Bitcoin mining companies face the 2028 halving: profits under pressure, energy tightening, industry shifting toward "infrastructureization"

ME News Report, April 12 (UTC+8). As the next Bitcoin halving (expected in 2028) approaches, mining companies are facing an operating environment that is more challenging than in 2024. By then, block rewards will fall further from 3.125 BTC to 1.5625 BTC, while rising energy costs, a record-high total network hash rate, and tighter capital conditions keep continuously squeezing industry profit margins.

Data shows that mining companies have already moved into a “deleveraging” and cash flow optimization phase ahead of schedule: 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 hash rate competition” to “competition in capital and energy management capabilities.” GoMining CEO Mark Zalan said, “Capital discipline is more important than hash rate expansion”; Cango also stated that, in the future, operators with scaled operations and diversified energy layouts will have a stronger survival advantage.

At the same time, mining companies’ business models are being reshaped—from relying on a single block reward revenue stream to a “power + computing infrastructure” model, including participating in grid peak shaving, utilizing waste heat, and taking on multiple income sources such as fulfilling AI computing demand. In addition, a clearer regulatory environment is also changing capital flows. US and Europe-related compliance frameworks (such as MiCA) are being gradually implemented, and combined with improvements in ETFs, derivatives, and settlement systems, this is encouraging institutional capital to favor mining companies with long-term power lock-in capabilities and data center infrastructure. Analysts believe that, compared with the 2024 cycle—where profitability is driven by Bitcoin price increases—the 2028 halving cycle may be more favorable to mining companies with strong asset-liability management, energy security, and comprehensive hash rate operating capabilities. (Source: ODAILY)