Bitcoin network fortifies as mining difficulty records ATH of 31.251T

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Further moving away from any worries about planned attacks on the blockchain, the Bitcoin (BTC) network has set a new mining difficulty an all-time high of 31,251 trillion – surpassing the 30-trillion mark for the first time in history.

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

Given the broad community support – from developers to hodlers to traders to miners – that has lasted more than 13 years, the BTC network has witnessed a historic 10-month rally when it reached a mining hardship of $ 31.225 trillion.

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Bitcoin network difficulty. Source: Blockchain.com

Mining difficulty protects the BTC ecosystem from network attacks such as double spending, in which malicious actors attempt to reverse confirmed transactions over the BTC blockchain. Greater mining difficulty requires higher computing power from miners to verify transactions over the BTC network.

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

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Bitcoin total hash rate. Source: Blockchain.com

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

Related: 42.5K BTC reportedly moved from the Luna Foundation Guard wallet as the UST peg crumbled

About $ 1.4 billion of BTC was reportedly driven by a purse tied to the Luna Foundation Guard (LFG) when the community announced its intention to “proactively defend the stability of the UST peg. [and] wider Earth economy. “

Terra’s token ecosystem has declined as UST’s stalcoin has declined from its initial value of $ 1 to nearly $ 0 in a matter of days, sparking a stir among LUNA and UST investors.

While Terra co-founder Do Kwon attributed the market collapse to a coordinated attack on the protocol, current plans to revive the UST and LUNA ecosystems involve buying and redistributing BTC as required.