Hash rate plays a vital role in every Proof-of-Work (PoW) blockchain. It measures the computational drive for all transaction verification and block additions to the network. Hence, the Bitcoin hash rate represents the number of people involved in BTC mining.

As the number of miners increases, the hash rate will also increase. This results in maintaining the security and stability of the Bitcoin ecosystem. Many investors will consider hash rates before engaging in any project.

Before now, the BTC price and hash rate have maintained a direct proportionality relation. This is because there are always more transactions with the buying and selling BTC when the price is up. With such a price surge, there will be more mining activities to mint more tokens to balance the liquidity.

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But the recent outturn of events has proved a deviation between the relationship between BTC price and hash rate. Despite the bearish market trend with BTC going below $25,000, its hash rate has drastically risen. Bitcoin hash rate has reportedly grown to a new all-time high of 231.428 ExaHash per second.

The network difficulty of Bitcoin follows similarly with the rise in its hash rate. It has created a formidable stance for BTC in its recent position at 30.283 trillion.

Bitcoin Records More Growth In Different Aspects

The new growth cuts across several BTC mining pools, including AntPool, Poolin, SlushPool, F2Pool, and ViaBTC. The highest part of the hash rate came from miners denoted as OTHERS.

Also, the BTC Lightning Network grew its capacity to 4,000 tokens. This is a network development that inculcates layer-2 (L2) technology. The present increase would facilitate cheaper and faster peer-to-peer (P2P) transactions on the network.

Bitcoin is currently staging more substantial traction for sailing through the general crypto price drop. As the bearish market almost blows off most crypto protocols, Bitcoin is gradually thickening its survival instincts.

The BTC ecosystem’s components collectively create a more favorable and sustainable core. There is consistency in the growing all-time high for its network capacity, hash rate, and network difficulty.

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The network is also getting backing from developers, miners, and traders. So, the Bitcoin network could get the ranking as the most global secured blockchain. Another implication is that the Bitcoin network is still healthy and functioning correctly. By that, there’s the hope of a rebound from the ongoing bearish trend.

In a new development, TBD, a block subsidiary, has disclosed plans for building Web5. This new development would be a decentralized web solely for Bitcoin. The concept would emphasize the belief of Jack Dorsey, the founder, on getting more influence in internet evolution from BTC.

Featured image from BBC, chart from TradingView.com

Elon Musk, the CEO of Tesla, has inspired a spike in Dogecoin, the world’s largest meme token. The eccentric technocrat has propelled Dogecoin to new heights for the second time in the last week. Musk used drones to project Doge while hosting ‘The Cyber Rodeo’ party in Texas.

The Tesla CEO has been a huge supporter of DOGE. While Musk was speaking to the audience, someone yelled, “To the moon!” “To the moon indeed,” Musk said in response.

DOGE took off as a result of this. Over the past 24hours, the altcoin has risen by approximately 1.10%. At the time of publication, the canine-themed cryptocurrency was selling for $0.1464. DOGE had a great week, with gains of up to 6.07 percent.

According to Ganesh Kompella, Venture Partner at Tykhe Block Ventures, Elon Musk has manufactured a gigantic ‘Doge’ out of drones, and it has been rallying high since then. He further added,

“The world’s richest man is obsessed with this meme coin. With this drone show coupled with him being on Twitter’s board, one can assume some more fireworks are on the way.”

Billy Markus hails Dogecoin in the sky

DOGE was on its way to reclaiming its kingdom after being overshadowed by Shiba Inu’s popularity. However, at the time of press, Shiba Inu was priced at $0.00002468 with a daily drop of 0.64%.

Despite being a meme coin, DOGE was pushed to the sidelines when the meme coin revolution began in 2021. With Elon Musk gaining ownership of Twitter, the community expects DOGE to become more prominent.

DOGE’s inclusion in the Twitter tipping jar feature is much desired. While Twitter has been slow to respond to community pleas for the meme coin to be included in its platform, Musk’s recent acquisition could change that. Billy Markus, the coin’s co-founder, recently tweeted about the reasons why Twitter should incorporate DOGE.

reasons for @Twitter not to add #dogecoin to their tip jar:

reasons for @Twitter to add #dogecoin to their tip jar:

– dogecoin is literally the tipping cryptocurrency of the internet and has been since 2013

– there’s actually 0 reason to not do this

— Shibetoshi Nakamoto (@BillyM2k) April 7, 2022

Being the social media platform’s top stakeholder and a board member has its own set of advantages. As a result, the community assumed Musk would be working on a number of Dogecoin-related projects in space.

The $625 million Ronin blockchain hack is one of the biggest in the crypto industry to date.

Axie Infinity players will get reimbursed following an exploit on the Ronin blockchain that resulted in millions of dollars worth of ether and the stablecoin USDC.

Sky Mavis, the firm behind the Ronin Network blockchain, has promised a reimbursement plan for players and other network users affected by the hack.

“We are committed to ensuring that all of the drained funds are recovered or reimbursed, and we are continuing conversations with our stakeholders to determine the best course of action,” Sky Mavis COO Aleksander Leonard Larsen said.

According to Larsen, the hack “was a social engineering attack combined with a human error from December 2021,”

The company says a backdoor in one of the Ronin nodes allowed the hacker to silently drain the network of 173,600 ether valued at around $600 million and another $25.5 million in the stablecoin USDC. 

Those who lost money in the attack include players and Axie Infinity game speculators. The popular play-to-earn (P2E) game also lost funds, Larsen added.

In the aftermath of the hack, the Ronin team and Sky Mavis board have engaged cybersecurity experts as they work towards a “complete overview of the situation.”

The Axie Infinity token AXS fell sharply following the hack news before paring losses to end just over 3% down on Tuesday. At the time of writing, (30 March, 11:26 ET), AXS is just above the flatline as it hovers around $64.94. 

Daily trading volumes have also declined, currently by about 15%, according to data on CoinMarketCap.