The Bitcoin (BTC) network continued to distance itself from any concerns about planned attacks on the blockchain, setting a new all-time high of mining difficulty at 31.251 trillion, surpassing the 30 trillion mark for the first time in history.
Bitcoin creator Satoshi Nakamoto guaranteed the security of the BTC network through a decentralized network of BTC miners tasked with confirming the legitimacy of transactions and minting new blocks.
With extensive community support – from developers to hodlers to traders and miners – spanning 13 years, the BTC network witnessed a historic 10-month rally when it reached a mining difficulty of 31.251 trillion.
Difficulties in the Bitcoin network. Source: Blockchain.com
Mining difficulties protect the BTC ecosystem from network attacks like double spending, where bad actors try to reverse confirmed transactions on the BTC blockchain. Major mining difficulties require miners to use more computing power to confirm transactions over the BTC network.
As a result, BTC’s latest network difficulty, ATH, makes it almost impossible for bad actors to represent more than 50% of the hash rate. According to blockchain.com, the BTC network is claiming 220.436 million terahashes/second (TH/s) at the time of writing.
Total Bitcoin Hash Rate. Source: Blockchain.com
Despite the crypto community’s concerns surrounding ongoing targeted attacks and an active bear market, BTC continues to position itself as the most resilient blockchain network.
Related: 42.5k BTC was reportedly moved from the Luna Foundation Guard wallet as the UST peg crumbled
Around $1.4 billion worth of BTC was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) as the community announced its intention to “proactively defend the stability of the UST peg.” [and] broader terra economy.”
Terra’s token ecosystem took a nosedive as the stablecoin UST plummeted from its initial $1 value to almost $0 in a matter of days, sparking excitement among LUNA and UST investors.
While Terra co-founder Do Kwon attributed the market collapse to a coordinated attack against the protocol, current plans to revitalize the UST and LUNA ecosystems involve buying and reallocating BTC as needed.
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