[Bitcoin Mining Companies Face Greater Pressure from the 2028 Halving, Industry Accelerates Transition to Energy and Infrastructure] According to Deep Tide TechFlow on April 12, as reported by Cointelegraph, approximately two years remain until Bitcoin's fifth halving, and mining companies are facing a more challenging operating environment compared to the 2024 halving. At that time, block rewards will decrease from 3.125 BTC to 1.5625 BTC. Combined with record-high network hash rates, rising energy costs, and increasingly cautious capital markets, the industry's profit margins are being significantly compressed. On the balance sheet front, several leading mining companies have proactively started deleveraging. MARA Holdings sold over 15,000 Bitcoins in March to reduce leverage, Riot Platforms sold over 3,700 Bitcoins in the first quarter, Cango sold 2,000 Bitcoins to repay Bitcoin-backed debt, and Bitdeer reduced its Bitcoin holdings to zero as of February 20. Industry insiders generally hold a cautious outlook on the future. Juliet Ye, Head of Communications at Cango, stated, "The middle ground has almost disappeared. Operators with scale and diversified layouts can cope, while those lacking these conditions will struggle in the next halving." GoMining CEO Mark Zalan pointed out, "Capital discipline is now more important than maximizing hash rate," and new deployment projects must meet stricter return thresholds. In terms of business models, relying solely on block rewards has become an "increasingly thin business." Leading operators are shifting toward power and data center businesses, exploring additional revenue streams through grid load balancing, waste heat utilization, and other methods. Cango has already begun transitioning to a dual-track model of computing power and AI workloads. Ye remarked, "The facilities that will truly matter five years from now are those capable of doing multiple things simultaneously.