Bitcoin network difficulty hits new all-time high of 29,794T

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

Major network difficulties require greater 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 shows, since August 1, 2021, Bitcoin’s network difficulty has seen a nearly year-long uptrend. Before that, between May and July 2021, there was a period when the BTC network difficulty dropped by almost 45.5% from 25.046 trillion to 13.673 trillion – raising concerns about the vulnerability of the network at the time.

Difficulties in the Bitcoin network. Source: Blockchain.com

To further solidify Bitcoin’s resilience against 51% attacks, the Bitcoin network hash rate also recorded a new ATH of 258 EH/s on April 28. As shown below, the network hash rate dropped to the 220 EH/s mark by the end of the month with no visible negative impact on the BTC network difficulties.

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Total Bitcoin Hash Rate. Source: Blockchain.com

The month of April also witnessed one of the lowest average transaction fees on the Bitcoin network – the costs associated with transferring BTC. For the first time in two years, the average BTC transaction fee fell to $1.039 on April 18, which peaked in April 2021 at $62.788.

As bitcoin miners continue to circulate the last 2 million BTC, the network is well positioned to set a new all-time high in terms of overall security and price.

Related: Data suggests Bitcoin hodlers aiming for $100,000 are preventing a 40% price drop

New research paints a bullish picture for BTC and underscores the strength of hodlers hoping for all-time highs.

As Cointelegraph reported, on-chain indicators are pointing to bullish momentum thanks to a dearth of short-term holders (STHs), as noted by popular analyst Root:

“Since we have not reached the prices above 100,000 that so many were expecting, many still believe this will happen at some point and therefore may hold on to their coins.”