Bitcoin Mining Boom: Billions Invested and Record Energy Use Ahead of Halving

Bitcoin Mining Boom: Billions Invested and Record Energy Use Ahead of Halving



Bitcoin (BTC) mining enterprises are pouring billions into high-tech equipment and using energy at rates never seen before to maximize their earnings ahead of the halving event in April.



Bloomberg reports that the surge in Bitcoin mining efforts is largely attributed to the digital currency's resurgence. As the leading cryptocurrency in terms of market capitalization, Bitcoin recently surpassed its previous peak, following a 64% drop in value in 2022 amidst industry disruptions.



The sector's revival has been further propelled by the launch of spot Bitcoin exchange-traded funds (ETFs) and heightened anticipation of the halving. This event, which occurs every four years, cuts the rewards for mining new blocks in half, effectively reducing the incoming supply of new Bitcoins.



Key players in the mining industry, such as CleanSpark


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