Bitcoin’s Network Sees Heightened Security In 2019 With Increased Difficulty and Hash Rate
- An attacker would need 400 days to rewrite the blockchain if it controlled 100% of the hash rate
- Bitcoin’s mining difficulty continues to grow.
Bitcoin Becomes More Secure
The Bitcoin (BTC) network continues to improve its security. According to data provided by Jameson Lopp, a recognized Bitcoin developer, the amount of time it would take for an attacker with 100% of the Bitcoin network hash rate to rewrite the entire blockchain has reached an all-time high of 400 days.
The amount of time it would take for an attacker with 100% of the Bitcoin network hashrate to rewrite the entire blockchain has reached an all-time high of over 400 days. pic.twitter.com/kCk8ZKlIqH
— Jameson Lopp (@lopp) June 7, 2019
The Bitcoin network has reached a new record. This time, if a user controls 100% of the hash rate of the digital asset, it would need more than 400 days to rewrite the entire blockchain.
According to Blockchain.com, the hash rate of the Bitcoin network has been increasing since December 2018 and it is close to its all-time high. Back in September 2018, the digital currency had a hash rate of over 60 million TH/s. After the hard drop that virtual currencies experienced in November/December 2018, the hash rate dropped to over 31 million TH/s. Now, the hash rate is close to 57 million TH/s.
If BTC Price Goes Up, Time to Rewrite Blockchain Goes Down?
This shows that Bitcoin is currently in a bull market in which miners believe that the price of the digital asset is going to be higher or remain stable. In the near future, the hash rate of the Bitcoin network could eventually reach new highs surpassing 60 million TH/s.
Nonetheless, if Bitcoin reaches a new all-time high in terms of price, the amount of time needed to rewrite the Blockchain would start decreasing. This is something that happened in 2017 after Bitcoin reached $20,000.
Moreover, Bitcoin’s mining difficulty has also reached an all-time high, which means that the network is becoming healthier. It is harder for miners to mine these blocks because there is a larger interest in the virtual currency and miners try to participate in the network.
At the moment, miners in China could be moving to other locations or closing down their operations since there are some rumours regarding a possible mining ban in the Asian country. China has 70 percent of all the miners in the world, which is something not good for Bitcoin’s decentralization goals.
Bitcoin’s price is $47,748.05 BTC/USD exchange rate today. The real-time BTC market cap of $893.44 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $24.58 Billion and live coin value change of BTC -0.61 in the last 24 hours.