Far from any fear of planned blockchain attacks, the Bitcoin (BTC) network has set a new mining difficulty record of 31.251 billion, surpassing the 30 trillion mark for the first time in the world.
Bitcoin creator Satoshi Nakamoto ensured the security of BTC network through a decentralized network of BTC miners responsible for confirming the legitimacy of transactions and mining new blocks.
Thanks to strong public support – from developers to owners, traders and miners – lasting over 13 years, the BTC network has a historic 10-month rally that reached a mining difficulty of 31.251 trillion.
The difficulty of mining protects the BTC ecosystem against network attacks like Double Spend, where bad actors try to reverse certified transactions on a BTC blockchain. Mining difficulty requires more computing power from miners to confirm transactions on BTC network.
Therefore, due to the new all-time high difficulty of Bitcoin network it is almost impossible for malicious people to account for more than 50% of the hashrate. According to blockchain.com, the BTC network requires 220.436 million terashashes / seconds (TH / s) at the time of writing this report.
Despite concerns in the crypto community related to ongoing targeted attacks and an active bear market, Bitcoin continues to position itself as the most resilient blockchain network.
See also: It is reported that 42,500 BTC were transferred from the Luna Foundation Guard wallet as UST value details
It was reported that some 1.4 billion BTC had been transferred from a wallet tied to the Luna Garda Foundation (LFG) as the public announced its intention to “proactively protect the stability of UST parity. [et] the wider Terra economy “.
The Terra token ecosystem collapsed when the UST stablecoin fell from its initial value of $ 1 to almost $ 0 in just a few days, sparking upheaval among LUNA and UST investors.
While Do Kwon, co – founder of Terra, attributed the collapse in the market to a coordinated attack on the protocol, current plans to revitalize the UST and LUNA ecosystems involve the purchase and redistribution of BTC as needed.