The Bitcoin network reaches a new level of difficulty
Moments after miners released the 19th millionth BTC into circulation on Friday, the Bitcoin network’s mining difficulty hit a new all-time high of 28.587 trillion.
For the uninitiated, the difficulty of the Bitcoin network is the computing power required to mine BTC blocks.
According to data from Blockchain.com, an estimated hash rate of 201.84 EH/s is required to mine the flagship cryptocurrency.
Along with the increase in network difficulty, Bitcoin’s hash rate held firm throughout the year, reaching an all-time high of 248.11 EH/s on February 13.
One of the benefits of a higher hash rate is the resilience it provides against double-spend attacks, which involves reversing BTC transactions on the blockchain controlling at least 51% of the Bitcoin hash rate. .
Before hitting an all-time high, the difficulty of the BTC network wobbled slightly and fell from 27.96 trillion to 27.55 trillion on March 4, eventually dropping to 27.45 trillion through March 30. Before the crisis, the Bitcoin network had grown steadily from July 2021.
With only 2 million BTC left to mine as a reward, the BTC network is set to go from strength to strength as miners continue to support the thriving community.
Of the total supply of 21 million BTC, it is estimated that the remaining 2 million BTC will eventually be mined around 2140.
Meanwhile, a wallet owned by LFG (Luna Foundation Guard) amassed $139 million in BTC, bringing the total BTC in its vaults to 31,000 BTC ($1.47 billion). The wallet started collecting huge amounts of BTC as early as January 2021 and hasn’t sold any since then.
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