© Reuters BTC Blockchain More Resilient After New ATH Mining Difficulty
- The network has set an all time new mining difficulty.
- The mining difficulty is there to protect the BTC ecosystem against any network attack.
- The BTC network currently demands 220.436 million terahashes/second.
The Bitcoin network has managed to distance itself from the chaos regarding planned attacks on blockchain networks after it set a new, all-time-high mining difficulty of 31.251 billion. This is the first time in history that the 30 billion mark has been surpassed.
Satoshi Nakamoto ensured the security of BTC through a decentralized network of BTC miners who are responsible for confirming the legitimacy of transactions and minting new blocks.
Given the support from the developer community to forks, traders, and miners that has spanned 13 years, the BTC network witnessed a historic 10-month rally as it achieved a mining difficulty of 31.251 billion.
The mining difficulty is there to protect the BTC ecosystem against any network attacks such as double spending. This happens when the perpetrators reverse transactions already confirmed through the BTC blockchain.
The higher the mining difficulty, the more computing power is required from miners to confirm transactions through the BTC network. This means that the extremely high mining difficulty of BTC makes it almost impossible for malicious actors to account for more than 50% of the hash rate.
The BTC network currently demands 220.436 million terahashes/second (TH/s), according to blockchain.com. All this only confirms the fact that BTC is the most resilient blockchain network.
BTC could also come to the rescue regarding the LUNA/UST chaos currently taking place in the crypto markets, as Do Kwon’s plans to revive LUNA and UST include buying and redistributing BTC as per requirements.