Bitcoin miners have hoped for a speedy mining rate ahead of the crucial halving. According to a Bloomberg report, the use of energy by Bitcoin miners has reached a record level in the past month. The rise in mining rate also coincides with the supply shock has has kept BTC prices up and soaring.
Bloomberg highlights that in anticipation of a code update that could jeopardize revenue streams, Bitcoin miners are back in survival mode after a near-death experience during the most recent crypto winter. They are consuming energy at a record pace.
According to a Coin Metrics estimate, miners used a record 19.6 gigawatts of power last month, up from 12.1 gigawatts during the same period in 2023. According to CoinGape calculation, the number shows a surge of over 61%.
Source:
CoinGape
