The Bitcoin network had a historic event on May 12, when the network’s difficulty hit a total high of 31.251 billion, as miners mined nearly 50,000 BTC of the remaining 2 million BTC.
As the Bitcoin community was delighted with the increased resilience of the network due to the increased difficulty of Bitcoin block mining, the network difficulty decreased by 4.33% from 31.251 billion to 29.897 billion on May 26th.
As Cointelegraph has repeatedly reported, the difficulty of the Bitcoin network has steadily peaked all-time highs over the past decade, as it rose from a massive 45.4% drop – from 25.046 trillion on May 29, 2021 to 13.673 trillion on July 22, 2021.
Since then, the overall difficulty of the Bitcoin network has increased by 128.56% and reached an all-time high. However, despite a minute drop of more than 4%, the BTC ecosystem remains protected by the safest blockchain network.
A tighter network requires higher computing power to validate and validate transactions on a BTC blockchain. Thus, it prevents malware from taking over the network by adding more than 50% of the hashrate and carrying out double spend attacks.
READ ALSO: El Salvador’s fall in bitcoin price: ‘Now’s time to buy more,’ says MP Dania Gonzalez
Cointelegraph recently interviewed Dania Gonzalez, MP for the Republic of El Salvador, to better understand the social impact of adopting BTC as a legal tender.
According to Gonzalez, El Salvador has made profits through strategic investments in BTC and redistributed the emerging funds to construction infrastructure such as a veterinary hospital and a public school.
“What Nayib Bukele has done is buy bitcoins and make a profit at a certain strategic time,” she said.
The Bitcoin (BTC) network broke its 10-month streak as network difficulty registered a 4.33% decline, standing at 29.897 trillion at the time of writing.