BroadChain has learned that with the next Bitcoin halving—expected in 2028—on the horizon, miners are bracing for a significantly more challenging landscape than in 2024, according to a Cointelegraph report on April 12.
Post-halving, the block reward will drop from 3.125 BTC to 1.5625 BTC. This reduction, coupled with rising energy costs, a record-high network hash rate, and tighter capital conditions, is set to squeeze industry profit margins even further.
Data indicates that mining firms have already entered an early phase of "deleveraging" and cash-flow optimization. In March, MARA sold over 15,000 BTC; Riot offloaded more than 3,700 BTC in Q1; Cango sold 2,000 BTC to repay debt; and Bitdeer reduced its BTC holdings to zero in February.
Industry observers point out that the competitive focus is shifting from a pure "hash-rate race" to a battle over "capital and energy management prowess." Mark Zalan, CEO of GoMining, emphasized that "capital discipline is now more critical than hash-rate expansion." Similarly, Cango noted that operators with scale and diversified energy infrastructure will hold a distinct survival advantage moving forward.
Concurrently, mining business models are undergoing a fundamental restructuring. The industry is moving beyond sole reliance on block rewards toward an integrated "power + computing infrastructure" model. This includes generating diversified revenue from grid peak-shaving services, waste-heat utilization, and meeting the growing demand for AI computing power.
Furthermore, regulatory clarity is redirecting capital flows. Compliance frameworks in regions like the U.S. and Europe (e.g., MiCA) are taking effect. As ETFs, derivatives, and settlement systems mature, institutional capital is increasingly drawn to mining firms that demonstrate long-term power procurement capabilities and robust data center infrastructure.
Analysts suggest that while the 2024 cycle's profitability was largely fueled by Bitcoin's price surge, the 2028 halving cycle will likely reward a different profile: miners with strong balance-sheet management, reliable energy supply, and comprehensive computing infrastructure operations.