Just when the Bitcoin (BTC) the miners helped free the 19,000,000 BTC in circulation on Friday, the mining difficulty of the BTC network corresponded by reaching an all-time high of 28.587 billion.
The difficulty of the Bitcoin network correlates with the computational power required to mine BTC blocks, which currently requires an estimated hash rate of 201.84 exhash per second (EH/s), according to Blockchain.com data.
Supporting the increase in network difficulty, the Bitcoin hash rate maintained strength throughout the year as reaching an all-time high of 248.11 EH/s on February 13.
A higher hash rate ensures resiliency against double-spend attacks, which is the process of reversing BTC transactions on the blockchain by contributing at least 51% of the Bitcoin hash rate.
On March 4, about a month before reaching an all-time high, the BTC network difficulty saw a slight decrease from 27.96 billion to 27.55 billion, eventually falling to 27.45 billion by March 30. Before that, the resilient Bitcoin network grew steadily since July 2021.
With only 2 million BTC to mine as a reward and an influx of Bitcoin miners from around the world, the BTC network is expected to get stronger and stronger as it supports the thriving community.
Related: Terra smash buys $139M Bitcoin, wallet hits 31,000 BTC
On March 30, a Terra wallet belonging to LFG (Luna Foundation Guard) amassed $139 million in BTC, bringing its total coffers to 31,000 BTC or $1.47 billion.
Just getting started pic.twitter.com/dJrkf6YfrR
-TerraLunaaaa (@TerraLunaaaa) March 30, 2022
As Cointelegraph reported, the wallet started accumulating colossal amounts of BTC in January 2021 and hasn't sold a single satoshi to date.
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