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

ME News message. On April 12 (UTC+8), as the next Bitcoin halving (expected in 2028) approaches, mining companies face a more challenging operating environment than in 2024. At that time, the block reward will fall further from 3.125 BTC to 1.5625 BTC. Rising energy costs, the network hash rate hitting record highs, and tighter capital are all causing industry profit margins to continue to narrow.

Data show that mining companies have already moved into a “deleveraging” and cash flow optimization phase in advance. In March, MARA Holdings sold more than 15,000 BTC; in the first quarter, Riot Platforms offloaded over 3,700 BTC; Cango sold 2,000 BTC to repay debt; and Bitdeer even reduced its BTC holdings to zero in February. Industry insiders say 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 expanding hashrate.” Cango also said that in the future, operators with scaled operations and diversified energy deployments will be more likely to survive. At the same time, the business model of mining companies is being reshaped—from relying on a single source of block reward income to a “power + computing/hash power infrastructure” model. This includes multiple revenue streams such as participating in grid peak shaving, using waste heat, and fulfilling AI computing demand.

In addition, clearer regulatory environments are also changing where capital flows. Relevant compliance frameworks in the US and Europe (such as MiCA) are gradually taking effect. Combined with improvements to ETFs, derivatives, and settlement systems, institutional funds are increasingly inclined toward mining companies that have long-term power-supply lock-in capabilities and data center infrastructure. Analysts believe that, compared with the 2024 cycle—where profitability is driven by rising coin prices—the 2028 halving cycle may be more favorable to mining companies that have capabilities in asset-liability management, energy assurance, and comprehensive hash power operations. (Source: ODAILY)