Bitcoin Miners Ramp Up Computing Power Ahead of Halving Event

Bitcoin mining companies are increasing their computational power, known as "hashrate," by bringing new and more powerful rigs online and even plugging in older machines again. This surge in hashrate has sped up the creation of new blocks on the Bitcoin blockchain as miners seek to cash in on bullish trends in the market. The upcoming bitcoin "halving," which will reduce the block reward from 6.25 BTC to 3.125 BTC, is expected to occur around April 15, earlier than previously anticipated. As the price of bitcoin rises, the rewards of mining it get richer, encouraging more operators to turn on their machines or ramp up their computational power.