Analysis: With profit margins continuing to narrow, Bitcoin mining companies face a severe test ahead of the 2028 halving.

CoinFeed reported on April 12th, citing Cointelegraph, that with only about two years left until the fifth Bitcoin halving in 2028, mining companies face a more challenging operating environment than in 2024. At that time, the block reward will drop to 1.5625 BTC, and coupled with record-high hashrates, rising energy prices, and tightening capital, profit margins will shrink significantly. Exacerbated geopolitical conflicts and energy security concerns, along with increasingly stringent regulations in Europe and the US, are forcing the industry to accelerate its transformation. Mining companies like MARA and Riot are reducing their Bitcoin holdings to lower leverage, and the industry is moving away from a model solely reliant on block rewards, shifting towards diversified revenue structures such as energy services and AI computing power. Mining companies with stable energy resources and comprehensive operational capabilities will have a greater advantage.