Reaffirming its position as the most resilient blockchain network against attacks, the Bitcoin (BTC) network posted a new all-time high network difficulty for the second time this April, jumping from its previous all-time high of 28.587 billion to 29.794 billion. trillions. .
Higher network difficulty demands higher computational power to successfully mine a BTC block, preventing bad actors from taking over the network and manipulating transactions, also known as double spending.
As evidenced by data from blockchain.com, the Bitcoin network difficulty has been on an uptrend of almost a year since August 1, 2021. Before that, between May and July 2021, there was a timeline in which the difficulty of the BTC network fell almost 45.5%, from 25.046 billion to 13.673 billion, at the time raising momentary concerns about network vulnerability.
Further cementing 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 visible negative 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 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.
While Bitcoin miners continue to seek the release of the last 2 million BTC, the network is well positioned to hit a new all-time high regarding overall security and price.
Related: Bitcoin hodlers targeting $100K is what’s preventing a 40% price drop, data suggests
New research paints an optimistic picture on BTC, underlining the strength of hodlers waiting for all-time highs.
As Cointelegraph reported, on-chain indicators suggest bullish momentum thanks to a lack of short-term headlines (STH), as noted by popular analyst “Root”:
“Given that we did not reach prices above 100K, which many expected, many still believe that this will happen eventually and therefore they could hang on to their coins.”