Bitcoin Mining: The Post-Halving Survival Strategy: Shifting to AI

Profitability to Worsen After the 2024 Halving… Mining Companies to Transform Their Structures with AI and HPC by 2026

The Bitcoin (BTC) mining industry is entering a period of structural change, facing a sharply deteriorating profit environment following the 2024 halving. While the halving is a core element of Bitcoin's design, enhancing long-term scarcity, the block reward reduction has immediately strained the cash flow of mining companies, placing significant stress on the entire industry.

Mining margins have sharply declined this year. The simultaneous decline in hash rates and rising energy costs have made it increasingly difficult to sustain profitability through mining alone. Despite having ample cash reserves and access to capital, some listed mining companies are struggling to secure stable profits solely from mining operations.

Amid these pressures, mining companies are accelerating their shift to AI and high-performance computing (HPC). Miners who already have access to large-scale power and cooling infrastructure have a structural advantage in capitalizing on the growing demand for AI and data center-based computing. Consequently, mining companies are redefining themselves beyond mere Bitcoin miners and into digital infrastructure providers.

In the current mining cycle, which will continue into next year, efficiency and revenue diversification have emerged as key factors for survival. With the block subsidy fixed at 3.125 Bitcoin, access to low-cost energy and exposure to the transaction fee market are becoming key factors determining the competitiveness of mining companies.

At the same time, mining companies' financial strategies are also changing. Many listed miners are holding Bitcoin as a strategic balance sheet asset rather than a short-term sell-off, seeking leverage during price increases. However, this also increases financial volatility during Bitcoin price fluctuations.

The mining industry remains capital-intensive, requiring ongoing funding for facility investments, data center expansion, and debt repayment. Consequently, some companies are resorting to equity-linked financing, and the risk of shareholder dilution remains a variable investors must closely monitor through 2026.

In summary, after the 2024 halving, the Bitcoin mining industry has entered a period of structural restructuring beyond a simple hash rate competition. A shift to AI and HPC, an energy-efficient operational strategy, and a stable financial structure are expected to be key criteria for determining which mining companies will survive after 2026.

Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr