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Co-authored with AMINA
The 2024 Bitcoin halving catalysed a structural transformation across the global crypto mining industry. While the halving itself was a predictable event, its economic ripple effects were profound and have significantly reshaped market dynamics, technology deployment, regulatory considerations, and miner strategy.
Key outcomes of the halving:
- Industry consolidation accelerated, as smaller miners exited the market due to tighter margins, while larger firms capitalized on M&A to scale operations and secure power access. The top pools—led by Foundry USA and MARA Pool—now account for over 38% of global Bitcoin hashpower.
- Profitability pressure led to operational innovation. Miners proactively invested in next-generation Application-Specific Integrated Circuits (ASICs), diversified into AI/HPC (High Power Compute) workloads, and adopted hedging tools to protect cash flows. This transition positioned many miners as infrastructure providers, not just Bitcoin producers.
- Bitcoin's price doubled post-halving, rising from ~$53,000 to over $109,000, reinforcing its scarcity narrative and providing temporary relief for mining revenues. However, volatility and fee dynamics introduced new challenges to sustainability.
- Environmental progress continued, with over 55% of mining now powered by renewable energy. While this supports miners' ESG narratives, it hasn't fully insulated the sector from regulatory tightening, particularly in Europe and parts of Asia.
- Strategic risks have increased, especially around cybersecurity, energy availability, and financial planning. In this increasingly complex environment, many miners are turning to specialized consultants and crypto-native banks to support decision-making, structure hedging and liquidity solutions, and accelerate their path to institutional professionalism.
Implications for stakeholders:
- Miners must professionalise further by integrating treasury management, financial risk controls, and energy strategy into core operations.
- Investors should assess mining firms not just on hashrate or revenue, but on vertical integration potential, energy sourcing, and ability to diversify income streams (e.g., into AI data centres).
- Regulators and policymakers are challenged to balance innovation and sustainability, as mining continues to migrate to more favourable jurisdictions.
- Hyperscalers and tech firms can leverage underutilised mining infrastructure for AI/HPC demand, creating potential for strategic partnerships and acquisitions.
This report provides a comprehensive review of the post-halving landscape, equipping decision-makers with the insight to navigate a more complex, competitive, and capital-intensive mining ecosystem.
Read the entire report here.
Author credits:
This report was co-authored by Marc Berner (Vice President, AlixPartners); Dhruvang Choudhari (Crypto Research Analyst, AMINA India); Clara Kamenicek (Vice President, AlixPartners); Sonali Gupta (Senior Research Analyst, AMINA India); and Anirudh Shreevatsa (Research Analyst, AMINA India).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
