Cryptoverse: Bitcoin miners make money ahead of 'halving'

By: Admin

Nov 14 (Reuters) - Bitcoin miners are making hay while the sun shines.

The business has been yanked out of the doldrums by the cryptocurrency's recent rally - and now mining companies are racing to lock in profits before bitcoin's "halving", when rewards for producing the tokens are cut in half.

The next halving is expected in April 2024, a process designed to slow the release of bitcoin, whose supply is capped at 21 million - of which 19 million have already been mined.

"You're seeing a lot of urgency to plug rigs in ahead of the halving," said Gregory Lewis, analyst at brokerage BTIG that covers the 13 biggest U.S.-listed bitcoin miners.

Bitcoin's hashrate - a measure of the computational power needed to mine a coin - has spiked to an all-time high, according to crypto platform That means miners are having to use more and more power and speed to crack the complex maths puzzles that earn them a bitcoin.

Analysts at J.P. Morgan estimate the hashrate has hit record highs for 11 consecutive months, including a historic surge in October.