Bitcoin soared after the last halving in May 2020, and miners joined in. At the time, there weren’t many large-scale miners. This time around, though, the market is crowded with many large-scale miners, who will compete for bitcoin rewards that will be cut to 3.125 from 6.25 bitcoin. On top of that, the difficulty of mining a block has also risen to an all-time high, which will make things even tougher post-halving.
Source: https://www.coindesk.com/business/2024/03/05/bitcoin-soared-to-an-all-time-high-so-why-arent-miners-blasting-off-too/?utm_medium=referral&utm_source=rss&utm_campaign=headlines