Odaily Planet Daily reports: 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 decrease further from 3.125 BTC to 1.5625 BTC. Rising energy costs, record-high network hash rate, and tighter capital conditions continue to compress industry profit margins.
Data shows that mining companies have already entered the phase of deleveraging and cash flow optimization: MARA Holdings sold over 15,000 BTC in March, Riot Platforms sold more than 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 experts note that miners are shifting from a pure competition of computational power to a competition of capital and energy management capabilities. Mark Zalan, CEO of GoMining, stated, "Capital discipline is more important than expanding computational power." Cango also noted that operators with scalability and diversified energy strategies will have a greater survival advantage in the future. Meanwhile, mining companies are restructuring their business models, moving from reliance solely on block rewards to a "power + computational infrastructure" model that includes diversified revenue streams such as participating in grid peak shaving, waste heat utilization, and meeting AI computing demands.
Additionally, regulatory clarity is reshaping capital flows. As compliance frameworks in the U.S. and Europe—such as MiCA—are gradually implemented, combined with the maturation of ETFs, derivatives, and settlement systems, institutional capital is increasingly favoring mining companies with long-term power procurement capabilities and robust data center infrastructure. Analysts suggest that, unlike the 2024 cycle, which relied heavily on price appreciation for profitability, the 2028 halving cycle is likely to favor mining firms with strong balance sheet management, energy security, and comprehensive hashing power operations. (Cointelegraph)