Hashrate Global Dogecoin Skyrockets In The Last 7 Months

Dogecoin cryptocurrency. (Photo; Doc. Unsplash)

JAKARTA Dogecoin (DOGE), which has the support of Tesla's boss, Elon Musk, has reportedly experienced an increase in global hashrates in the past week to reach 815 TeraHash per second (TH/s), CoinWarz reported.

For your information alone, Dogecoin hashrate is a calculated numerical value to determine how many hashs are produced by Dogecoin miners trying to resolve Dogecoin blocks at this time or certain blocks.

The skyrocketing hashrate on the Dogecoin blockchain proves that the spike may have been due to increased interest triggered by Elon Musk's acquisition on the network. This figure, although still down about 19.4 percent from the all-time high of 1.34 PetaHashes per second (PH/s) reached back in April.

U.Today reports that this is showing a surge in interest in dedicating computing power to get block prizes from the second largest proof-of-work (PoW) blockchain recently. This interest is likely to be traced to a move made by Tesla CEO Elon Musk, a long-standing supporter of Dogecoin, to buy Twitter's micro-blogging platform.

According to a Bloomberg report, the deadline for closing the deal quickly approached even as social media companies had been recorded to make moves in preparation for sales.

However, it is not yet known whether this condition shows the preparation of the Dogecoin community in the purchase of Twitter planned by Tesla boss Elon Musk, who is known as a supporter of DOGE, often campaigns for the meme coin and intends to make Dogecoin a global transaction tool. The plan is in accordance with what has been set by The Dogecoin Foundation in its official blog.

Beberapa bulan lalu, Musk mengumumkan bahwa perusahaannya Tesla dan SpaceX telah menerima pembayaran dengan DOGE untuk sejumlah merchandise perusahaan. Dia juga menerapkan pembayaran DOGE untuk layanan jalan bawah dari perusahaannya yang lain, The Boring Company, yang ditujukan untuk menghindari kemacetan jalanan di lingkungan perkota.

At the time of writing, the price of the cryptocurrency Dogecoin (DOGE) is trading at the level of IDR 928 per coin. DOGE has increased 0.3 percent in one week, and a 0.1 percent decline in the last 24 hours, according to Coingecko data. DOGE broke through ATH on May 8, 2021, at a price of IDR 10,338.