The Bitcoin network set a new all-time high in network difficulty for the second time this month in April from 28.587 trillion to 29.794 trillion
Bitcoin Network Sets New All-Time-High
The Bitcoin (BTC) network set a new all-time high network difficulty for the second time this month in April, jumping from 28.587 trillion to 29.794 trillion, reaffirming its position as the most resilient blockchain network against attacks.
To successfully mine a BTC block, a higher network difficulty is required, which prevents bad actors from taking over the network and manipulating transactions, also known as double-spending.
According to data from blockchain.com, since August 1, 2021, Bitcoin’s network difficulty has been on an almost year-long upward trend.
Prior to that, between May and July 2021, the BTC network difficulty dropped nearly 45.5 percent, from 25.046 trillion to 13.673 trillion, raising concerns about the network’s vulnerability at the time.
Further demonstrating Bitcoin’s resistance to 51 percent attacks, the Bitcoin network hash rate reached a new high of 258 EH/s on April 28. By the end of the month, the network hash rate had dropped to around 220 EH/s, with no discernible impact on the BTC network difficulty.
The month of April also saw one of the lowest average transaction fees on the Bitcoin network—the cost of sending BTC—ever. On April 18, the average BTC transaction fee fell below $1.039 for the first time in two years, having peaked at $62.788 in April 2021.
While Bitcoin miners continue to hunt for the final 2 million BTC in circulation, the network is on track to set a new all-time high in terms of overall security and price.
