The Bitcoin network has succeeded in distancing itself from the chaos regarding planned attacks on blockchain networks after it established a new mining difficulty all time high of 31.251 trillion. This is the first time in history for the 30-trillion mark to be exceeded.
Satoshi Nakamoto ensured the security of the BTC through a decentralized network of BTC miners that has the responsibility of confirming the legitimacy of transactions and minton new blocks.
Given the community support from developers to holders to traderds to miners that has spanned across 13 years, the BTC network was witness to a historic 10-month-long rally as it achieved mining difficulty of 31.251 trillion.
Mining difficulty is there to protect the BTC ecosystem against any network attacks like, for example, double-spending. This happens when perpetrators reverse already confirmed transactions over the BTC blockchain.
The greater the mining difficulty, the more computational power is required from miners to confirm transactions over the BTC network. This means that BTC’s very high mining difficulty makes it almost impossible for malicious actors to represent more than 50% of the hash rate.
The BTC network currently demands 220.436 million terahashes/second (TH/s), according to blockchain.com. All of this only confirms the fact that BTC is the most resilient blockchain network.
BTC might also come to the rescue regarding the LUNA/UST chaos currently ensuing in the crypto markets as Do Kwon’s plans for reviving LUNA and UST includes purchasing and redistributing BTC based on requirement.
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Source: Cryptocurrency - investing.com
