Bitcoin Miners Race to Maximize Rewards Before Imminent Halving Event

Recent surge in Bitcoin mining power has accelerated the creation of new blocks and brought the next "halving" event closer than expected.

A similar dynamic happened prior to the last halving event 4 years ago. History is repeating.

Halving reduces the bitcoin mining reward from 6.25 to 3.125 BTC and is seen as bullish for bitcoin price.

As bitcoin price rises, mining rewards get richer, encouraging more miners to participate, using increasingly powerful machines.

Some miners are reinstalling older equipment to maximize profits as the halving approaches. Global hash rate was expected to grow as new mining gear got deployed.