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 <li>Bitcoin prices have remained high and skyrocketed due to the supply shock.</li> 
 <li>A Coin Metrics assessment states that miners used 19.6 gigawatts of electricity last month.</li> 
</ul> 
In the run-up to the pivotal halving, <a href="https://thenewscrypto.com/bitcoin-sets-new-all-time-high-as-price-hits-70000-threshold/" target="_blank" rel="noreferrer noopener">Bitcoin</a> miners had hoped for a rapid mining rate. Bitcoin miners have reportedly hit a new monthly energy consumption peak, according to a Bloomberg article. Bitcoin prices have remained high and skyrocketed due to the supply shock and the simultaneous increase in the mining rate. 
After a fatal encounter during the last crypto winter, Bitcoin miners are back in action in anticipation of a code modification that might imperil income sources. Their energy use is unprecedented. 
<h3 class="wp-block-heading" id="h-pushing-hard-ahead-of-halving">Pushing Hard Ahead of Halving</h3> 
A <a href="https://coinmetrics.io/" target="_blank" rel="noreferrer noopener nofollow">Coin Metrics </a>assessment states that miners used 19.6 gigawatts of electricity last month, which is a record high compared to 12.1 gigawatts in the same time of 2023.&nbsp; Calculations reveal a spike of more than 61% in the figure. 
Thirteen of the largest mining companies have placed orders for specialized computers with a combined value of more than $1 billion since February 2023, according to data compiled by TheMinerMag from public filings. With $473 million and $415 million, respectively, CleanSpark Inc. and Riot Platforms Inc. invested the most on rigs among the group. 
There has been a consistent uptick in demand for Bitcoin mining hardware ever since the introduction of Bitcoin exchange-traded funds (<a href="https://corporatefinanceinstitute.com/resources/cryptocurrency/bitcoin-etfs/" target="_blank" rel="noreferrer noopener nofollow">ETFs</a>). The ongoing buying spree has also caused a supply shock, widening the gap between the supply and demand for Bitcoin by almost 20%. 
In most cases, when Bitcoin <a href="https://thenewscrypto.com/what-to-expect-from-the-bitcoin-halving-in-april-2024/" target="_blank" rel="noreferrer noopener">halving</a> occurs, it alters the supply-and-demand equation so that mining Bitcoins steadily gains significance. The price of Bitcoin lately set a new all-time high amidst ongoing strong bullish momentum. 
Highlighted Crypto News Today: 
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Bitcoin Miners Energy Consumption Skyrockets Ahead of Halving

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