Bitcoin Network Has Become More Secure in 2019

News
Fri, 06/07/2019 - 15:00
Alex Dovbnya
The amount of days required to rewrite the whole Bitcoin Blockchain while controlling 100 percent of hashing power has reached its ATH     
Bitcoin Network Has Become More Secure in 2019
Cover image via U.Today
Contents

According to data provided by Bitcoin developer Jameson Lopp, it would now take more than Proof-of-Work (PoW) equivalent 400 days to rewrite the entire Blockchain by somebody who controls 100 percent of all hashrate. This is the longest it has ever been.  

Another confirmation for the bulls?  

Notably, the number of PoW days has been steadily rising since December when the BTC price bottomed out at $3,100.

Hence, this can serve as an indicator that we are currently in the bull market (in case Bitcoin’s meteoric rise $9,000 wasn’t convincing enough).

Once the BTC price reaches its ATH, the amount of time needed for rewriting the Blockchain is expected to start decreasing (as it happened in 2017).

Prior to that, Bitcoin only crossed the 350 PoW days mark in 2013 and 2015.

The BTC network is growing stronger  

As reported earlier by U.Today, Bitcoin mining difficulty recently reached its new ATH, which proves that the network is becoming healthier.

It is now harder to mine a block, and that, of course, is also attributed to the Bitcoin price rally that took place in April and May.

These new milestones come on the heels of the recently Binance controversy. The leading exchange by trading volumes suggested performing Blockchain reorganization in order to recover $41 mln lost as an aftermath of a security breach.

Of course, the exchange quickly backtracked on this idea after facing major backlash from the Bitcoin community.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.