Miner Profitability Under Pressure, Infrastructure Value Takes Center Stage
BIT Research has released a report stating that the 2028 Bitcoin halving is not the endgame for mining; the real consolidation has only just begun. The report highlights that miner profitability continues to face downward pressure, and the traditional model relying on block rewards and raw hashrate is becoming unsustainable. A business model restructuring is urgently needed. The real shift has moved from simply chasing hashrate to the overall value of infrastructure — including electricity resources, mining farm operational efficiency, hardware maintenance, and capital allocation capabilities. Mining companies that fail to build advantages in infrastructure will find themselves disadvantaged in the upcoming shakeout. The report further emphasizes that future competition in mining will no longer be about 'how many coins you mine,' but about 'how you support network hashrate at the lowest cost and with the highest security.'