BTC network difficulty reaches all-time high as miners pursue 2M Bitcoin
BTC network difficulty reaches all-time high as miners pursue 2M Bitcoin
BTC hash rate maintained a stronghold throughout the year as it compliments the new ATH for BTC network difficulty.
BTC network difficulty correlates to the computational power required to mine BITCOIN blocks, which currently demands an estimated hash rate of 201.84 exahash per second (EH/s), according to data from Blockchain.com.
Supporting the spike in the network difficulty, BTC hash rate maintained a stronghold throughout the year while breaking into an all-time high of 248.11 EH/s on Feb. 13.
A higher hash rate ensures resilience against double-spending attacks, which is the process of reversing Bitcoin transactions over the blockchain by contributing to at least 51 percent of the Bitcoin hash rate.
Back on Mar. four, roughly a month before reaching an all-time high, the Bitcoin network difficulty experienced a slight decline from 27.96 trillion to 27.55 trillion, which eventually fell down to 27.45 trillion until March 30. Prior to that, the resilient BTC network grew consistently since July 2021.
With just two million BTC left to mine as rewards and an influx of BTC miners from across the world, the Bitcoin network is expected to increasingly grow stronger as it supports the thriving community. It is estimated that the remaining Two million Bitcoin (out of the total supply of twenty one million) will be eventually mined roughly by the year 2140 owing to factors including halving.
On March 30, a Terra wallet belonging to LFG (Luna Foundation Guard) amassed $139 million in BITCOIN, bringing its total coffers up to 31,000 BTC or $1.47 billion.
