Bitcoin (BTC) miners are investing billions in equipment and consuming energy at unprecedented rates to maximize profits before the upcoming halving event in April.
According to Bloomberg, the resurgence in Bitcoin mining activity is primarily driven by the cryptocurrency’s recovery. The world’s largest digital asset by market cap recently broke its all-time high record after losing 64% of its value in 2022 due to industry turmoil.
This revival has been further buoyed by the introduction of spot Bitcoin exchange-traded funds (ETFs) and growing anticipation of the halving, an event occurring every four years that reduces the reward for mined blocks, thereby constricting the supply of new Bitcoins.
In response, leading mining corporations, including CleanSpark and Riot Platforms, have spearheaded the charge, collectively investing over $1 billion in advanced mining rigs, as per Bloomberg, quoting figures from an analysis by TheMinerMag.
These companies employ powerful computers to validate transaction records on the blockchain, a process that is both energy-intensive and competitive. In the past month alone, the report stated that Bitcoin mining operations drew a staggering 19.6 gigawatts of power, setting a new record for energy consumption.
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Author: Julius Mutunkei
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