BTC mining

Bitcoin Network, Mining Difficulty

BTC’s latest network difficulty, an all-time high, makes it nearly impossible for bad actors to represent more than 50% of the hash rate.

The Bitcoin (BTC) network has created a new all-time high mining difficulty of 31,251 trillion, exceeding 30 trillion for the first time.

Satoshi Nakamoto, the creator of Bitcoin, assured that the transactions are highly secure.

The BTC network witnessed a historic 10-month rally as it reached a mining difficulty of 31,251 trillion.

Bitcoin network difficulty. Source: Blockchain.com

The mining difficulty protects the BTC ecosystem against network attacks such as double-spending, where bad actors try to reverse confirmed transactions through the BTC blockchain.

BTC’s latest network difficulty, ATH, makes it nearly impossible for bad actors to represent more than 50% of the hash rate.

Bitcoin total hash rate. Source: Blockchain.com

Despite ongoing attacks and an active bear market, BTC is still the most resilient blockchain network.

The crypto community stated that its intention is to proactively defend the stability of the UST stable and the Terra economy. For this, approximately $1.4 billion worth of BTC was reportedly moved from a wallet affiliated with the Luna Foundation Guard (LFG).

Terra’s token ecosystem has taken a hit as stablecoin UST tumbled from its initial value of $1 to nearly $0 in a matter of days, causing turmoil among LUNA and UST investors.

Terra co-founder Do Kwon called a coordinated attack on the market crash. He stated that there are current plans to revive the UST and LUNA ecosystems. The first of these involves buying and redistributing BTC.

RELATED : SEC Commissioner Calls For Stablecoin Regulations

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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