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 each 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 BTC network will grow stronger with just 2 million BTC remaining to be mined as rewards, and an influx from Bitcoin miners around the globe. Due to factors such as halving, it is expected that 2 million BTC (out the 21 million total supply) will be mined around by 2140.

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

Mar. 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.

https://cointelegraph.com/news/bitcoin-network-difficulty-reaches-all-time-high-as-miners-pursue-2m-btc