Bitcoin network difficulty reaches all-time high as miners pursue 2M BTC

Just as the Bitcoin (BTC), miners released the 19th millionth BTC in circulation Friday, the BTC network’s mining difficulty reached an all-time high at 28.587 trillion.

According to Blockchain.com data, Bitcoin’s network difficulty is related to the computational power needed to mine BTC blocks. This requires an estimated hash rate (EH/s) of 201.84 exahash/second (EH/s).

Bitcoin network difficulties. Source: Blockchain.com

The spike in network difficulty supported Bitcoin’s stronghold. It reached a record high of 248.11 EH/s February 13.

The Bitcoin hash rate in the last three years. Source: Blockchain.com

A higher hashrate ensures resilience to double-spending attacks. This is when BTC transactions are reversed over the blockchain. It contributes at least 51% to the Bitcoin hashrate.

On Mar. On Mar. 30. Before that, the resilient Bitcoin network had grown steadily since July 2021.

The Bitcoin network will continue to grow as it supports the community, with just 2 million BTC remaining to be mined as rewards and an influx from Bitcoin miners around the globe.

Related: Terra buys $139M Bitcoin; wallet reaches 31,000 BTC

On March. 30 – A Terra wallet belonging LFG (Luna Foundation Guard), amassed $139 Million in BTC. This brings its total coffers to 31,000 BTC or 1.47 billion.

Just getting started pic.twitter.com/dJrkf6YfrR
— TerraLunaaaa (@TerraLunaaaa) March 30, 2022

Terra Bitcoin wallet has amassed billions of BTC. Source: BitInfoCharts

Cointelegraph reported that the wallet started amassing huge amounts of BTC in Jan 2021. It has never sold one satoshi since then.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

Close Bitnami banner
Bitnami