Bitcoin network computing power hits record high

On April 17th, according to CloverPool data, Bitcoin's total network hash rate once exceeded 1000 EH/s, reaching a new historical high, now reported at 893 EH/s; the current average hash rate of the entire network in the past seven days is 888.85 EH/s. Although the growth of Bitcoin's hash rate signifies an improvement in network security, it also means that the cost of mining 1 Bitcoin is increasing. Combined with the reduction in block rewards expected in 2024 due to Bitcoin halving, the growth in hash rate may lead to the consolidation of small mining companies.