Bholanath is a dog in the Alakh Bara who lives with Paramahamsa Satyananda.
Many people hear about Bholanath when they go to the Alakh Bara, and sometimes they can hear him bark. It is not possible to see him close up because he is fierce and ready to attack. He is kept away when people are there. The behaviour of Bholanath has changed since Paramahamsaji invoked one of the eight bhairavas into him.
According to the puranas there are eight bhairavas of Shiva. The bhairavas are the gate-keepers of Shiva. When you go to a temple of Shiva you first get darshan of Bhairava. It is Bhairava's decision to allow the good and pious spirits to have darshan of Shiva; the bad and wicked are not permitted.
Since a bhairava has been invoked, when Paramahamsaji is sitting in his vedi Bholanath also stays there and is alert that nobody is trying to bother him. He stays near by the fire until Paramahamsaji opens his eyes. Only when he sees that Paramahamsaji's eyes are open does he step out. Nobody dares to come near him because of Bholanath.
The husband does not earn money only for himself but for the whole family. Similarly, a Guru does not do any sadhana or austerities for himself but for the whole of society. So, to stop himself from being disturbed he has invoked good spirits to help him proceed and to protect him. In the same way a bhairava has been invoked into Bholanath in order to protect him. A Guru always thinks for the good of the society.