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 decrease from 3.125 BTC to 1.5625 BTC. Rising energy costs, record-high network hash rates, and tightening capital conditions are continuously shrinking industry profit margins. Data shows that mining companies have already entered a phase of “deleveraging” and cash flow optimization: MARA Holdings sold over 15k BTC in March, Riot Platforms sold more than 3,700 BTC in the first quarter, Cango sold 2,000 BTC to repay debt, and Bitdeer reduced its BTC holdings to zero in February. Industry insiders point out that miners are shifting from “pure hash rate competition” to “competition in capital and energy management capabilities.” GoMining CEO Mark Zalan stated, “Capital discipline is more important than hash rate expansion”; Cango also said that future operators with scaled and diversified energy layouts will have a competitive advantage. Meanwhile, the business model of mining companies is being reconstructed, shifting from a single block reward income to a “power + infrastructure” model, including participation in grid peak shaving, waste heat utilization, and meeting AI computing demand for diversified revenue streams. Additionally, clearer regulatory environments are changing capital flows. The implementation of compliance frameworks in the US and Europe (such as MiCA), along with the development of ETFs, derivatives, and settlement systems, is encouraging institutional funds to favor mining companies with long-term power locking capabilities and data center infrastructure. Analysts believe that compared to the 2024 cycle, which relies on rising coin prices to drive profits, the 2028 halving cycle may favor mining companies with asset-liability management, energy security, and comprehensive hash rate operation capabilities. (Source: ODaily)