On Friday, the Bitcoin (BTC) network’s mining difficulty reached an all-time high of 28.587 trillion, just as miners helped release the 19th millionth BTC into circulation.
According to data from Blockchain.com, Bitcoin’s network difficulty is proportional to the processing power required to mine BTC blocks, which presently requires a hash rate of 201.84 exahash per second (EH/s).
Bitcoin’s hash rate remained robust throughout the year, reaching an all-time high of 248.11 EH/s on Feb. 13 to support the increase in network difficulty.
By contributing to at least 51 percent of the Bitcoin hash rate, a greater hash rate ensures resilience against double-spending assaults, which is the process of reversing BTC transactions over the blockchain.
The BTC network difficulty declined slightly from 27.96 trillion to 27.55 trillion on March 4. That’s, almost a month before reaching an all-time high, and then fell to 27.45 trillion until March 30. Prior to it, the Bitcoin network had been steadily growing since July 2021.
The BTC network is projected to grow stronger as it supports the flourishing community. That’s, with just 2 million BTC left to mine as incentives and an influx of Bitcoin miners from all around the world.
LFG (Luna Foundation GuardTerra )’s wallet amassed $139 million in BTC on March 30, boosting its total holdings to 31,000 BTC, or $1.47 billion.
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