Bitcoin miners are rushing to mine more coins before the halving event, causing a significant increase in mining difficulty. The mining difficulty level has reached an all-time high of 86.39 trillion hashes, reflecting the growing number of miners seeking to accumulate as many coins as possible.

The upcoming halving event, expected to take place in 2024, has led to a surge in mining activity as miners try to maximize their rewards before the event reduces the rate of new BTC tokens being created. This rush of miners has increased the overall hash rate of the Bitcoin network, enhancing network security and making it more challenging for any single entity to manipulate the blockchain.

Bitcoin mining difficulty measures the complexity of mining new blocks under Bitcoin's proof-of-work consensus mechanism. The difficulty adjusts every 2,016 blocks to maintain a target block time of 10 minutes. The recent spike in mining difficulty has also had an impact on Bitcoin's price, causing fluctuations in the market.

As of now, Bitcoin's price has seen a slight 0.14% increase in the past 24 hours, trading at $70,901. The price movement has been highly volatile, with lows and highs of $69,571.81 and $71,256.24, respectively. This volatility is attributed to the rise in mining difficulty, which has presented technical challenges for miners participating in the event.

Despite the market fluctuations, there is optimism surrounding the upcoming halving event, with historical data fueling positive sentiments about the token's future price action after the event.