Dogecoin hits 7-month high global hash rate

58
2
Dogecoin hits 7-month high global hash rate

A crypto mining landscape tracker revealed that the dogecoin network has reached a seven-month high global hash rate while DOGE advocate and Tesla CEO Elon Musk is nearing the finalization of his Twitter purchase deal and while the anticipated core updates are well underway.

Crypto mining landscape tracker Coinwarz said that the global hash rate of the Dogecoin blockchain is now at a seven-month high of 815 TeraHashes per second. While the report did not reveal the reason for the sudden surge, industry watchers credited the surge in interest in the network to Musk's nearly-done Twitter deal.

The computing power used to process transactions by the miner or network of miners is known as the hash rate. The computing resources required for solving cryptographic riddles make it possible to streamline the mining process.

The answer is clear for some questioning about the importance of a network's hash rate. The hash rate determines how secure a cryptocurrency mining is, with the higher the hash rate, the more secure the network is. The network is healthy and less likely to be attacked by malware since launching one would require a power that just hundreds of thousands of miners could reach.

While the report shows a seven-month global hash rate, it is still 19.4% below its all-time high in April of 1.34 PetaHash per second. The surge could be traced to the forthcoming rollout of the network's core updates, a source close to Musk said.

The release of Core Upgrades 1.14.7 and 1.21 has been anticipated by 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 for release by the end of the year.

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

ET Wednesday, DOGE was trading at $0.05898 with a 24 hour volume of $291,492,330, according to CoinMarketCap's latest data.