What does it mean? What do I do about it?
BogoMIPs measures single core CPU throughput in an architecture neutral manner. (Single core performance is an important limit on certain db operations.)
Rules of thumb:
If it is less than 2: There is a very serious CPU issue - a hardware upgrade may be needed.
2 to 4: This CPU is underpowered.
4 to 6: This is a good CPU appropriate for large systems.
Greater than 6: This is an excellent CPU appropriate for high performance systems.
If you see large variations in bogoMIPs over a period of time, that suggests that the server is:
a) on poorly configured VM
b) has "power save" features enabled
c) the workload is excessive or
d) external factors from shared infrastructure are impacting your VM