On May 12, the Bitcoin network saw a historic event when the network difficulty reached an all-time high of 31.251 trillion, with miners mining 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 of mining a Bitcoin block, the network difficulty dropped 4.33 percent on May 26, falling from 31.251 trillion to 29.897 trillion.
In 10 months, Bitcoin’s network difficulty has constantly reached all-time highs as it has recovered from 45.4 percent dip. That’s, 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 a total of 128.56 percent, reaching an all-time high. Despite a recent drop of nearly 4%, the BTC ecosystem is still protected by the world’s most secure blockchain network.
To validate and confirm transactions on the BTC blockchain, increased network difficulty necessitates more computational power. As a result, bad actors are unable to take control of the network. That’s, by contributing more than 50% of the hash rate and committing double-spending assaults.
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