Dogecoin hits 7-month high global hash rate

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Dogecoin hits 7-month high global hash rate

New data from a crypto mining landscape tracker revealed that the Dogecoin network has reached a seven-month high global hash rate at a time when DOGE advocate and Tesla CEO Elon Musk nears the finalization of his Twitter purchase deal and while the anticipated core updates are well underway.

Crypto mining landscape tracker Coinwarz said the worldwide hash rate of the Dogecoin blockchain reached a seven-month high of 815 TeraHashes per second Tuesday. Even though the report did not reveal the reason, industry watchers credited the surge in interest in the network to Musk's nearly-done Twitter deal.

The mining power used to process transactions is known as the hash rate. To speed up the mining process, it provides the amount of computing effort needed for solving cryptographic riddles.

The answer to questions about the importance of a network's hash rate 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. The network's health and less likely to be attacked by malware attackers is due to a higher hash rate, which means that launching one would require a power that only hundreds of thousands of miners could achieve.

While the report presents a seven-month global hash rate peak, it is still 19.4% below its all-time high of 1.34 PetaHash per second in April. The latest surge, besides Musk, is probably attributed to the imminent rollout of the network's core updates.

The release of core upgrades 1.14.7 and 1.21 is a major concern for Dogecoin miners. Dogecoin developer Pattrick Lodder said 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 other update, 1.14.7, is due to arrive before the end of the year.

Musk recently promoted The Boring Company's new product, the Burnt Hair fragrance, which accepts DOGE as payment. But it wasn't enough to positively impact Dogecoin's price momentum.

ET Wednesday, DOGE was trading down 1.57% at $0.05898 with a 24 hour volume of $291,492330, according to CoinMarketCap.