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Bitcoin network difficulty hits all-time high as miners track 2 million BTC

Just as Bitcoin (BTC) miners were helping to circulate the 19 millionth BTC on Friday, the BTC network’s mining difficulties responded by hitting an all-time high of 28.587 trillion.

Bitcoin’s network difficulties correlate with the computing power required to mine BTC blocks, which currently requires an estimated hash rate of 201.84 exahash per second (EH/s), according to data from Blockchain.com.

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Difficulties in the Bitcoin network. Source: Blockchain.com

Supporting the rise in network difficulties, Bitcoin’s hash rate held a stronghold all year while hitting an all-time high of 248.11 EH/s on Feb. 13.

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Bitcoin hash rate over the last three years. Source: Blockchain.com

A higher hash rate ensures resilience against double-spending attacks, where BTC transactions are reversed across the blockchain by contributing at least 51% to the Bitcoin hash rate.

On March 4th, about a month before hitting an all-time high, BTC network difficulty saw a slight decline from 27.96 trillion to 27.55 trillion, which eventually declined to 27.45 trillion by March 30th. Before that, the resilience The bitcoin network has been growing steadily since July 2021.

With only 2 million BTC left to mine as a reward and an influx of Bitcoin miners from around the world, the BTC network is expected to grow progressively stronger as it supports the thriving community.

Related: Terra buys $139 million worth of Bitcoin, wallet reaches 31,000 BTC

On March 30, a Terra wallet owned by LFG (Luna Foundation Guard) accumulated $139 million in BTC, bringing their total treasury to 31,000 BTC, or $1.47 billion.

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Terra Bitcoin Wallet raises billions in BTC. Source: BitInfoCharts

As Cointelegraph reported, the wallet began accumulating colossal amounts of BTC in January 2021 and has not sold a single satoshi to date.