Bitcoin mining companies face more severe halving pressure in 2028, as the industry accelerates its transition towards energy and infrastructure

According to Cointelegraph, about two years away from btc-42">Bitcoin's fifth halving, mining companies are facing a more challenging operating environment than the halving in 2024. At that time, the block reward will drop from 3.125 BTC to 1.5625 BTC, compounded by record-high network hash rates, rising energy costs, and a more cautious capital market, significantly compressing the industry's profit margins.

On the balance sheet front, several leading mining companies have begun to actively deleverage. MARA Holdings sold over 15,000 Bitcoins in March to reduce leverage, Riot Platforms sold over 3,700 in the first quarter, Cango sold 2,000 to repay Bitcoin collateralized debt, and Bitdeer's Bitcoin holdings dropped to zero on February 20.

Industry insiders generally hold a cautious outlook. Cango's communications head, Juliet Ye, stated, "The middle ground has almost disappeared; operators with scale and diversified layouts can cope, while those lacking these conditions will struggle in the next halving." GoMining CEO Mark Zalan pointed out, "Capital discipline is now more important than maximizing hash power," and new deployment projects must meet stricter return thresholds.

In terms of business models, pure block rewards have become "an increasingly thin business," with strong operators moving towards power and data center businesses, exploring additional revenue through grid peak shaving and waste heat utilization. Cango is transitioning to a dual-line model focusing on both computing power and AI workloads, with Ye stating, "The truly important facilities in five years will be those that can do multiple things simultaneously."