The Dogecoin hash rate has surged, reaching a new record high. This bullish move reflects increased network activity and miner participation. The increase also aligns with the recent positive shift in Dogecoin's momentum, driven by favorable market conditions and sentiment.

Dogecoin Hashrate Hits New ATH

Dogecoin mining activity is on the rise, as its hash rate recently hit a new ATH. This impressive milestone demonstrates the strong network security and growing confidence of miners in Dogecoin.

Cryptocurrency analyst Master Kenobi announced this positive development in a post on X (formerly Twitter) on November 20. The analyst revealed that over time, DOGE mining could become more profitable, stable, and less taxed for miners compared to Bitcoin mining.

Master Kenobi's analysis is particularly noteworthy due to the cyclical halving events of Bitcoin, which occur every four years and cut the rewards for miners in half. The Bitcoin halving also reduces the rate at which new coins are introduced, thereby decreasing supply and also leading to lower profits for Bitcoin miners.

Without a halving event like Bitcoin's, Master Kenobi reveals that Dogecoin offers more predictable rewards and facilitates long-term stability for miners. Moreover, this stability has the potential to boost the value of the meme coin and enhance its network security, thereby improving trust in its ecosystem.

The Dogecoin hash rate is calculated based on the number of calculations performed per second to solve a hash function on the blockchain. At the time of ATH, the hash rate of DOGE was 1.5 PH/second. However, currently its hash rate has slightly increased to 1.52 PH/second.

Interestingly, the spike in Dogecoin's hash rate to a new ATH occurred when this meme coin recorded a surge. In recent weeks, Dogecoin has experienced triple-digit gains, recording a price increase of over 169% just this month. CoinMarketCap data also shows that the meme coin is currently trading at $0.385.

This price increase has attracted the attention of the cryptocurrency market, and with the increase in hash rate, Dogecoin is gradually solidifying its position as the number one meme coin in the cryptocurrency market.

Mining DOGE compared to mining Bitcoin

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

While DOGE operates on the Scrypt algorithm, optimized for a different type of Application-Specific Integrated Circuit (ASIC), Bitcoin relies on the SHA-256 algorithm, requiring ASICs designed specifically for its hash type.

This notable difference prevents miners from switching between networks, reinforcing the independence of each blockchain network. Additionally, the difference in hashing algorithms ensures that there is no overlap in hardware utility and prevents the risk of the network being compromised by the mining resources of others. This ultimately improves the security of both the Dogecoin and Bitcoin ecosystems.