Bitcoin Miners Bracing for Tougher 2028 Halving Conditions

The next Bitcoin halving is expected to occur in April 2028, when the block reward will decrease from 3.125 BTC to 1.5625 BTC.

This upcoming event poses a significant challenge for Bitcoin miners, who are facing narrower margins and fewer financial buffers compared to the previous halving in April 2024.

Higher energy costs, a record network hashrate, and tighter capital markets are all contributing to compressed profitability across the sector.

Crypto insiders have noted that several large operators have already responded by selling Bitcoin holdings to reduce leverage on their balance sheets. MARA Holdings sold over 15,000 BTC in March, while Riot Platforms sold more than 3,700 BTC across the first quarter.

Cango's Juliet Ye emphasized that the environment heading into 2028 is 'very different' from 2024, citing a widening efficiency gap between older and newer mining hardware. She added that miners are shifting toward long-term energy contracts, away from short-term cheaper power.