What happened
CoinRabbit, a crypto-backed lending platform, and GoMining, a tokenized hashrate provider, put out a joint report on Bitcoin mining profitability on July 23, dated out of Toronto. The paper argues that the post-halving environment has flipped the traditional mining playbook. Producing more coins isn't the edge it used to be.
Managing the coins you've already produced is. Per CoinRabbit's release carried by CryptoPotato, the authors point to treasury management, capital discipline, and long-term asset handling as the variables that now separate profitable operators from marginal ones. It's a vendor report, not a regulator filing, and the framing benefits both sponsors, CoinRabbit sells BTC-collateral loans, GoMining sells exposure to hashrate without operating rigs.
Readers should weigh it as sector advocacy backed by operator-side data.
Why it matters
The 2024 halving cut the block subsidy to 3. 125 BTC, and the cycle since has been unusually brutal on pure-play miners. Hashprice has spent long stretches under $50 per PH/s per day.
Public miners have leaned harder on equity raises, convertible notes, and, increasingly, borrowing against their BTC stack rather than selling into weakness. That's the exact behaviour the CoinRabbit-GoMining report is describing, and endorsing. The thesis isn't new.
What's new is that it's now the default operating mode, not a contrarian call. Marathon, Riot, CleanSpark, and Core Scientific have all disclosed variants of hold-and-borrow treasury policies over the past year. The report codifies a shift that's already happening in the 10-Qs.