Dogecoin Hashrate Surges To Latest All-Time High Amid Rise In Positive Momentum

The Dogecoin hash rate has spiked sharply, reaching latest all-time highs. This bullish development reflects increasing network activity and miner participation. The surge also aligns with the recent positive shift in Dogecoin’s momentum, which favorable market conditions and sentiment have bolstered.

Dogecoin Hashrate Reaches Latest ATH

Dogecoin mining activity is experiencing a serious upsurge, as its hash rate recently hit a latest ATH. This impressive milestone indicates strong network security and growing miner confidence in Dogecoin.

Crypto analyst Master Kenobi announced this bullish development in an X (formerly Twitter) post on November 20. The analyst revealed that over time, DOGE mining activity could grow to be more profitable, more stable and fewer taxing for miners than Bitcoin mining.

Master Kenobi’s evaluation is particularly notable as a consequence of Bitcoin’s cyclic halving events, which occur every 4 years and cut the rewards of miners in half. The Bitcoin halving also decreases the speed at which latest coins can be found, thus reducing its supply while also leading to lesser profits for Bitcoin miners.

Without halving events like Bitcoin, Master Kenobi reveals that Dogecoin offers more predictable rewards and facilitates long-term stability for miners. Furthermore, this stability can potentially boost the meme coin’s value and strengthen its network security, thereby improving trust in its ecosystem.

The Dogecoin hash rate is calculated based on the variety of calculations performed per second to resolve a hash on the blockchain. On the time of the ATH, DOGE’s hash rate was at 1.5 PH/s. Nevertheless now its hash rate has increased barely to 1.52 PH/s.

Source: X

Interestingly, the spike in Dogecoin’s hash rate to latest ATHs comes because the meme coin records a surge in momentum. Over the past few weeks, Dogecoin has experienced triple-digit gains, recording a price increase of greater than 169% just this month. CoinMarkeCap’s data also shows that the value of the meme coin is currently trading at $0.385.

This price surge has caught the eye of the crypto market, and with the rise in hash rate, Dogecoin is steadily solidifying its position because the primary meme coin within the crypto market.

DOGE Mining Vs. Bitcoin Mining

In his X post, Master Kenobi reveals that Dogecoin and Bitcoin operate on fundamentally different networks. Each cryptocurrency uses distinct hashing algorithms, making mining compatibility between each ecosystems virtually unimaginable.

While DOGE operates on the Scrypt algorithm, which is optimized for a unique class of Application-Specific Integrated Circuits (ASICs), Bitcoin, alternatively, relies on the SHA-256 algorithm, which requires ASICs specifically designed for its form of hashing.

This notable distinction prevents miners from switching between networks, bolstering the independence of every blockchain network. Moreover, the difference in hashing algorithms ensures no overlap in hardware utility and prevents the chance of a network being compromised by others’ mining resources. This ultimately improves security for each the Dogecoin and Bitcoin ecosystems.