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

ME News message, 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, network hash rate hitting new highs, and tighter capital have continuously squeezed industry profit margins. Data shows that mining companies have already entered a “deleveraging” and cash flow optimization phase: MARA Holdings sold more than 15,000 BTC in March, Riot Platforms sold over 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 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 operators with scalable operations and diversified energy layouts in the future will have stronger survival advantages. At the same time, the business model of mining companies is being reshaped—from relying solely on block reward income to a “power + hash rate infrastructure” model, including participating in grid peak shaving, utilizing waste heat, and taking on AI computing demand as multiple sources of revenue. In addition, clearer regulatory conditions are also changing the direction of capital flows. Compliance frameworks relevant to the US and Europe (such as MiCA) are gradually taking effect; combined with the improvement of ETFs, derivatives, and settlement systems, institutional capital is increasingly inclined toward mining companies that have long-term power-locking capabilities and data center infrastructure. Analysts believe that compared with the 2024 cycle’s profit drive from rising coin prices, the 2028 halving cycle may be more favorable to mining companies with asset-liability management, energy assurance, and comprehensive hash rate operation capabilities. (Source: ODAILY)