The price of bitcoin isn't the only thing about the virtual currency that is going through the roof.

Mining costs, industry parlance for the investments in sophisticated technology required to create bitcoin, are soaring as companies and people race to build ever-more-powerful computers to jump into the market.

In the mining process, bitcoin enthusiasts, technology experts and fledgling firms essentially generate units of the currency by solving complicated math problems with their computers.

The growing popularity and rising prices of bitcoin are causing a mad dash for the powerful computing power needed to generate the virtual currency, leading to profit pressure for companies and individual enthusiasts working to create their own stashes.

The speed at which such operations take place is now 40 times faster than in January, according to the Genesis Block, a New York research and data firm that tracks the bitcoin industry. In addition, hardware companies are hustling to keep up with orders for new equipment.