Further away from any concerns about planned attacks on the blockchain, Bitcoin (bitcoin) network created a new mining difficulty of 31.251 trillion – surpassing the 30 trillion mark for the first time in history.
creator of bitcoin, Satoshi Nakamotothe security of the BTC network is guaranteed through a decentralized network of BTC miners whose task is to confirm the legitimacy of transactions and mint new blocks.
Given the broad community support – from developers to holders to traders to miners – spanning 13 yearsthe BTC network witnessed a historic 10-month rebound, achieving a mining difficulty of 31.251 trillion.
Mining difficulty protects the BTC ecosystem from cyberattacks such as double spending, where bad actors attempt to reverse confirmed transactions through the BTC blockchain. Greater mining difficulty requires higher computing power from miners to confirm transactions on the BTC network.
Thus, BTC’s latest network difficulty ATH makes it nearly impossible for bad actors to represent more than 50% of the hash rate. according to For blockchain.com, the BTC network requires 220.436 million terahashes per second (TH/s) at the time of writing.
About $1.4 billion worth of BTC reportedly moved from wallets tied to the Luna Foundation Guard (LFG) as the community announced their intention to “aggressively defend the stability of the UST peg [and] The wider Terra economy. “
Terra’s token ecosystem plummeted as the stablecoin UST depreciated from its initial $1 to nearly $0 in a matter of days, sparking a market ruckus. Luna and UST investors.