"Bitcoin Halving: Evolution of Mining and Investor Preparation"

Since the last Bitcoin halving, significant changes have occurred in the mining landscape, including the exodus of Chinese miners, the rise of new mining hubs in Texas and the Middle East, and increased institutional adoption. The proliferation of public miners and the lack of standardized metrics have added complexity for analysts, while the rise in institutional adoption has made raising capital for private miners more challenging. As block subsidies become scarcer, the importance of strategy and economies of scale intensifies, leading to increased M&A activity and a shift towards diversification in revenue streams. The launch of new L2 solutions for Bitcoin has led to a surge in network fees, providing relief for miners.