Bitcoin mining companies face the 2028 halving: profits under pressure, energy shortages, and the industry shifting towards "infrastructure" status.

With the next Bitcoin halving (expected in 2028) approaching, mining companies are facing a more severe operating environment than in 2024. The block reward will further decrease from 3.125 BTC to 1.5625 BTC, while rising energy costs, record-high network hashrate, and tightening capital are further narrowing profit margins. Data shows that mining companies have already entered a phase of deleveraging and cash flow optimization: MARA Holdings sold over 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 point out that miners are shifting from "simple hashrate competition" to "capital and energy management capabilities competition." GoMining CEO Mark Zalan stated that "capital discipline is more important than hashrate expansion"; Cango also stated that operators with large-scale and diversified energy layouts will have a greater survival advantage in the future. Meanwhile, mining companies are restructuring their business models, shifting from single-block reward revenue to a "power + computing infrastructure" model, including participation in grid peak shaving, waste heat utilization, and fulfilling AI computing power demands, among other diversified revenue streams. Furthermore, a clearer regulatory environment is also changing capital flows. The gradual implementation of relevant compliance frameworks in the US and Europe (such as MiCA), coupled with the improvement of ETFs, derivatives, and settlement systems, is driving institutional funds to favor mining companies with long-term power lock-up capabilities and data center infrastructure. Analysts believe that compared to the 2024 cycle, which relied on rising cryptocurrency prices to drive profits, the 2028 halving cycle may favor mining companies with strong asset-liability management, energy security, and comprehensive computing power operation capabilities. (Cointelegraph)