The graph shows that the Bitcoin network's computing power was about 260M TH/s in December 2017, and as more and more miners join the network, the difficulty of mining is also increasing. In fact, the Bitcoin computing power broke a new high a week ago (9th), and now the data has dropped a little, but still at a high position, reflecting that more and more miners are joining the competition, but at the same time, it also brings problems....

Even though the market is currently in a bear market and the price has dropped more, the computing power has been increasing and even reached All Time High, which at the same time has made mining more difficult, resulting in lower returns for miners. Due to the increase in the number of miners, the amount of money that each person can share equally with the miners has increased.BlockThe rewards are naturally reduced, and for those of you who are not familiar with Bitcoin, let me briefly explain what the rewards are here:

Block Reward is the reward a miner receives for solving a mathematical problem and creating a new block. In the case of Bitcoin, for example, Bitcoins are mined at a constant, but decaying, rate, generating a new block roughly every ten minutes, with each new block accompanied by a certain number of brand new Bitcoins that have been created from scratch.The reward is halved for every 210,000 blocks mined, and the cycle is four years. From the first 50 Bitcoins/block when Bitcoin was invented to 12.5 Bitcoins/block after 2016, it will reach a total of nearly 21 million Bitcoins in 2040, after which new blocks will no longer contain Bitcoin rewards and miners will earn all of their revenue from transaction fees.

Back to the point, now.Try to put yourself in the shoes of a miner. When you buy a mining machine at a high cost, and then you have to pay a high electricity fee, and at the same time, there are many people mining with you, so your potential return is decreasing and your risk is increasing. If the high power situation happened in a bull market, of course it would be fine because everyone is making money (Bitcoin price is rising), but now we are in a bear market, and the problem is that some miners can't afford to invest in a high-cost, low-reward investment.