Bitcoin Miners Adapt to New Landscape Ahead of 2024 Halving

Since the last halving in 2020, the mining landscape has changed drastically with the exodus of miners from China seeking out energy arbitrage opportunities in new regions.

There has been massive growth in public miners and institutional adoption of Bitcoin through vehicles like ETFs, providing more transparency into mining operations.

Going forward, miners will focus on reducing SG&A costs and improving operational excellence, with standardized metrics helping analysts evaluate and compare miners.

Private miners and small operators face challenges accessing capital and compete against liquid public miners, though some gritty builders and explorers of alternative energy stand out.

Increasing M&A activity, revenue diversification, and potential network fee increases point to miners aiming for profit maximization and decreased risk ahead of the halving.