Bitcoin Network Witnesses Historic Event on May 12 Network difficulty reaches a record high of 31.251 trillion as a miner mined Nearly 50,000 BTC out of the remaining 2 million tokens.
While the Bitcoin community rejoiced at the increased resilience of the network due to the increased difficulty of mining Bitcoin blocks, the network difficulty dropped by 4.33% — from 31.251 trillion on May 26 to 29.897 trillion.
As Cointelegraph has reported several times, Bitcoin’s network difficulty has been hitting all-time highs over the past 10 months as it recovers from a massive 45.4% drop — from 25.046 trillion on May 29, 2021 to 2021 13.673 trillion on July 22, 2018.
Since then, Bitcoin’s network difficulty has increased by a total of 128.56%, surging to an all-time high.However, despite a temporary drop of more than 4%, the BTC ecosystem is still dominated by the safest blockchain network.
Higher network difficulty requires higher computing power to verify and confirm transactions on the BTC blockchain. Therefore, this prevents bad actors from taking over the network by contributing more than 50% of the hash rate and performing a double-spend attack.
Cointelegraph recently interviewed Dania Gonzalez, a representative of the Republic of El Salvador, to better understand the societal implications of adopting BTC as legal tender.
According to Gonzalez, El Salvador profited from strategic BTC investments and repurposed the new funds to build infrastructure such as veterinary hospitals and public schools.
“What Nayib Bukele does is buy bitcoin and take a profit at some strategic moment,” she said.
Bitcoin (bitcoin) network broke its 10-month streak as network difficulty dropped 4.33% to 29.897 trillion at the time of writing.