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

ME News, April 12 (UTC+8). With the next Bitcoin halving (expected in 2028) approaching, mining companies are facing a more severe operating environment than in 2024. By then, block rewards will be further reduced from 3.125 BTC to 1.5625 BTC. Meanwhile, rising energy costs, record-high network hashrates, and tighter capital are continuously squeezing industry profit margins. Data shows that mining companies have already entered a “deleveraging” and cash flow optimization phase in advance: 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 even reduced 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 noted that, going forward, operators with scalable and diversified energy layouts will have a stronger survival edge.

At the same time, miners’ business models are being rebuilt—shifting from relying on a single block reward revenue stream to a “power + computing infrastructure” model. This includes participating in grid peak shaving, using waste heat, and taking on AI computing demand to tap multiple sources of revenue. In addition, a clearer regulatory environment is also changing the direction of capital flows. Relevant compliance frameworks in the US and Europe, such as MiCA, are gradually taking effect. Combined with the improvement of ETFs, derivatives, and settlement systems, institutional funds are becoming more inclined to allocate to mining companies that have long-term power-locking 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 favor mining companies with asset-liability management, energy assurance, and comprehensive hashrate operations capabilities. (Source: ODAILY)