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Bitcoin network fortifies as mining difficulty records ATH of 31.251T

BTC’s latest difficulty makes it nearly impossible for bad actors to represent over 50% of the hash rate.

Further distancing itself from any concerns of planned attacks on the blockchain, the Bitcoin (BTC) network established a new difficulty all-time high of 31.251 trillion — exceeding the 30-trillion mark for the first time in history.

The creator of Bitcoin, Satoshi Nakamoto, warranted the of the BTC network through a decentralized network of BTC who are tasked with confirming the legitimacy of transactions and new blocks.

Given the extensive community support — from developers to hodlers to to miners — that spans over 13 years, the BTC network was witness to a historic 10-month-long as it achieved mining difficulty of 31.251 trillion.

Bitcoin network fortifies as mining difficulty records ATH of 31.251TBitcoin network difficulty. Source: Blockchain.com

Mining difficulty safeguards the BTC against network attacks such as double-spending, wherein bad actors try to reverse confirmed transactions over the BTC blockchain. Greater mining difficulty demands higher computational power from miners to confirm transactions over the BTC network.

As a result, BTC’s latest network difficulty ATH makes it nearly impossible for bad actors to represent over 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 fortifies as mining difficulty records ATH of 31.251TBitcoin total hash rate. Source: Blockchain.com

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

Related:

Roughly $1.4 billion worth of BTC was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) as the community announced their intent to “proactively defend the stability of the UST peg [and] Terra economy.”

Terra’s ecosystem of tokens took a nosedive as the stablecoin UST depegged from its initial $1 to nearly $0 in a matter of days, sparking commotion among the LUNA and UST investors.

While Terra co-founder Do Kwon attributed the market collapse to coordinated attack against the protocol, current plans for reviving the UST and LUNA ecosystems involve and redistributing BTC based on requirement.

Continue reading on Cointelegraph.com


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