#减半周期 It's almost here, old players smell the opportunity, and new players are full of question marks. But this time is different - not just Bitcoin #BTC is changing itself, the entire crypto ecosystem's 'earning map' is also being redrawn.#加密市场回调
Don't want to buy coins directly? Don't want to worry about wallets, mnemonic phrases, and hacker risks? Then you have to understand 'crypto stocks', that is, those listed companies that are highly tied to Bitcoin. Today we will explain clearly: #稳定币热潮
What is halving (but explained in simple terms 😎)
Is the halving bull market still attractive?
Which listed companies are likely to make a fortune in this halving cycle?
How is the 'hardware war' in the mining industry changing the game?
What is halving? Why are so many people paying attention?
About every four years, Bitcoin will automatically 'lose weight' once - this is not weight loss, but halving!
Simply put, the Bitcoin reward for miners mining a block will be cut in half.
This is not random, but a rule written into the code. It will automatically trigger once every 210,000 blocks are mined.
For example, this 👇:
2009: In the beginning, each block reward was 50 BTC
2012: The first halving, became 25
2016: Cut in half again, only 12.5 left
2020: Continue to reduce, 6.25
April 2024: This latest time, cut to only 3.125!
Next time is expected to be in 2028, when there will be only 1.5625 left 😱
This 'fixed scarcity' is one of the core charms of Bitcoin.
The magic of the halving bull market... is it starting to fail?
Every past halving has brought a market of 'wealth freedom level':
2012 halving → Price increase 9000%+
2016 Halving → Increased by about 2800%
2020 halving → Increase of about 620-700%
2024? Currently looking at the weakest start in history 📉 (but the cycle is not over yet)
The market is already changing, and the bull market 'routine' is also changing. We have entered a new cycle of maturity and institutionalization:
👉 Not every halving will skyrocket
👉 Not every bull market relies on retail investors rushing
👉 'Hoarding coins' is not the only way to play
Why might this halving not be as strong as before?
Several key reasons:
1. Diminishing returns effect appears
As the market value increases, it takes huge amounts of new money to push up the price, unlike in the early years, when just a few tens of millions of dollars could ignite the market.
It's easy to make a coin with a market value of 1 billion rise by 10%.
Want to make an asset with a market value of 1 trillion rise by 10%? That's astronomical money to enter the market.
2. The 'supply shock' of halving is weakening
Although the reward will be cut in half in 2024, what is cut off is 328 fewer Bitcoins produced per day (much less than the one in 2012). The impact on the entire market's supply is limited.
3. Institutional investors are rational and calm
It is no longer a blind rush by FOMO retail investors. Large institutions have risk control, hedging, and hedging tools (futures, options, ETFs)... It is no longer a market that can be 'pulled' at will.
4. Spot ETFs have 'pre-paid' some of the bull market
The spot Bitcoin ETFs launched in early 2024 have already attracted a lot of money. This hot money that was originally supposed to rush in during the 'halving bull' has entered the market in advance, allowing the market to 'digest the market' in advance.
But... the halving bull is really not working?
It's not that simple to conclude.
Although the increase is not as crazy as the early '100x', but:
✅ Absolute returns are still huge (tens of thousands become hundreds of thousands)
✅ Crypto adoption is increasing, with legal, regulatory frameworks, and ETFs being improved
✅ Emerging markets are joining the battle (Africa, Latin America, and Southeast Asia are showing great interest in BTC)
✅ Global economic turmoil and inflation anxiety still exist, and BTC remains attractive as 'digital gold'
Don't want to buy coins? Go directly to crypto concept stocks!
More and more investors are choosing to participate in the crypto market by buying stocks, for a simple reason:
👉 No need to worry about private keys, wallets, or losing coins
👉 Listed company financial reports are transparent and compliant
👉 Can invest through traditional financial systems (US stocks, ETFs)
So the question is: Which stocks are worth paying attention to?
