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.
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.
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.”