Analysis: After the halving, operational efficiency is no longer sufficient to determine the survival of mining companies, and bitcoin collateralization is replacing direct selling

According to ChainCatcher, a report jointly released by Bitcoin collateralized lending platform CoinRabbit and hashrate platform GoMining points out that managing Bitcoin is more important than the mining volume. As the block reward drops to 3.125 BTC and the network difficulty approaches historical highs, low electricity prices and high machine uptime only constitute the survival baseline. The real differentiator between mining companies lies in how they manage Bitcoin after mining it.

The report believes that mining companies are shifting from directly selling Bitcoin to collateralized borrowing to cover recurring expenses such as electricity, hosting, and labor. This approach allows companies to obtain cash flow while retaining Bitcoin exposure, avoids taxable sales, and preserves the deduction space for operating costs. The trade-off is that mining companies assume both price and liquidation risks when the Bitcoin price declines.

GoMining Chief Business Development Officer Jeremy Dreier said that after the halving, the winners will be miners who operate efficiently and allocated cash in advance. The current Bitcoin price decline actually reduces the cost of increasing hashrate, making this a window of opportunity to invest funds and expand mining machinery.