Bitcoin mining firms brace for the 2028 halving: profits face pressure, energy grows tighter, and the industry is shifting toward an “infrastructure-oriented” transformation.

ME News, April 12 (UTC+8): As the next Bitcoin halving (expected in 2028) draws near, mining companies are facing an operating environment that is more challenging than in 2024, when block rewards will fall from 3.125 BTC to 1.5625 BTC. Meanwhile, rising energy costs, record-high network hashrate, and tighter capital conditions continue to squeeze industry profit margins.

Data shows that mining companies have moved ahead into a “deleveraging” and cash flow optimization phase: MARA Holdings sold more than 15,000 BTC in March, Riot Platforms offloaded over 3,700 BTC in the first quarter, Cango sold 2,000 BTC to repay debts, and Bitdeer even reduced its BTC holdings to zero in February. Industry insiders note that miners are shifting from “pure hashrate competition” to “competition in capital and energy management capabilities.” GoMining CEO Mark Zalan said, “Capital discipline is more important than hashrate expansion.” Cango also stated that in the future, operators with scaled operations and a diversified energy layout will have stronger survival advantages.

At the same time, mining companies’ business models are being reshaped—shifting from single-source block reward revenue to a “power + hashrate infrastructure” model, including participating in grid peak shaving, utilizing waste heat, and taking on AI computing demand to create diversified revenue streams.

In addition, clearer regulatory environments are also changing capital flows. As relevant compliance frameworks in the US and Europe (such as MiCA) are gradually rolled out—together with improvements in ETFs, derivatives, and settlement systems—institutional funds are increasingly inclined to favor mining companies that have long-term power lock-in capabilities and data center infrastructure. Analysts believe that compared with the 2024 cycle, whose profitability is driven by rising coin prices, the 2028 halving cycle may be more favorable to mining companies with asset-liability management capability, energy security, and comprehensive hashrate operations capability. (Source: ODaily)