Editor's Note: This article comes fromCybtc Blockchain (ID: cybtc_com), reprinted by Odaily with authorization.

Editor's Note: This article comes from

Cybtc Blockchain (ID: cybtc_com)

, reprinted by Odaily with authorization.

According to Glassnode data, the total network computing power (hash rate) of the Bitcoin (BTC) blockchain reached an all-time high last week, exceeding 176 (EH/s). The increase in hash rate can be explained by the increase in the price of Bitcoin itself. Since miners are rewarded in BTC for discovering new blocks, the higher the token price, the more miners earn. Therefore, when the price of Bitcoin increases, miners are incentivized to contribute more computing power. Another factor is transaction fees - a second source of income for miners. Essentially, as transaction volume grows (a bull market stimulus), transaction fees grow as well. These two factors make the current Bitcoin mining industry more profitable than ever.