Jamie Crawley is a CoinDesk news reporter based in London.
A recent surge in the computing power on the Bitcoin blockchain has sped up the creation of new blocks as mining companies seek to cash in on the bullish trends in the market.
History appears to be repeating itself: A similar dynamic played out four years ago in the months before the last halving, which came earlier than expected." – 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.according to Nicehash's countdownprice and certainly a talking point in this year's runup to an all-time high just over $69,000.
"The modern S19 miners series averages around 120 terahashes per second , but when you plug in an S21, you're almost doubling that hash rate per slot," Taylor Monnig, senior vice president of technology for bitcoin miner CleanSpark , said in an interview. There are occasional"difficulty adjustments" to maintain the cadence, but over periods of time – and especially in bull markets – the blockchain can speed up.
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