While Bitcoin miners still pursue the last a pair of million BTC into circulation, the network is well-positioned to achieve bigger resilience against vulnerabilities.
Reassuring its position as the most resilient blockchain network against attacks, the Bitcoin network recorded a replacement uncomparable high network issue for the second time this month in April — jumping from its previous all-time high of 28.587 trillion to 29.794 trillion.
Greater network difficulty demands greater procedure power to with success mine a Bitcoin (BTC) block, that prevents bad actors from taking over the network and manipulating transactions, also called double-spending.
As proven by data from Blockchain.com, Bitcoin’s network issue has seen virtually a year-long uptrend since august 1, 2021. Before that, between could and July 2021, was a timeline once BTC network issue fell nearly 45.5% from 25.046 trillion to thirteen.673 trillion — at the time raising short issues concerning 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 top of the month with no visible negative impact on the BTC network issue.
The month of April also was witness to at least one of the lowest average dealings fees on the Bitcoin network — the value related to transferring BTC. For the primary time in 2 years, on April 18, the average BTC transaction fee fell to $1.039, that at its highest was $62.788 in April 2021.
While Bitcoin miners still pursue the last a pair of million BTC into circulation, the network is well-positioned to attain a newer all-time high with respect to overall security and price.
( Arijit Sarkar, Cointelegraph, 2022 )