The Bitcoin network has continued to establish a high level of security despite growing concerns about the vulnerabilities of blockchain networks. The Bitcoin network mining difficulty is currently at an all-time high of 31.251 trillion, which is the first time this metric has surpassed 30 trillion in Bitcoin’s history.
Bitcoin mining difficulty reaches ATH
When Satoshi Nakamoto created Bitcoin, he guaranteed that the network’s security would be provided by a decentralized network of Bitcoin miners who validate transactions on the chain and mint new blocks.
The Bitcoin network also boasts of a high level of support. The developers, traders, holders and miners have been affiliated with the network for 13 years. This has resulted in a growing dominance of the currency in the market. Moreover, it has recorded steady growth in the mining difficulty that has surged to more than $30 trillion.
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Mining difficulty is a metric that depicts the security of the Bitcoin network against attacks. Some of the great threats to this network include double-spending, where bad actors attempt to reverse transactions confirmed within the chain. The higher the Bitcoin mining difficulty, the higher the computing power needed to confirm transactions within the network.
With the Bitcoin mining difficulty currently standing at an all-time high, it has become impossible for bad actors to be in charge of more than 50% of the mining hash rate. Blockchain.com also shows that the Bitcoin network needs 220.436 million terahashes per second.
The cryptocurrency community has expressed concern over the bearish trend in the space and the growing risk of targeted attacks in the space. However, as other projects become victims of attacks by bad actors, Bitcoin has remained strong, and it has positioned itself as one of the strongest blockchains in space.
Attack on Terra network
The Terra network has made headlines in the past few days following the collapse of UST and the LUNA token. After UST started depegging, the Luna Foundation Guard moved $1.4B worth of Bitcoin to exchanges to save the value of UST.
However, tokens within the Terra network have failed to make substantial gains. UST dipped to nearly $0 as LUNA dipped further down the market cap ranking. The co-founder of Terra, Do Kwon, has said that the collapse of the tokens was caused by a coordinated attack on the protocol. Terra is currently working on a revival plan for the network.
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