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

ME News report, April 12 (UTC+8). As the next Bitcoin halving (expected in 2028) approaches, mining companies are facing a more challenging operating environment than in 2024, when block rewards will further drop from 3.125 BTC to 1.5625 BTC. Rising energy costs, record-high network hash rates, and tighter capital are continually shrinking the industry’s 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 sold over 3,700 BTC in Q1, Cango sold 2,000 BTC to repay debts, and Bitdeer cut its BTC holdings to zero in February. Industry insiders say 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 scale and a diversified energy layout will be better positioned to survive. At the same time, mining companies’ business models are being reshaped—from relying on a single block-reward revenue stream to a “power + computational infrastructure” model—covering multiple revenue sources such as participating in grid peak shaving, utilizing waste heat, and handling AI computing demand. In addition, a clearer regulatory environment is also changing capital flows. Regulatory compliance frameworks in the US and Europe (such as MiCA) are gradually taking shape, and together with the improvement of ETFs, derivatives, and settlement systems, institutional funds are becoming more inclined toward mining companies that have long-term power-commitment 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 with capabilities in asset-liability management, energy security, and comprehensive hash rate operations. (Source: ODAILY)