Bitcoin Miners Face Tests of Efficiency and Reserves After Halving Cuts Rewards

• Miners must maintain existing infrastructure like hashrate and energy sources while competing against other miners after the halving • Months after the halving are most difficult as bitcoin catches up to the revenue drop from lower rewards

• Fidelity notes miners need capital reserves to handle the revenue drop until prices rise

• Past halvings initially hurt weaker miners but the industry recovered with even more miners and hashrate

• Report says miners must constantly improve efficiency and access cheaper resources to compete after the halving