
A crypto mining landscape tracker has revealed that the Dogecoin network has reached a seven-month high global hash rate at a time when Tesla's CEO Elon Musk is nearing his Twitter purchase deal and while the anticipated core updates are well underway.
Crypto mining landscape tracker Coinwarz reported Tuesday that the global hash rate of the Dogecoin blockchain has reached a seven-month high of 815 TeraHashes per second. While the report did not disclose the reason for the sudden surge, industry watchers credit the surge in interest in the network to Musk's almost-done Twitter deal.
The computing power of a miner or network of miners used to make transactions is known as the hash rate. It provides the amount of computing resources to solve cryptographic riddles to speed up the mining process.
To some who question the importance of a network's hash rate, the answer is simple. The hash rate of a cryptocurrency mining determines how secure the network is, with the higher the hash rate the more secure the network is. A higher hash rate also means the network is safe and less likely to be attacked by harmful attackers, since launching one requires a power that only hundreds of thousands of miners could reach.
While the report shows a seven-month global hash rate high, it is still 19.4% below its all-time high in April of 1.34 PetaHash per second. The surge may be attributed to the expected rollout of the network's core updates, besides Musk.
The release of Core Upgrades 1.14.7 and 1.121 by Dogecoin miners is expected. Dogecoin developer Pattrick Lodder says the core update 1.21 is a crucial one as it is a 'foundation for the future' of the world's first dog-themed Altcoin. The third update, the 1.14.7, is slated to arrive before the end of the year.
Musk has recently promoted the new product, the Burnt Hair fragrance, which accepts DOGE as payment. It wasn't enough to boost Dogecoin's price momentum.
ET Wednesday, DOGE was trading down 1.57% at $0.05898 with a 24 hour volume of $291,492,330, according to CoinMarketCap.