Top crypto concept stocks: potential players in the halving cycle
1. MicroStrategy ($MSTR)
This company is almost a substitute for Bitcoin ETFs
Holds 200,000+ BTC, worth billions of dollars
Executive Chairman Michael Saylor is a Bitcoin fanatic: 'Cash is garbage, BTC is the future'
👉 The company has exchanged almost all of its cash flow for Bitcoin and is a representative of corporate-level 'high-stakes BTC'
⚠️ Risk: If BTC falls, their stock price will drop in sync; but if BTC skyrockets, they will also fly directly 🚀
2. Coinbase ($COIN)
The largest and most compliant crypto exchange in the United States
Earning is the commission, the hotter the market, the more transactions, the higher the revenue
As ETFs are released and institutions enter the market, Coinbase's 'infrastructure' status is becoming increasingly important
👉 If you don't want to touch coins but want to eat the market dividend, COIN is one of the big winners that indirectly benefits.
3. Marathon Digital ($MARA)
One of the largest listed mining companies in the United States
Owns a large number of Bitcoin mining machines and is fully betting on the halving market
They are constantly upgrading hardware and pursuing energy efficiency in an effort to maintain profitability after the halving
👉 The harder it is to mine, the more they have to 'run faster than others'
4. Riot Platforms ($RIOT)
Similar to MARA, also a top miner
Has abundant electricity resources, layout near cheap power stations
Has been upgrading its mine, preparing to deal with the low-reward halving era
5. NVIDIA ($NVDA) & AMD ($AMD)
Although they don't directly 'mine', but:
Graphics processing chips (GPUs) are important hardware for PoW chains such as Ethereum
The big explosion of AI chips has also made NVIDIA rise, becoming a key player in the Metaverse and Web3
Although not a pure crypto concept, it occupies a large share in the entire Web3 technology ecosystem.
The real war behind it: The ASIC arms race
The mining industry, bluntly speaking, is: competing to see whose machine is more powerful and who saves more electricity.
The core here is: ASIC (Application-Specific Integrated Circuit)
Who is the strongest player?
Bitmain (Antminer): The industry leader
MicroBT (Whatsminer): Closely follows
Canaan (Avalon): An old Chinese manufacturer
These 3 companies together control more than 90% of the market share, a typical 'technical oligopoly'
Why are ASICs so important?
As block rewards decline, if your machine is outdated and your electricity costs are high, you will be directly eliminated.
The energy efficiency of the new generation of mining machines (such as the Antminer S21 series) has been improved to 17.5 J/TH, which is several times more energy-efficient than old machines.
That is to say: whoever has advanced chips can survive.
🔮The companies that truly survive after the halving will have these characteristics:
✅ Own the latest and most efficient mining machines
✅ Operate in low electricity price areas (low electricity costs are the key)
✅ Have strong financial reserves (can resist fluctuations)
✅ Diversified layout (not just relying on mining, such as entering AI, computing power leasing, etc.)
In summary: The next wave of wealth creation may not be in coins, but in 'coin-holding companies'
Regardless of whether the halving bull market has been 'dulled', the future of crypto will not end here. 🏦
Perhaps in the future we should pay more attention to:
Which companies are betting deeper on Bitcoin?
Which mining companies can win in the efficiency battle?
Which platforms can eat the biggest cake in crypto infrastructure?
You don't necessarily have to buy BTC to participate in this cycle.
Buying the right stocks may allow you to eat 'the meat of the coin circle' and avoid 'the pits on the chain'
The crypto world changes quickly, and opportunities and risks coexist. Learn to enter and exit the market strategically, protect your capital, and you can move forward steadily and reap wealth and growth. ✍️
Remember to DYOR, do a good job of risk control, I wish you all a smooth sailing in the crypto world! 🌊
Like 👍 forward, follow me, I will take you to interpret more crypto trends! Let's work hard together!
