What is Network Hashrate (ZEC Network Hashrate)

08/13/2023 21:29 • AI Insights • 79 views

What is Network Hashrate (ZEC Network Hashrate)

What is Network Hashrate? Network Hashrate refers to the value determination and operation process of the network, which includes processes such as proof-of-work, randomness, and miner rewards on a computer.

The size of the network hashrate is determined by the internal operation of the system. When the capacity of the entire system reaches a limit, it becomes very large. In order to ensure sufficient storage space, the network generates a large number of blocks. Therefore, there are a large number of mining programs on the network. This process can be divided into three layers: one layer is the amount of bitcoin generated by each node; and the other layer is the amount of data obtained by all validators.

Each device must have its own blockchain ledger to support its data. Without the support of this technology, the entire system may crash or collapse. Due to the lack of consensus mechanism and the inability to process transactions, the blockchain has low off-chain payment efficiency, which affects the security and stability improvement of the entire network. Therefore, there is also a huge waste of energy in the network, making it difficult for miners to control their costs in a relatively fair situation (such as electricity).

ZEC Network Hashrate

According to official Zcash data, as of 18:50 today, the ZEC network hashrate has reached 125.8T. The total network transaction fees are 10.2 USDT.

It is understood that the initial deployment of the ZEC mainnet has completed the testnet upgrade and node deployment, and also conducted multiple security audits and repair procedures:

1. Mining started on November 1, 2020, around 20:00;2. A new block height 450,000 will be reached (expected in March 2021);3. ZEC/BTC trading pair will be launched in early June. In addition, in early 2018, the team was also conducting research and development of “zero-knowledge proofs” technology, hoping to encourage more people to participate and understand the ZEC project.

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What is Network Hashrate (ZEC Network Hashrate)

ZEC Network Hashrate

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