All else being equal, does more miners mean cheaper transactions on-chain? Or more specifically, does more hashes mean cheaper transactions? (assuming no change in number of transactions/priority transactions)
Discussion
No, I don’t believe so, there is a fixed amount of data that can go into each block and users of the network essentially bid against each other for that space to have their transactions included.
The hash rate is the miners competing against each other to mine a block. More hash = higher probability of a particular miner mining a block.
The higher the hash rate the more secure the network and more resources it takes to execute a 51% attack.
More too it all but that’s my basic understanding.