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Wednesday, August 10, 2022

Bitcoin Breaks Into ATH 29.794T

While Bitcoin miners continue to pursue the last 2 million BTC into circulation, the overall network is well-positioned to attain greater resilience against vulnerabilities.

Reassuring its position as the most resilient blockchain network against attacks, the BTC network recorded a new all-time high network difficulty for the second time this month in April — jumping from its previous all-time high of 28.587 trillion to 29.794 trillion.

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Greater network difficulty demands greater computational power to successfully mine a BTC block, which prevents bad actors from taking over the network and manipulating transactions, also known as double-spending.

Bitcoin Resilient Against Attacks

As evidenced by data from Blockchain.com, Bitcoin’s network difficulty has seen almost a year-long uptrend since August 1, 2021. Before that, between May and July 2021, was a timeline when BTC network difficulty fell nearly 45.5% from 25.046 trillion to 13.673 trillion — at the time raising momentary concerns about the network’s vulnerability.

Further cementing Bitcoin’s resilience against 51% attacks, on April 28, the Bitcoin network hash rate, too, recorded a new ATH of 258 EH/s. As shown below, the network hash rate eased down to the 220 EH/s mark by the end of the month with no visible negative impact on the BTC network difficulty.

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The month of April also was witness to 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 at its highest was $62.788 in April 2021. 

While Bitcoin miners continue to pursue the last 2 million BTC into circulation, the network is well-positioned to attain a newer all-time high with respect to overall security and price.

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