can download the ViaBTC application or bind Telegram to receive real-time alerts to ensure your mining income.
Last but not the least, the mining income of miners is not only related to the mining pool selected, but also affected by the local electricity price. Here’s how the final income of the miner is calculated:
the income based on the proportion of your hashrate after block generation — the fees deducted by the mining pool
- the electricity cost of the mining machine
- the maintenance cost of the mining machine.
Therefore, miners should take all the factors that may affect the final income into serious consideration.
