Deep潮 TechFlow News, November 12th, according to CoinDesk, Mara Holdings CEO Fred Thiel stated that the Bitcoin mining industry is entering a difficult period, facing increased competition, rising energy costs, and shrinking profits.
Thiel pointed out that Bitcoin mining is a zero-sum game; as more participants increase their hash rate, everyone’s profit margins are being squeezed. He warned that after the next halving in 2028, block rewards will drop to about 1.5 BTC. Unless transaction fees increase or Bitcoin prices surge significantly, many miners’ business models will become unsustainable.
Currently, many mining companies are shifting toward adjacent fields such as artificial intelligence or high-performance computing. Hardware vendors are also starting to operate their own mining businesses due to declining demand from customers purchasing equipment. Thiel emphasized that only miners with low-cost, reliable energy or new business models can survive. “By 2028, you will either be an energy producer, owned by an energy producer, or collaborate with one. The era of simply connecting to the grid for mining is coming to an end.”
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