Bitcoin network fortifies as mining difficulty records ATH of 31.251T

Arijit Sarkar
Arijit Sarkar May 14, 2022
Updated 2022/05/14 at 5:12 PM
3 Min Read
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Further distancing itself from any concerns of planned attacks on the blockchain, the Bitcoin (BTC[1]) 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[2], 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 traders to miners — that spans over 13 years[3], 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 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[4] 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[5] and an active bear market[6], 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[7]

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] broader 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[8] and UST investors.

While Terra co-founder Do Kwon attributed the market collapse to coordinated attack against the protocol[9], current plans for reviving the UST and LUNA ecosystems involve purchasing and redistributing BTC[10] based on requirement.

References

  1. ^ BTC (cointelegraph.com)
  2. ^ Satoshi Nakamoto (cointelegraph.com)
  3. ^ that spans over 13 years (cointelegraph.com)
  4. ^ According (www.blockchain.com)
  5. ^ ongoing targeted attacks (cointelegraph.com)
  6. ^ active bear market (cointelegraph.com)
  7. ^ 42.5K BTC reportedly moved from Luna Foundation Guard wallet as UST peg crumbles (cointelegraph.com)
  8. ^ LUNA (cointelegraph.com)
  9. ^ coordinated attack against the protocol (cointelegraph.com)
  10. ^ purchasing and redistributing BTC (cointelegraph.com)

 

This article was first published on Cointelegraph.com
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