Bitcoin Miners Brace for the ‘Halving’—and Race to Cash In

By the end of Friday, the size of the reward for mining bitcoin will have been cut in half. The event—known as the halving—takes place roughly once every four years, and it can be fatal for the mining companies that compete for the newly minted cryptocurrency. “You don’t see that in any other industry,” says Charles Chong, director of strategy at Foundry, a company that mines bitcoin and provides services to other miners. “You’re on a treadmill.

Previously a pure-play bitcoin mining business, Hut 8 merged last year with US Bitcoin Corp, which rented space in its facilities to other mining firms. It also invested in cloud computing and AI training hardware. The effect, says Genoot, has been to diversify lines of revenue in a way that guards against a dip in the profitability of bitcoin mining. “We’ve gone for a little bit of a contrarian approach,” he says.

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