According to BlockBeats, the Bitcoin mining industry is experiencing significant pressure on its business model due to profit squeezes following the Bitcoin 'halving.' Larger companies in the sector view this industry-wide challenge as an opportunity to expand their operations or engage in hostile takeovers. Over the next 18 months, the Bitcoin mining industry is expected to undergo consolidation, with well-capitalized miners aiming to acquire their competitors. For instance, Colorado-based Riot Platforms announced on Tuesday that it had acquired Block Mining after a hostile takeover of Bitfarms last month.

Meanwhile, other companies are diversifying their revenue streams through innovations in artificial intelligence (AI) computing and chip manufacturing to gain a competitive edge. Bitdeer, for example, is currently utilizing only 36% of its power and is evaluating the potential of allocating its energy resources to AI and high-performance computing (HPC) companies to generate income. The company has established numerous data centers and is assessing their suitability for use as AI or HPC data centers. Additionally, Bitdeer is venturing into the production of chips specifically designed for Bitcoin mining.