Two All-Time Highs Set for BTC Network Difficulty in April -Breaking
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© Reuters Two All-Time Highs Set for BTC Network Difficulty in April- Bitcoin’s blockchain network reached an all-time high network difficulty for the second time in April.
- Bitcoin’s network has seen an uptrend since August 1, 2021.
- The lowest transaction fees were also observed in April 2022.
Bitcoin’s blockchain network reminded everyone why it is the most resilient amongst all blockchain networks after it reached a new all-time high network difficulty for the second time this April. Prior all-time record was at 28.587 billion. It is currently at 29.794 trillion.
Bad actors will find it more difficult to control the network or manipulate transactions if there is a higher level of network difficulty. The greater the computational power required, the harder the problem becomes.
According to data from Blockchain.com, Bitcoin’s network has seen an uptrend since August 1, 2021. The difficulty of the Bitcoin network decreased by nearly 45% between 25.046 trillion and 13.673 trillion.
On April 28, the Bitcoin network’s hash rate also reached an all-time high of 258 EH/s, which only strengthened the network’s defenses against 51% attacks. At the end April, the Bitcoin network’s hash rate had dropped to 220 EH/s. This negatively affected its difficulty.
In April 2022, there were also the lowest transaction costs, or the cost to transfer Bitcoin on the Bitcoin network. BTC transaction fees averaged $1.039. It is a stark contrast to its April 2021 high of $62.788.
People are trying to secure the remaining 2,000,000 BTC. The Bitcoin network will be able to reach an all-time record in terms of security and cost.
According to recent research, BTC may be heading towards optimistic times. This only underscores the power of those who hope for ever-higher levels.
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