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What is Bitcoin hash rate and why does it matter?

Cryptocurrency Oct 05, 2022 01:20PM ET
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What is Bitcoin hash rate and why does it matter?
 
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The main drivers of Bitcoin’s price include computational power, mining profitability and network difficulty. Since miners are compensated in Bitcoin while incurring costs in local currencies, the hash rate follows the price.

That said, the more computational power the Bitcoin network employs, the higher its value is. Moreover, rational miners are only willing to mine BTC if it is profitable, which implicitly means that any other cryptocurrency with no demand for it would have zero value and miners would redirect its resources elsewhere.

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What is Bitcoin hash rate and why does it matter?
 

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