Highest Mining Difficulty Ever
The latest all-time high of the network difficulty of Bitcoin has made it technically impossible for any bad actor to represent over half of the hash rate.
The Bitcoin network has put more distance between itself and any attempt at attacking the blockchain. It has also set a new mining difficulty that is at an all-time height of 31.251 trillion. This goes beyond the mark of 30 trillion for the very first time.
Bitcoin creator, Satoshi Nakamoto, created the security system of the network via a decentralized unit of Bitcoin miners. They have the job of verifying the legitimacy of any transaction and the power of minting new blocks. The Bitcoin network has seen a ten-month-long rallying – given the power of its large support community ranging from holders to developers, miners and traders – while trying to get to the mining difficulty of 31.251 trillion.
Having mining difficulties helps to safeguard the Bitcoin ecosystem against attacks on the network like double spending. It is a situation where a bad actor tries to reverse a verified transaction on the Bitcoin blockchain. A higher mining difficulty requires a higher power in computation from miners in order to verify transactions on the Bitcoin network.
Due to that, the latest difficulty on the Bitcoin network, ATH, is going to make it almost impossible for any bad actor to present more than 50% of the hash rates again. As reported by blockchain.com, the Bitcoin network requires up to 220.436 million terahashes per second as of the time of putting this together.
Terra’s Travail
In spite of the concerns of the crypto community over the prevalent targeted attacks on networks and the bearish market, Bitcoin still holds on to its place as the most secure blockchain. About $1.4 billion in Bitcoin has been alleged moved off a wallet associated with the LUNA Foundation Guard. The foundation recently announced its intention to defend the UST stablecoin peg and the Terra network’s economy at large.
The tokens ecosystem of Terra went down as its UST stablecoin got depegged from the US Dollar on a 1:1 basis to almost $0 in very few days. The development sparked panic among investors holding UST and LUNA.
The co-founder of the Terra ecosystem, Do Kwon, associated the collapse in the market to a planned attack on the protocol. Immediate plans to revive the UST and LUNA currency ecosystems include buying Bitcoin and redistributing it based on investor requirements.
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