- BTC miners are responsible for verifying the authenticity of transactions.
- BTC remains the most durable blockchain network.
Dispelling any fears of a blockchain assault, the Bitcoin (BTC) network has now reached an all-time high mining difficulty of 31.251 trillion, breaking the previous record of 30 trillion for the first time. To ensure the integrity of the Bitcoin network, Satoshi Nakamoto created a decentralized network of BTC miners responsible for verifying the authenticity of transactions and minting new blocks.
Firewall For BTC Network
The BTC network had a record 10-month-long climb as it reached a mining difficulty of 31.251 trillion, thanks to the broad community support over more than 13 years. The mining difficulty serves as a firewall for the BTC ecosystem to prevent assaults such as “double-spending,” when corrupt individuals attempt to undo previously verified BTC blockchain transactions. BTC transactions need more computing power from miners as the difficulty of mining increases.
Thus, ATH has made it almost impossible for malicious actors to represent more than half of the hash rate on the BTC network. It is estimated that the BTC network requires 220.436 million terahashes per second (TH/s) at the time of writing. Despite the continued targeted assaults and the active bear market, BTC remains the most durable blockchain network despite the fears of the crypto community. According to reports, the community shifted almost $1.4 billion in BTC from a wallet linked to Luna Foundation Guard (LFG) to proactively protect the viability of the UST peg and broader Terra economy.
However, the current efforts to revive the UST and LUNA ecosystems include acquiring and redistributing BTC depending on demand. At the same time, Terra co-founder Do Kwon ascribed the market collapse to concerted attacks against the protocol.