Bitcoin network computing power hits a record high of 176 EH/s, and futures positions exceed $14 billion

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 growth of the Bitcoin price itself. Since miners are rewarded with BTC for discovering new blocks, the higher the price of the token, the higher the income of miners. Therefore, when the price of Bitcoin rises, miners are incentivized to contribute more computing power. Another factor is transaction fees - the second source of income for miners. Essentially, as the transaction volume grows (bull market stimulus), transaction fees also grow. These two factors make the current Bitcoin mining industry more profitable than ever.

According to BTC.com data, the difficulty of Bitcoin mining is currently 21.43 T. It is expected that the next network-wide difficulty adjustment will increase by 10% to 22.35 T.

At the same time, the total open interest in Bitcoin futures ( the value of open futures contracts worldwide) also hit a record high of $14 billion.

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