The Bitcoin mining business is seeing a spectacular comeback, fueled by recent bitcoin price increases and the approaching halving event. Leading mining companies, such as CleanSpark and Riot Platforms, have combined spent more than $1 billion on sophisticated mining rigs, putting them in a strong position to capitalize on this lucrative market.
As Bitcoin has surpassed its all-time high of $70,000, miners are working diligently to confirm blockchain transactions. This energy-intensive procedure has established a new record, consuming an incredible 19.6 gigawatts of power in the last month alone.
However, the approaching halving event, which decreases the payout for mined blocks every four years, will provide substantial issues. While the promise of higher Bitcoin prices encourages excitement, the predicted fall in mining compensation is expected to reduce profit margins, potentially forcing some miners out of business.
