Further distancing itself from any concerns of planned attacks on the blockchain, the Bitcoin (BTC) network established a new mining difficulty all-time high of 31.251 trillion – exceeding the 30-trillion mark for the first time in history.
The creator of Bitcoin, Satoshi Nakamoto, warranted the security of the BTC network through a decentralized network of BTC miners who are tasked with confirming the legitimacy of transactions and minting new blocks.
Given the extensive community support – from developers to hodlers to traders to miners – that spans over 13 years, the BTC network was witness to a historic 10-month-long rally as it achieved mining difficulty of 31.251 trillion.
Bitcoin network difficulty. Source: Blockchain.com
Mining difficulty safeguards the BTC ecosystem against network attacks such as double-spending, wherein bad actors try to reverse confirmed transactions over the BTC blockchain. Greater mining difficulty demands higher computational power from miners to confirm transactions over the BTC network.
As a result, BTC’s latest network difficulty ATH makes it nearly impossible for bad actors to represent over 50% of the hash rate. According to blockchain.com, the BTC network demands 220.436 million terahashes/second (TH/s) at the time of writing.
Bitcoin total hash rate. Source: Blockchain.com
Roughly $1.4 billion worth of BTC was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) as the community announced their intent to “proactively defend the stability of the UST peg [and] broader Terra economy.”
Terra’s ecosystem of tokens took a nosedive as the stablecoin UST depegged from its initial $1 value to nearly $0 in a matter of days, sparking commotion among the LUNA and UST investors.
While Terra co-founder Do Kwon attributed the market collapse to coordinated attack against the protocol, current plans for reviving the UST and LUNA ecosystems involve purchasing and redistributing BTC based on requirement.