Svmuu As the next Bitcoin halving (expected in 2028) approaches, mining companies are facing a more challenging operating environment compared to 2024. The block reward will further decrease from 3.125 BTC to 1.5625 BTC, while rising energy costs, record-high network hash rates, and tightening capital are continuously squeezing industry profit margins.
Data shows that mining companies have already entered a phase of "deleveraging" and cash flow optimization ahead of schedule: MARA Holdings sold over 15,000 BTC in March, Riot Platforms offloaded more than 3,700 BTC in Q1, 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 stated, "Capital discipline is more important than hash rate expansion"; Cango also noted that operators with scale and diversified energy layouts will have a greater survival advantage in the future. Meanwhile, the business models of mining companies are being restructured, moving from a singular reliance on block reward income to a "Power + Computing Infrastructure" model. This includes diversified revenue streams such as participating in grid peak shaving, waste heat utilization, and meeting AI computing demand.
Furthermore, the clarification of the regulatory environment is also altering capital flows. The gradual implementation of relevant compliance frameworks (such as MiCA) in the US and Europe, coupled with the maturation of ETFs, derivatives, and settlement systems, is directing institutional capital towards mining companies with long-term power purchase agreements and data center infrastructure. Analysis suggests that compared to the 2024 cycle, which relied on rising coin prices to drive profits, the 2028 halving cycle may favor mining companies with strong balance sheet management, energy security, and comprehensive computing power operational capabilities. (Cointelegraph)