Dogecoin Hash Rate Hits 7-Month High, But What Are Price Expectations?

The Dogecoin hash rate has actually seen good growth in the year 2022. At the end of 2021, it sat around 371 terahashes per second (TH/s) and by May had touched as high as 540 TH/s. There wasn’t much increase from there though until the Ethereum Merge happened back in September. Since then, Dogecoin has benefitted from the migration of ETH miners to other networks and its hash rate has touched a new 7-month high due to this. Dogecoin Hash Rate Balloons Earlier in the week, the Dogecoin hash rate had recorded one of its highest spikes ever. This took place on Tuesday when the mining hash rate of the meme coin had jumped from a low of 373 TH/s and touched as high as 815 TH/s. Related Reading: Bitcoin Correlation With Macro Remains Strong, Despite Stability Now, this spike in hash rate was quite brief but it also points to more power coming online for the digital asset. Since then, the hash rate has declined but it continues to maintain a healthy position of around 497 TH/s at the time of this writing. Although the CoinWarz chart shows that the meme coin continues to experience significant spikes in hash rate over the course of each day. DOGE hash rate reaches 7-month high | Source: CoinWarz It is also interesting to note that Dogecoin is now the second-largest proof of work network since Ethereum completed its upgrade. This puts it only behind bitcoin and is a natural choice for miners who are looking to continue their acti...