Reaffirming its position as the most attack-resistant blockchain network, Bitcoin (BTC) posted a new network difficulty all-time high for the second time this month, going from its previous all-time high of 28.587 billion to 29.794 billion.
Higher network difficulty demands higher computing power to successfully mine a BTC block, preventing bad actors from taking over the network and manipulating transactions, also known as double spending.
As data from Blockchain.com demonstrates, Bitcoin’s network difficulty has been trending upwards for almost a year since August 1, 2021. Before that, between May and July 2021, there was a timeline where the BTC network difficulty fell by nearly 45.5% from 25.046 billion to 13.673 billion, which at the time raised momentary concerns about the network vulnerability.
To further cement Bitcoin’s resilience against the 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 at the end of the month without any 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 dropped to $1,039, which peaked at $62,788 in April 2021.
As Bitcoin miners continue chasing the last 2 million BTC in circulation, the network is well positioned to hit a new all-time high with respect to overall security and price.
New research paints an optimistic picture regarding BTC, underscoring the strength of hodlers hoping to hit all-time highs.
As Cointelegraph reported, on-chain indicators suggest a bullish push thanks to the lack of short-term holders (STH), as noted by popular analyst “Root”:
“Given that we have not reached prices above 100K, which many expected, many continue to believe that this will happen and therefore they could hold on to their coins.”
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