Bitcoin network difficulty breaks into a new all-time high of 29.794T

The Bitcoin network is at a record high of 29.794 TeraHash per second and has now surpassed the difficulty for Ethereum, which last hit 27.882 TH/s back in June 2018. Despite not being able to mine bitcoin anymore with GPUs, this doesn’t appear to be slowing down its growth; it’s on pace to exceed 30T by year’s end and could even surpass 100T before the beginning of 2019

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The “ethereum mining calculator” is a tool that allows users to calculate the amount of money they would earn from ethereum mining. The difficulty for the Bitcoin network has also broken into a new all-time high, at 29.794T.

The Bitcoin (BTC) network set a new all-time high network difficulty for the second time this month in April, climbing from 28.587 trillion to 29.794 trillion, reaffirming its status as the most robust blockchain network against assaults.

To successfully mine a BTC block, a higher network difficulty is required, which prevents bad actors from taking over the network and altering transactions, commonly known as double-spending.

Since August 1, 2021, Bitcoin’s network difficulty has been on a nearly year-long upward trend, according to statistics from blockchain.com. Prior to that, between May and July 2021, the BTC network difficulty dropped approximately 45.5 percent, from 25.046 trillion to 13.673 trillion, prompting worries about the network’s vulnerability at the time.

Bitcoin-network-difficulty-breaks-into-a-new-all-time-high-ofDifficulty of the Bitcoin network Blockchain.com is the source for this information.

Further demonstrating Bitcoin’s resistance to 51 percent assaults, the Bitcoin network hash rate reached a new high of 258 EH/s on April 28. By the end of the month, the network hash rate had dropped to about 220 EH/s, with no discernible influence on the BTC network difficulty.

1651314848_675_Bitcoin-network-difficulty-breaks-into-a-new-all-time-high-ofThe overall hash rate of bitcoin. Blockchain.com is the source for this information.

The month of April also saw one of the lowest average transaction fees on the Bitcoin network — the cost of sending BTC — ever. On April 18, the average BTC transaction cost dropped below $1.039 for the first time in two years, having peaked at $62.788 in April 2021. 

While Bitcoin miners continue to hunt for the final 2 million BTC in circulation, the network is on track to set a new all-time high in terms of overall security and pricing.

Related: Bitcoin hodlers aiming for $100K are avoiding a 40% price drop, according to statistics

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New data provides a positive image of Bitcoin, highlighting the strength of long-term investors expecting for all-time highs.

On-chain indications show positive momentum, according to Cointelegraph, owing to a lack of short-term holders (STHs), as noticed by prominent analyst “Root”:

“Because we didn’t reach values beyond $100,000, as many predicted, many people still feel this will happen someday and will stay on to their coins.”

The “ethereum price” is at a new all-time high of $1,906. The Bitcoin network difficulty has broken into a new all-time high of 29.794T.

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