Today, newer generations of ASIC machines abound as more and more miners compete to get a higher share of Bitcoins from the Blockchain. Bitcoin mining now requires higher amounts of computational energy.
In simple terms, it means Bitcoin mining requires huge amount of electricity to power the ASIC machine function. This computational energy utilised for POW mining is known as the hash and it is measured in real time – hashes per second (H/s). Thus, the hash rate is the unit of measurement of computational energy utilised for POW mining.
One megahash per second (1 MH/s) is one million hashes per second. One giga hash per second (GH/s) is one billion hashes per second or 1 000 MH/s. One terahash per second (1 TH/s) is one trillion hashes per second or one million megahashes per second.