Assuring its position as the most resilient blockchain network against attacks, the bitcoin (BTC) network in April recorded a new all-time high network difficulty for the second time this month – jumping from its previous all-time high of 28.587 trillion to 29.794 trillion. Went. ,
Greater network difficulty demands more computational power to successfully mine BTC blocks, which prevents bad actors from taking over the network and manipulating transactions, also known as double spending.
As data from Blockchain.com shows, bitcoin’s network difficulty has seen an almost one-year uptrend since August 1, 2021. Previously, there was a timeline, between May and July 2021, when the difficulty of the BTC network fell by about 45.5% from 25.046 trillion to 25.046 trillion. 13.673 trillion — raising momentary concerns about the network’s vulnerability at the time.
Further strengthening bitcoin’s resilience against 51% attacks, on April 28, the bitcoin network hash rate also recorded a new ATH of 258 EH/s. As shown below, the network hash rate dropped to the 220 EH/s mark by the end of the month with no negative impact on the difficulty of the BTC network.
The month of April also had 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 dropped to $1.039, from its all-time high of $62.788 in April 2021.
While bitcoin miners continue to mine the last 2 million BTC in circulation, the network is well positioned to achieve a new all-time high with regards to overall security and price.
related: Data Shows Bitcoin Holders Targeting $100K Are Preventing 40% Price Drop
New research paints an optimistic picture about BTC, underscoring the strength of holders expecting all-time highs.
As Cointelegraph reported, on-chain indicators suggest a bullish momentum due to a lack of short-term holders (STH), as noted by popular analyst “Root”:
“Since we did not reach the price above the 100,000 that many expected, many still believe that this will happen eventually and therefore can hold onto their coins.”
