Bitcoin’s blockchain network reminded everyone why it is the most resilient amongst all blockchain networks after it reached a new all-time high network difficulty for the second time this April. The previous all-time high stood at 28.587 trillion. Now, the all-time high is 29.794 trillion.
A higher network difficulty makes it difficult for bad actors to take over the network and manipulate transactions as the more the difficulty rises, the greater the amount of computational power is required.
According to data from Blockchain.com, Bitcoin’s network has seen an uptrend since August 1, 2021. In the time before that, the BTC network difficulty fell by almost 45% from 25.046 trillion to 13.673 trillion.
On April 28, the Bitcoin network’s hash rate also reached an all-time high of 258 EH/s, which only strengthened the network’s defenses against 51% attacks. By the end of April, the hash rate lowered down to 220 EH/s which had a negative impact on the network difficulty.
April 2022 also saw one of the lowest transaction fees, the cost associated with transferring BTC, on the Bitcoin network. The average BTC transaction fee fell to $1.039. This is in stark contrast to the high it reached in April of 2021 at $62.788.
As people are scrambling to get their hands on the last 2 million BTC, the Bitcoin network is ready to attain an even higher all-time high with respect to security and price.
Recent research suggests optimistic times head for BTC which only emphasizes the strength of holders hoping for all-time highs.
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Source: Cryptocurrency - investing.com
