The Dogecoin hash rate skyrocketed to recent all-time highs. This bullish development reflects growing network activity and miner participation. This boost is also in line with the recent one a positive change in Dogecoin’s dynamicswhich was improved by favorable market conditions and sentiment.
Dogecoin Hashrate reaches recent ATH
Dogecoin mining activity is experiencing significant growth as its hashrate has recently reached a recent ATH. This impressive milestone indicates forceful network security and growing trust of miners in Dogecoin.
Cryptocurrency analyst Master Kenobi announced this upward development in a post on X (formerly on Twitter) on November 20. The analyst revealed that over time, DOGE’s mining operations could become more profitablemore stable and less burdensome for miners than Bitcoin mining.
Master Kenobi’s analysis is particularly noteworthy because of Cyclical events related to Bitcoin halvingwhich take place every four years and reduce miners’ wages by half. Bitcoin halving also reduces the rate of availability of recent coins, thus reducing their supply while resulting in lower profits for Bitcoin miners.
Without halving events like Bitcoin, Master Kenobi finds that Dogecoin offers more predictable rewards and facilitates long-term stability for miners. Moreover, this stability has the potential boost the value of your meme coin and strengthen the security of your network, thereby increasing trust in your ecosystem.
Dogecoin hash rate is calculated by the number of calculations performed per second to resolve the hash on the blockchain. During ATH, the mixing rate of DOGE was 1.5 PH/s. However, now its mixing speed has slightly increased to 1.52 PH/s.
Interestingly, Dogecoin’s edged boost in hash rate relative to recent ATH comes at a time when the meme coin is seeing a edged boost in momentum. In the last few weeks, Dogecoin posted triple-digit gainsseeing prices boost by over 169% this month. CoinMarkeCap data also shows that the meme coin is currently trading at $0.385.
This price boost has caught the attention of the cryptocurrency market, and as hash rates boost, Dogecoin continues to strengthen its position as the number one meme coin in the cryptocurrency market.
DOGE Mining vs. Bitcoin mining
In his post, X Master Kenobi reveals that Dogecoin and Bitcoin they operate on fundamentally different networks. Each cryptocurrency uses different hashing algorithms, which makes mining compatibility between both ecosystems virtually impossible.
While DOGE works based on Scrypt algorithm which is optimized for a different class Application-specific integrated circuits (ASICs)Bitcoin, on the other hand, relies on the SHA-256 algorithm, which requires ASICs specifically designed for this type of hashing.
This notable distinction prevents miners from switching between networks, strengthening the independence of each blockchain network. Additionally, the difference in hashing algorithms ensures there is no overlap in hardware utility and prevents the risk of other people’s mining assets compromising network security. Ultimately, this improves the security of both the Dogecoin and Bitcoin ecosystems.
Featured image created with Dall.E, chart from Tradingview.com
