Bitcoin Miners Scale Up Operations Ahead of 'Halving' Despite Soaring Costs and Bankruptcy Risks

Bitcoin miners are spending billions on new equipment to increase efficiency and scale operations ahead of the upcoming "halving" event.

Mining activity is consuming energy at record levels, equivalent to the capacity to power 3.8 million Texas homes.

Efficient miners like Marathon and CleanSpark have seen their stock prices surge 600-900% since Dec 2021.

The upcoming "halving" will reduce mining rewards, forcing some miners into negative profit margins.

Rapid expansion carries risks if energy and equipment costs are compromised, as seen by mining bankruptcies in 2022.