Bitcoin mining companies face even greater pressure from the 2028 halving, accelerating the industry's shift towards energy and infrastructure.

According to a report by Cointelegraph, approximately two years before Bitcoin's fifth halving, mining companies are facing a more challenging operating environment than in 2024. The block reward will drop from 3.125 BTC to 1.5625 BTC, coupled with record-high network hashrate, higher energy costs, and a more cautious capital market, significantly compressing industry profit margins. On the balance sheet level, several leading mining companies have begun proactively deleveraging. 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 20th. Industry insiders are generally cautious about the outlook. Juliet Ye, Head of Communications at Cango, stated, "The middle ground has almost disappeared. Operators with scale and diversified portfolios can cope, while those lacking these conditions will struggle in the next halving." GoMining CEO Mark Zalan pointed out that "capital discipline is now more important than maximizing computing 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 powerful operators moving towards power and data center businesses, exploring additional revenue streams through grid peak shaving and waste heat utilization. Cango is already transitioning to a dual-track model of computing power and AI workloads, and Ye stated that "the truly important facilities five years from now will be those that can long things simultaneously."