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Bitcoin network difficulty falls 4.3% to 29.897T, biggest drop in 10 months

WikiBit 2022-05-28 16:43

Abstract:The network difficulty recorded a drop of 4.33% — falling from 31.251 trillion to 29.897 trillion on May 26, just two weeks after attaining its all-time high.

  The Bitcoin network witnessed a historic event on May 12 when the network difficulty attained its all-time high of 31.251 trillion as miners mined nearly 50,000 BTC of the remaining 2 million tokens.

  While the Bitcoin community rejoiced the added resilience to the network owing to the rising difficulty in mining a Bitcoin block, the network difficulty recorded a drop of 4.33% — falling from 31.251 trillion to 29.897 trillion on May 26.

  As Cointelegraph reported on several occasions, Bitcoins network difficulty consistently achieved all-time highs over the past ten months as it recovered from a massive drop of 45.4% — from 25.046 trillion on May 29, 2021, to 13.673 trillion on July 22, 2021.

  Ever since then, Bitcoins network difficulty witnessed a total growth of 128.56% as it surged to its all-time high. However, despite the momentary decline of over 4%, the BTC ecosystem is still guarded by the most secure blockchain network.

  Higher network difficulty demands higher computational power to validate and confirm transactions over the BTC blockchain. As a result, this prevents bad actors from taking over the network by contributing to over 50% of the hash rate and carrying out double-spending attacks.

  According to Gonzalez, El Salvador made profits via strategic BTC investments and repurposed the fresh funds to build infrastructures like a veterinary hospital and a public school.

  “What Nayib Bukele did was buy Bitcoins and make a profit at a certain strategic moment,” she said.

  The Bitcoin (BTC) network broke its 10-month-long streak as the network difficulty recorded a drop of 4.33%, standing at 29.897 trillion at the time of writing.

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