The Bitcoin network appears well-positioned to attain increased elasticity against susceptibilities as BTC miners hunt for the final 2 million Bitcoins.
The BTC network noted difficulty ATHs for another time in April, cementing its spot as the most robust blockchain platform against attacks. The metric jumped from the previous record high of 28.587 trillion to the 29.795 trillion zones.
Higher network difficulty necessitated massive computational power to mine BTC blocks successfully, preventing fraudsters from dominating the network to manipulate transactions, also referred to as double-spending.
According to Blockchain.com data, BTC’s network difficulty recorded a nearly year-long surge since 1 August 2021. Before that, the figure had lost approximately 45.5% to 13.673 trillion from 25.046 trillion between May 2021 and July 2021. The massive plummet raised momentary worries about the blockchain’s vulnerability.
Further cementing BTC’s resilience against attacks, on 28 April, the Bitcoin hash rate noted a new all-time high at 258 EH/s. Meanwhile, the network’s hash rate declined to 220 EH/s by month-end, without visible pessimistic effects on the Bitcoin network difficulty.
Meanwhile, April witnessed the lowest average transaction costs on the Bitcoin blockchain. That means the fees related to transferring $BTC. The average transaction fee for BTC dropped to $1.039 on 18 April, exploring levels not seen in two years. The highest level was in April 2021 at $62.788.
The BTC network appears prepared for new ATHs concerning overall price and security as miners hunt the final 2 million Bitcoins. That means the blockchain is well-positioned to tolerate any vulnerabilities related to network attacks.
New research reveals a positive outlook for Bitcoin, emphasizing the strength of investors anticipating all-time highs. Cointelegraph news show on-chain indicators indicating bullishness amid near-term holders’ absence. The report added that most individuals might hold the currency as they await BTC to challenge the failed $1000K target.
Nevertheless, Bitcoin price struggle with bearishness as the bellwether crypto fails to topple the vital level at $40,000. While writing these lines, BTC traded at $38,108.27, dropping 1.51% over the past day. Moreover, the global crypto market capitalization dropped more than 2% to $1.72 trillion.