Just as Bitcoin (BTC) miners helped release 19 million BTC into circulation on Friday, mining difficulty on the BTC network hit a record 28.587 trillion.
The complexity of Bitcoin networks is related to the processing power required to mine BTC blocks, which currently requires an estimated hash rate of 201.84 EH/s, according to Blockchain.com.
Difficulties with bitcoin networks. Source: Blockchain.com
Supporting the increase in network complexity, bitcoin’s hash rate has remained consistent throughout the year, surpassing an all-time high of 248.11 EH/s on February 13.
Bitcoin hash rate for the last three years. Source: Blockchain.com
The higher hash rate provides resistance to dual-purpose attacks, which are the process of mirroring BTC transactions on the blockchain, contributing at least 51% of Bitcoin’s hash rate.
Back on March 4, about a month before hitting an all-time high, the BTC network saw a slight drop from 27.96 trillion to 27.55 trillion, which eventually dropped to 27.45 trillion as of March 30. Prior to this, the Bitcoin network had grown steadily. from July 2021.
With only 2 million BTC to be recovered as a reward is expected, and the influx of Bitcoin miners around the world will grow even stronger as she maintains a thriving community. It is estimated that the remaining 2 million bitcoins (out of a total supply of 21 million) will eventually be nearly redeemed by 2140 due to factors including the halving.
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