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What is the exact ratio one would use to convert Miner speed from Hashes per second to Shares per second, assuming Difficulty 1 shares?

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The approximate ratio which is usually used in calculations is 2^32 hashes per share. If you want the exact ratio, it's 2^48/(2^16-1).

  • It's maybe more generic to say "2^32 hashes per share*difficulty". Some places let you select higher-than-1 difficulty for shares, which proportionally affects the number of hashes required. – Pieter Wuille May 19 '13 at 14:41
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From the wiki:

"The average time to find a block can be approximated by calculating: time = difficulty * 2**32 / hashrate"

This applies also to shares, setting 1 as the difficulty.

At 1 MH/s, you can expect to find a share every 2^32 / 1000000 = ~4295s.

Inversely, you will find (1000000/2^32) = ~0.000233 shares per second per MH/s.

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