What is a Hash
In cryptography, a Hash represent the output of a Hash function. In Bitcoin, the HashRate is the speed (h/s) at which a compute is completing an operation in the Bitcoin code. The higher the hashrate, the higher your chances of finding the next block and receiving the reward.
In cryptocurrency such as Bitcoin, the network is based on mathematical puzzles, and the job of miners is to perform billions of computation per second to find the next block.
Put in simple words, the hashrate is the speed at which your mining hardware operates. To be more precise, to effectively mine a block, the miner should hash the block’s header such that it’s below or equal to the “target.” The target changes based on market condition, the difficulty changes based on hashrate of the network and is updated every 14 days in order to have a block mined every 10 minutes. To arrive at a given hash (or target), the miner has to vary some of the block’s headers, which is known as a “Nonce”.
Every nonce begins with Zeros, and is adjusted everytime to get the necessary hash (or target)
Mining difficulty, Miner’s profit and hashrate.
Hasrate, miner’s profit and difficulty are linked to each other in several ways. Every time Bitcoin network’s difficulty increases, the hash rate increases and consequently, the miner earns the bitcoin reward and the transaction fees. The number of miners in the Bitcoin network increases the difficulty, as a miner needs to compute more guesses per second.
The idea of this article is to share a global vision of the crypto-mining market, the issues and trends that are transforming this market. It’s based on few years of intense experimentation and exchange in the crypto-mining space by the Sesterce Group and myself and introduce what we call at Sesterce the Mining 2.0
A blockchain is a database accessible to people all over the world and operating without a trusted third party. It uses advanced cryptographic techniques to reward those who process and secure this data (in the case of Proof-of-Work). Since the Ethereum blockchain, this database has become programmable with the implementation of Smart-Contracts, decentralized applications (Dapps), and decentralized organizations (DAOs).
Today the art market represents more than 14.58 billion euros in transactions. Most works of art have an extrinsic value, which is mainly based on the certificate of authenticity provided by third parties: the artist himself, but also gallery owners, art dealers, auctioneers, museum curators, and private experts. However, according to Bloomberg, nearly 10% of the value of transactions on the art market comes from forgeries.