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.

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