• Sat. May 21st, 2022

Bitcoin network difficulty hits new all-time high of 29.794T

ByHazel R. Lang

Apr 30, 2022

Reassuring its position as the most attack-resistant blockchain network, the Bitcoin network recorded a new record network difficulty for the second time this month in April – falling from its previous all-time high of 28.587 trillion to 29.794 trillion.

Greater network difficulty requires greater computing power to successfully mine a Bitcoin (BTC) block, which prevents bad actors from taking over the network and manipulating transactions, also known as double-spending.

Like highlighted According to data from Blockchain.com, the difficulty of the Bitcoin network has been trending upwards for almost a year since August 1, 2021. Before that, between May and July 2021, was a timeline where the difficulty of the BTC network fell nearly 45.5% from 25.046 trillion to 13.673 trillion. – raising momentary concerns about the vulnerability of the network at the time.

Bitcoin network difficulty. Source: Blockchain.com

Further cementing Bitcoin’s resilience against 51% attacks, on April 28, the Bitcoin network’s hash rate also recorded a new ATH of 258 EH/s. As shown below, the network hash rate dipped to the 220 EH/s mark at the end of the month with no visible negative impact on the difficulty of the BTC network.

Total Bitcoin hash rate. Source: Blockchain.com

April also witnessed one of the lowest average transaction fees on the Bitcoin network – the cost associated with transferring BTC. For the first time in two years, on April 18, the average BTC transaction fee fell to $1.039, which peaked at $62.788 in April 2021.

As Bitcoin miners continue to pursue the With the last 2 million BTC in circulation, the network is well positioned to achieve a new all-time high in terms of overall security and price.

Related: Bitcoin Hodlers Targeting $100,000 Are What Prevents a 40% Price Drop, Data Shows

New research paints a bullish picture for BTC, highlighting the strength of hodlers hoping to reach all-time highs.

As Cointelegraph reported, on-chain indicators suggest bullish momentum thanks to a lack of short-term (STH) holders, as noted by popular analyst “Root:”

“Since we didn’t hit prices above 100,000, which so many people expected, many still think it will eventually happen and so may hold on to their coins.”

Source link