The Bitcoin Network Difficulty Witnessed The Largest Decline In 10 Months.
On May 26, the Bitcoin network difficulty fell by 4.33%, from 31.251 trillion to 29.897 trillion, barely two weeks after reaching an all-time high.
On May 12, the Bitcoin network saw a historic event when the network difficulty reached an all-time high of 31.251 trillion as miners mined approximately 50,000 BTC out of the remaining 2 million tokens.
While the Bitcoin community celebrated the network’s increased resilience as a result of the increasing difficulty in mining a Bitcoin block, the network difficulty fell 4.33% on May 26 — from 31.251 trillion to 29.897 trillion.
Over the last ten months, Bitcoin’s network difficulty has constantly reached all-time highs as it rebounded from a 45.4% dip — from 25.046 trillion on May 29, 2021, to 13.673 trillion on July 22, 2021.
Since then, Bitcoin‘s network difficulty has increased by 128.56%, reaching an all-time high. Despite the brief drop of more than 4%, the BTC ecosystem is still protected by the most secure blockchain network.
Higher network difficulty necessitates more processing resources to validate and confirm BTC blockchain transactions. As a result, bad actors are prevented from taking over the network by contributing more than 50% of the hash rate and carrying out double-spending attacks.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Patrick
CoinCu News
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Bitcoin
The Bitcoin Network Difficulty Witnessed The Largest Decline In 10 Months.
On May 26, the Bitcoin network difficulty fell by 4.33%, from 31.251 trillion to 29.897 trillion, barely two weeks after reaching an all-time high.
On May 12, the Bitcoin network saw a historic event when the network difficulty reached an all-time high of 31.251 trillion as miners mined approximately 50,000 BTC out of the remaining 2 million tokens.
While the Bitcoin community celebrated the network’s increased resilience as a result of the increasing difficulty in mining a Bitcoin block, the network difficulty fell 4.33% on May 26 — from 31.251 trillion to 29.897 trillion.
Over the last ten months, Bitcoin’s network difficulty has constantly reached all-time highs as it rebounded from a 45.4% dip — from 25.046 trillion on May 29, 2021, to 13.673 trillion on July 22, 2021.
Since then, Bitcoin‘s network difficulty has increased by 128.56%, reaching an all-time high. Despite the brief drop of more than 4%, the BTC ecosystem is still protected by the most secure blockchain network.
Higher network difficulty necessitates more processing resources to validate and confirm BTC blockchain transactions. As a result, bad actors are prevented from taking over the network by contributing more than 50% of the hash rate and carrying out double-spending attacks.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
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