Moving further away from any concerns about planned attacks on the blockchain, the Bitcoin (BTC) network set a new all-time high mining difficulty of 31.251 trillion – breaking the 30 trillion mark for the first time in history.
The creator of Bitcoin, Satoshi Nakamoto, has guaranteed the security of the BTC network through a decentralized network of BTC miners who are responsible for confirming the legitimacy of transactions and creating new blocks.
Given the extensive community support – from developers to hodlers to traders and miners – that spans more than 13 years, the BTC network has witnessed a historic 10-month rally as it reached a mining difficulty of 31.251 trillion.
Mining difficulty protects the BTC ecosystem against network attacks such as double spend, in which bad actors attempt to undo confirmed transactions on the BTC blockchain. Higher mining difficulty requires more computing power from miners to confirm transactions on the BTC network.
As a result, BTC’s latest ATH network difficulty makes it nearly impossible for bad actors to account for more than 50% of the hash rate. According to blockchain.com, the BTC network is asking for 220.436 million terahashes/second (TH/s) at the time of writing.
Despite concerns from the crypto community about ongoing targeted attacks and an active bear market, 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 crashes
Around $1.4 billion worth of BTC was reportedly transferred from a wallet linked to Luna Foundation Guard (LFG) as the community announced its intention to “proactively defend the stability of the UST peg.” [and] Terra’s broader economy.
Terra’s token ecosystem took a nose dive when the UST stablecoin plummeted from its initial $1 value to nearly $0 in a matter of days, causing 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 needed. .