BTC Network Difficulty Broke Into A New High Of 29.794T

The BTC Network difficulty broke into a new high of 29.794T with the miners pursuing the last 2 million coins into circulation and the network is in a good position to attain greater resilience against the vulnerabilities so let’s read more today in our latest Bitcoin news.

Reassuring the position as the most resilient blockchain network against these attacks, the BTC network recorded a new high network difficulty for the second time in April and jumped from the preivous high of 28.587 trillion to 29,794 trillion. The bigger network difficulty demanded greater computational power to mine a BTC block which prevents bad actors from taking over the network and manipulating transactions which are known as Double spending.

As it can be seen from the data by Blockchain.com, Bitcoin’s network difficulty saw a year-long uptrend in 2021, and before that between May and July 2021, was a timeline when BTC network difficulty dropped by 45.5% from 25,046 trillion to 13.673 trillion. The BTC Network difficulty broke a new high and cemented the resilience against 51% attacks with the network hash rate recording a new high of 258 EH/s and the hash rate easing down to the 220 EHs mark by the end of the month with no visible negative impact on the BTC network difficulty.

The month of April was a witness to one of the lowest average transaction fees on the network and the cost associated with transferring BTC so for the first time in two years, the average BTC transaction fee dropped down to $1.039 and its highest was at $62,788 back in 2021. While BTC miners continue to pursue the last 2 million BTC into circulation, the networks are positioned to attain a new high with respect to overall security and price. The new research painted an optimisic picture of BTC and underscored the strength of the holders that hope for a new high. The on-chain indicators suggested a bullish momentum due to the short-term holders:

“Since we didn’t reach prices above 100K, which so many expected, many still believe this will eventually happen and might therefore hold on to their coins.”