**Bitcoin Miners Face Profit Squeeze Post-Halving: JPMorgan Report**

Bitcoin miners are grappling with profitability challenges following the network's April halving event, according to a new report from JPMorgan. The halving, which cut mining rewards from 6.25 BTC to 3.125 BTC per 210,000 blocks, has led to lower margins and profitability.

**Key Points:**

- **Historic Quarter:** The second quarter of 2023 saw miners navigate the fourth Bitcoin halving, significantly impacting daily revenue opportunities.

- **Power Costs:** Rising power costs have further strained miners' profits.

- **Strategic Moves:** Cash-rich miners like Riot Platforms and CleanSpark acquired other miners to boost hashrate, while capital-constrained miners focused on greenfield opportunities.

- **Production Drop:** The five publicly-traded miners covered by JPMorgan mined 5,854 BTC in Q2, a 28% decrease from the previous quarter.

- **Market Leaders:** Marathon Digital Holdings led with 2,056 BTC mined, while CleanSpark gained market share with a $231 million investment in capital expenditure.

- **Equity Issuance:** Collectively, these miners issued $1.2 billion in equity to meet industry demands.

- **Diversification:** Some miners, like Hive Digital Technologies, are shifting computational power to AI applications, while others, such as Bitdeer Technologies, are investing in advanced mining equipment.

The report highlights the varied strategies miners are employing to adapt to the evolving landscape.