Dogecoin Hashrate Hits 7-Month High as Core Update Approaches

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• Dogecoin mining hashrate hits a seven-month high of 815 TH/s.
• The meme coin is witnessing increased trading volume on BSC.
• A major Dogecoin core update is coming by the end of 2022.

According to stats from CoinWarz, the total hash rate of the Dogecoin blockchain briefly hit roughly 815 TeraHashes per second (TH/s) on October 18, representing a seven-month high for the popular meme coin.

Source: Coinwarz

Despite being down 19.4% from April’s record hash rate of 1.34 PetaHashes per second (PH/s), the figure suggests a rise in interest in contributing processing power to earn the block reward of the second biggest proof-of-work (PoW) blockchain.

Elon Musk, CEO of Tesla (NASDAQ:TSLA), has been a vocal supporter of Dogecoin from its inception. His efforts to acquire Twitter are expected to be a major factor driving renewed interest in the meme coin.

A recent Bloomberg report reveals that the social media business has been preparing for the sale as the deadline for closing the deal draws near. It has been speculated that when Musk completes the purchase of Twitter, he will move to integrate DOGE into Twitter blue, the premium iteration of the social media platform.

Moreover, the increasing hashrate correlates with an October 17 report from WhaleStates that the most valuable meme crypto token by market cap has witnessed a significant increase in trading volume on the BSC network (BNB Chain).

Per the latest available data, the top 100 whales on BSC together hold the equivalent of $5,424,273, or around 90,545,110 DOGE.

Meanwhile, Dogecoin miners are positive about the upcoming release of Dogecoin core upgrades 1.14.7 and 1.21. Dogecoin core developer Pattrick Lodder asserts that update 1.21 is “a foundation for the future” of the meme coin. The dev has also revealed that the 1.14.7 upgrade would be released before the end of the year.

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