Further distancing itself from any concerns of planned attacks on the blockchain, the Bitcoin (BTC) network established a new mining 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 security of the BTC network through a decentralized network of BTC miners who are tasked with confirming the legitimacy of transactions and minting new blocks.
Given the extensive community support — from developers to hodlers to trers to miners — that spans over 13 years, the BTC network was witness to a historic 10-month-long rally as it achieved mining difficulty of 31.251 trillion.
Bitcoin network difficulty. Source: Blockchain.com
Mining difficulty safeguards the BTC ecosystem against network attacks such as double-spending, wherein b 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 b 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 total hash rate. Source: Blockchain.com
Despite the crypto community’s concerns related to the ongoing targeted attacks and an active bear market, BTC continues to position itself as the most resilient blockchain network.
Related: 42.5K BTC reportedly moved from Luna Foundation Guard wallet as UST peg crumbles
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] broer Terra economy.”
Terra’s ecosystem of tokens took a nosedive as the stablecoin UST depegged from its initial $1 value 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 purchasing and redistributing BTC based on requirement.
META ARTICLE: Bitcoin network fortifies as mining difficulty records ATH of 31.251T PUBLISHED: 2022-05-14 08:01:11 SOURCE: https://cointelegraph.com/news/bitcoin-network-fortifies-as-mining-difficulty-records-ath-of-31-251t