Bitcoin mining firms brace for the 2028 halving: profits under pressure, tighter energy supply, and the industry shifting toward being infrastructure-focused.

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 the block reward will be further reduced from 3.125 BTC to 1.5625 BTC. Rising energy costs, record-high network hash rate, and tighter capital conditions are continuously squeezing industry profit margins. Data shows that mining companies have already moved 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 point out 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 said that in the future, operators that have scaled operations and diversified energy layouts will have stronger survival advantages. At the same time, the business model of mining companies is being reshaped—from relying on a single block-reward income stream to a “power + hash-rate infrastructure” model, including participating in grid peak shaving, utilizing waste heat, and fulfilling AI computing demand to generate multiple revenue sources. In addition, clearer regulatory conditions are also changing capital flows. Relevant compliance frameworks in the US and Europe (such as MiCA) are gradually being implemented, and together with the improvement of ETFs, derivatives, and settlement systems, this is encouraging institutional funds to favor mining companies that have long-term power-locking capabilities and data center infrastructure. Analysts believe that compared with the 2024 cycle, which relies on rising coin prices to drive profits, the 2028 halving cycle may be more favorable to mining companies with asset-liability management, energy security, and comprehensive hash-rate operations capabilities. (Source: ODAILY)