As soon as Bitcoin (BTC) miners helped release the 19 millionth BTC into circulation on Friday, the mining difficulty of the BTC network reciprocated, reaching an all-time high of 28.587 trillion.
The complexity of the Bitcoin network correlates with the processing power required to mine BTC blocks, which currently requires an estimated hash rate of 201.84 exahashes per second (EH/s), according to Blockchain.com.
Supporting a spike in network difficulty, Bitcoin’s hash rate has remained stable throughout the year, hitting an all-time high of 248.11 EH/s on February 13th.
The higher hash rate provides resistance to double-spend attacks, which are the process of reversing BTC transactions on the blockchain, contributing at least 51% of Bitcoin’s hash rate.
Back on March 4, about a month before hitting an all-time high, BTC network difficulty dropped slightly from 27.96 trillion to 27.55 trillion, which eventually dropped to 27.45 trillion by March 30. The Bitcoin network has grown steadily since July 2021.
With only 2 million BTC left to be mined as a reward, as well as an influx of miners from all over the world, the BTC network is expected to grow stronger as it supports a thriving community.
Related: Terra Smashes $139M Bitcoin, Wallet Hits 31,000 BTC
On March 30, the Terra wallet owned by LFG (Luna Foundation Guard) accumulated $139 million in BTC, bringing the total treasury to 31,000 BTC or $1.47 billion.
Just getting started pic.twitter.com/dJrkf6YfrR — TerraLunaaaa (@TerraLunaaaa) March 30, 2022
According to Cointelegraph, the wallet began accumulating huge amounts of BTC in January 2021 and has not traded a single Satoshi to date.
