Bitcoin Halving Shakes Up Mining Industry, Pressures Inefficient Operators While Strengthening Efficient Players

• Halving cuts miner revenue in half while doubling costs; least efficient miners will shut down, decreasing network hash rate • Low-cost miners like Riot will benefit as their share of network and rewards increases without expanding capital or energy • Marginal cost to mine BTC will increase; miners with efficiency above 30J/TH may struggle to be profitable • Marathon has reduced costs and improved efficiency, positioning itself as a low-cost producer to remain profitable • Hut8 sees halving and miner shakeout as opportunity to invest in growth and scale to strengthen competitive position