Bitcoin Network Difficulty Hits an All-Time High as Miners Pursue 2M BTC

Just as Bitcoin (BTC) miners helped put the 19th millionth BTC into circulation on Friday, the BTC network’s mining difficulty answered by hitting an all-time high of 28.587 trillion.

Bitcoin’s network difficulty correlates with the computational power required to mine BTC blocks, which currently requires an estimated hash rate of 201.84 exahash per second (EH/s). according to to data from Blockchain.com.

Difficulty of the Bitcoin network. Source: Blockchain.com

Bitcoin’s hash rate supported the spike in network difficulty and remained high throughout the year, reaching a record high of 248.11 EH/s on February 13.

Bitcoin hash rate over the past three years. Source: Blockchain.com

A higher hash rate provides resilience to double-spending attacks, which is the process of reversing BTC transactions across the blockchain by contributing to at least 51% of the Bitcoin hash rate.

On March 4, about a month before hitting an all-time high, the BTC network’s difficulty fell slightly from 27.96 trillion to 27.55 trillion, eventually falling to 27.45 trillion until March 30. Before that, the resilient Bitcoin network has been growing steadily since July 2021.

With only 2 million BTC left to mine as a reward and an influx of Bitcoin miners from around the world, the BTC network is expected to grow stronger as it supports the thriving community.

Related: Terra Smash-Buy $139 Million Bitcoin, Wallet Hits 31,000 BTC

On March 30, a Terra wallet from LFG (Luna Foundation Guard) amassed $139 million in BTC, bringing the total treasury to 31,000 BTC or $1.47 billion.

Terra Bitcoin wallet collecting billions in BTC. Source: BitInfoCharts

As Coin-Crypto reported, the wallet started accumulating colossal amounts of BTC in January 2021 and has not sold a single satoshi to date.

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