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) is drawing near, mining companies are facing a more challenging operating environment than in 2024, when block rewards will be further reduced from 3.125 BTC to 1.5625 BTC. Rising energy costs, record-high total network hash rate, and tighter capital have continuously squeezed industry profit margins.

Data shows that mining companies have already 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 debt, 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 expanding hash rate”; Cango also stated that in the future, operators with scaled operations and diversified energy layouts will be more resilient.

At the same time, mining companies’ business models are being reshaped—shifting from relying on single block reward income to a “power + computing infrastructure” model. This includes pursuing multiple sources of revenue such as participating in grid peak shaving, utilizing waste heat, and fulfilling AI computing demand. In addition, clearer regulatory conditions are also changing the direction of capital. As relevant compliance frameworks in the US and Europe (such as MiCA) are gradually rolled out, together with improvements to ETFs, derivatives, and settlement systems, institutional capital is becoming more inclined toward mining companies that have long-term power-locking capability 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 balance-sheet and asset-liability management, energy assurance, and comprehensive hash rate operations capabilities. (Source: ODAILY)