Bitcoin mining faces dual pressures of deteriorating profitability and imbalanced revenue structure. At current prices, miners' actual income is far below theoretical levels, with high electricity costs pushing the breakeven price to $65,000. The 2028 halving will accelerate industry consolidation, driving miners to pivot from pure mining to infrastructure services such as energy management and AI/HPC computing hosting. Business model upgrades are becoming key to competitiveness.
Mining Profitability Under Pressure, Breakeven Reaches $65,000
Bitcoin mining is facing dual pressures of declining profitability and imbalanced revenue structure. At current prices, miners' actual income is far below theoretical levels, with electricity costs accounting for an excessively high proportion, pushing the breakeven price to $65,000, approaching the survival line for some miners.
2028 Halving Accelerates Consolidation, Business Models Forced to Evolve
The 2028 halving is not the end but the starting point of a new industry shakeout. After the halving, block rewards decrease, further squeezing miner revenue, and is expected to accelerate the exit of weaker players. The industry is rapidly shifting from pure mining to infrastructure services such as energy management and AI/HPC computing hosting. Business model upgrades have become key to competition. Mining companies need to balance cost control with diversified revenue streams.
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