The Bitcoin network ended its 10-month-long run when the network difficulty fell by 4.33%
On May 12, the Bitcoin (BTC) network difficulty reached an all-time high of 31.251 trillion as miners mined around 50,000 BTC of the remaining 2 million tokens.
The difficulty is a measure of how difficult it is to mine a Bitcoin (BTC) block. For instance, a network difficulty that is high implies that it will require more computing power to mine the same amount of blocks, making the network more secure against various attacks.
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While the Bitcoin community expressed its joy over the increased network resilience, as a result of the growing challenge in mining a Bitcoin block, the network difficulty dropped 4.33% percent on Thursday, falling from 31.251 trillion to 29.897 trillion.
Over the last ten months, BTC’s network difficulty has constantly reached all-time highs as it got back up from a 45.4% fall, meaning that it recovered 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%, hitting a record high.
As stated by the Deputy of The Republic of El Salvador Dania Gonzalez, the country profited from BTC investments and came up with an idea to allocate the new revenues to create various infrastructures. The Deputy added that the President of El Salvador Nayib Bukele managed to acquire Bitcoins and benefit from them at a strategic time.
Earlier this month, JPMorgan, an American multinational investment bank and financial services holding company, backed Bitcoin (BTC) to rise by 28%.
