Bitcoin network hits new difficulty level

The difficulty of mining Bitcoin rose to 28.587 trillion some days ago, just moments after miners released the 19th millionth bitcoin.

Bitcoin network hits new difficulty level

The difficulty of mining Bitcoin rose to 28.587 trillion some days ago, just moments after miners released the 19th millionth Bitcoin.

For those unfamiliar with how the keystone crypto network functions, the difficulty is determined by the computing power we need to mine BTC blocks.

The estimated hash rate for mining the flagship cryptocurrency is 201.84 exahashes per second (EH/s), according to Blockchain.com.

In tandem with the rise in network difficulty, Bitcoin's hash rate has held steady throughout the year, climbing to an all-time high of 248.11 EH/s on Feb. 13.

A higher hash rate has the advantage of providing resilience against double-spending attacks, which entail having at least 51% of the Bitcoin hash rate in order to reverse transactions.

From 27.96 trillion to 27.55 trillion on March 4, the difficulty of the BTC network dropped to 27.45 trillion by March 30. Before that slump, the Bitcoin network continued to grow steadily.

As miners continue to support the thriving community, there are only 2 million BTC remaining to mine as rewards.

There are 21 million Bitcoin in total, of which the remaining 2 million are estimated to be mined by 2140.

In the meantime, LFG (Luna Foundation Guard) amassed $139 million in BTC in a Terra wallet, bringing the total BTC it has to 31,000 BTC ($1.47 billion).

Since January 2021, the wallet has collected huge amounts of Bitcoin and hasn't sold any since then.