Bitcoin Network Difficulty Hits Record Levels As More Miners Scramble

Bitcoin’s hash rate has remained very strong throughout the year, complementing the new all-time high (ATH) for network difficulty. This is coming after the Bitcoin miners released the 19th millionth BTC in circulation.

The difficulty is in line with the computational power needed to mine BTC blocks. Presently, it is In line with the surge in the network difficulty, Bitcoin’s hash rate stayed very strong throughout the year, but broke into the ATH level of 248.11 EH/S on February 13.

2 Million BTC Left To Mine

A higher hash rate means there is a strong defense against double-spending attacks. It means that BTC transactions can be reversed over the blockchain by contributing at least 51% of the hash rate.

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On March 4, there was a slight reduction in the BTC network difficulty, causing a decline from 27.96 trillion to 27.55 trillion. However, the rate fell to 24.47 trillion eventually. Before that, the resilient level of the BTC network was growing consistently since July last year.

There has been an influx of miners from all over the world with only 2 million BTC left to mine. The BTC network is expected to expand to offer support for the thriving community. It is expected that the remaining 2 million BTC will be mined by the year 2140, due to factors such as halving.

Terra Wallet Now Holds $1.47 Billion Worth of BTC

On March 30, a Terra wallet belonging to Luna Foundation Guard (LFG) accumulated $139 million BTC in Bitcoin, bringing the total amassed BTC in the coffers to 31,000, or $1.47 billion worth of BTC. This makes the Terra wallet the third-largest independent holder of Bitcoin, behind Tesla with $1.5 billion and MicroStrategy with $5 billion worth.

Reports reveal that the Terra wallet started accumulating large amounts of BTC in January this year and a single BTC has not left the coffers since then. There is every indication that the wallet will continue to amass more BTC, and could soon overtake Tesla as the second-largest holder of BTC.

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