What are hashrates and what do their units mean?

If you are planning to get involved in mining cryptocurrencies, you must know know what a hashrate, or also referred to as hash power, is. You also need to understand its effect on Bitcoin’s (or a particular coin’s) network to mine the coins. 

Hashrate measured in hashes per second and is symbolised as H/s. Below are some common denominations used:

1 kH/s is 1,000 (one thousand) hashes per second.
1 MH/s is 1,000,000 (one million) hashes per second.
1 GH/s is 1,000,000,000 (one billion) hashes per second.
1 TH/s is 1,000,000,000,000 (one trillion) hashes per second.
1 PH/s is 1,000,000,000,000,000 (one quadrillion) hashes per second.
1 EH/s is 1,000,000,000,000,000,000 (one quintillion) hashes per second.

In other words,

1 MH/s = 1,000 kH/s
1 GH/s = 1,000 MH/s = 1,000,000 kH/s
1 TH/s = 1,000 GH/s = 1,000,000 MH/s = 1,000,000,000 kH/s
and so forth