According to CoinDesk, the Bitcoin blockchain has experienced a recent surge in computing power, đ speeding up the creation of new blocks as mining companies seek to capitalize on bullish market trends. Miners are bringing new, more powerful rigs online and even plugging in older machines again, pushing up the network computational power known as the 'hashrate.' A similar dynamic played out four years ago in the months before the last halving, which came earlier than expected.
The crypto world is eagerly awaiting next month's bitcoin 'halving' â the once-every-four-years event when the reward for adding new data blocks to the network is reduced by 50%. It's a natural, pre-programmed part of the blockchain's underlying code. The halving is currently looking likely to fall around April 15, according to Nicehash's countdown. Just a few months ago, it was supposed to come on April 28. A similar phenomenon was observed in the run-up to the last halving four years ago, and history appears to be repeating itself.
The halving is considered a momentous event by many, seen as a catalyst for bull runs in the bitcoin (BTC) price and certainly a talking point in this year's runup to an all-time high just over $69,000. As the theory goes, if fewer new bitcoins are being created and demand keeps surging, they're harder to come by, so the value of those already in existence increases. April's halving will see the block reward reduce to 3.125 BTC from 6.25 BTC.
But there's another dynamic playing out in the bitcoin market: As the price of the cryptocurrency rises, the rewards of mining it get richer, and more operators are encouraged to turn on their machines or ramp up their computational power, known as 'hashrate.' A recent surge in hashrate has sped up the creation of new blocks as mining companies seek to cash in, and they've pushed even harder by bringing newer, more powerful equipment online. Not so long ago, the Bitcoin mining-machine maker Antminer's S19s were all the rage. Now the S21s are the top of the line. đ
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