Bitcoin has been highly volatile in recent days. In that context, Bitcoin’s latest network difficulty reached an all-time high that made it almost impossible for the bad actors to represent more than 50% of the hash rate.
Managing to distance itself from any worries of a planned attack on the blockchain, the Bitcoin network developed a new mining difficulty all-time high of 31.251 trillion, surpassing the 30-trillion mark for the first time in its history.
Satoshi Nakamoto guaranteed the security of the Bitcoin network via a decentralized network of Bitcoin miners who are tasked with confirming the legitimacy of transactions and the minting of new blocks. Due to the extensive community support, from the hodlers, traders, developers, and miners, spanning over 13 years, the Bitcoin network was witness to a historic 10-month-long rally achieving a mining difficulty of 31.251 trillion in the process.
Mining difficulty helps in safeguarding the Bitcoin ecosystem against many attacks including double-spending where the bad actors try to reverse confirmed transactions on the Bitcoin blockchain. Higher mining difficulty demands greater computational power from miners to validate transactions over the BTC network.
In that context, Bitcoin’s latest network difficulty ATH makes it almost impossible for the bad actors to represent more than 50% of the hash rate. According to data acquired from blockchain.com, the BTC network demands 220.436 million terahashes/second (TH/s) at the time of publication.
Bitcoin Network Still Impenetrable
Despite the crypto community’s worries related to the continuing targeted attacks and an active bear market, Bitcoin keeps positioning itself as the most resilient blockchain network.
Buy Bitcoin NowNearly $1.4 billion worth of Bitcoin was allegedly moved from a wallet linked to Luna Foundation Guard (LFG) as the community confirmed their intent to:
“Proactively defend the stability of the UST peg [and] broader Terra economy.”
Terra’s ecosystem of tokens plummeted as the stablecoin UST depegged from its original $1 value to almost $0 within days, sparking a commotion among the LUNA and UST investors.
While Terra co-founder Do Kwon said that the market collapse was caused by a coordinated attack against the protocol, the current plans for reviving the LUNA and UST ecosystems involve buying and redistributing bitcoin as required.
