Bitcoin Network Strengthens as Mining Difficulty Hits All-Time High of 31.25 Billion

Bitcoin Network Strengthens as Mining Difficulty Hits All-Time High of 31.25 Billion

To further distance itself from any concerns about planned blockchain attacks, the Bitcoin (BTC) network set a new all-time mining difficulty high of 31.251 billion, surpassing the 30 billion mark for the first time in history.

The creator of Bitcoin, Satoshi Nakamoto guaranteed the security of the BTC network through a decentralized network of BTC miners who are responsible for confirming the legitimacy of transactions and minting new blocks.

Thanks to extensive community support — from developers to hodlers to traders to miners — spanning over 13 years, the BTC network witnessed a historic 10-month rally by reaching a mining difficulty of 31.251 billion.

Bitcoin network difficulty. Source: Blockchain.com

Mining difficulty protects the BTC ecosystem against network attacks such as double-spend, in which bad actors attempt to reverse confirmed transactions on the BTC blockchain. Higher mining difficulty requires more computing power from miners to confirm transactions on the BTC network.

As a result, BTC’s latest network difficulty, ATH, makes it almost impossible for bad actors to account for more than 50% of the hash rate. According to blockchain.com, the BTC network demands 220.436 million terahashes/second (TH/s), at the time of writing.

Bitcoin Network Strengthens as Mining Difficulty Hits All-Time High of 31.25 Billion
Total Bitcoin hash rate. Source: Blockchain.com

Despite concerns from the cryptocurrency community related to ongoing targeted attacks and an active bear market, BTC continues to position itself as the most resilient blockchain network.

Reportedly, About $1.4 billion in BTC was withdrawn from a Luna Foundation Guard (LFG)-linked wallet as the community announced its intention to “proactively defend UST peg stability.” [y] the wider economy of Terra.”

The Terra token ecosystem took a nosedive as the UST stablecoin plummeted from its initial value of $1 to nearly $0 in a matter of days, sending LUNA and UST investors into shock.

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Although Terra co-founder Do Kwon attributed the market crash to a coordinated attack on the protocol, current plans to revive the UST and LUNA ecosystems involve buying and redistributing BTC on an as-needed basis.

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