A new report from CoinRabbit and GoMining argues that in the post-halving environment, how miners manage their mined Bitcoin is becoming just as important as how they produce it. Published July 23, the report outlines a four-pillar framework aimed at helping miners navigate reduced block rewards and near-record network difficulty.
The post-halving squeeze
The block reward now sits at 3.125 BTC, half what it was before the April 2024 halving. Network difficulty, meanwhile, is hovering near all-time highs. That combination squeezes margins for even the most efficient operators. The report's central claim: producing Bitcoin is only half the battle. The other half is what you do with it once it's in your wallet.
Four pillars, one goal
The framework rests on four pillars: Operational Cost Efficiency, Collateralization Over Liquidation, Operational Liquidity and Tax Optimization, and Long-Term Vision and Capital Discipline. The most striking pillar is the second one. Instead of selling mined Bitcoin to pay electricity bills or equipment leases, the report argues miners should use it as collateral for loans. That keeps the Bitcoin on the balance sheet and avoids triggering a taxable event.
Why lending beats selling
Bitcoin-backed lending lets miners cover operating costs without selling their stack. They avoid taxable sales and can still deduct interest expenses. For miners sitting on large inventories, that's a meaningful difference. Walter Barrett, Chief Strategy & Growth Officer at CoinRabbit, said in the report that the industry needs to shift from a production-only mindset to one that treats Bitcoin as a financial asset to be managed. Jeremy Dreier, Chief Business Development Officer at GoMining, added that miners who treat their Bitcoin as working capital rather than just output will have a clearer path through the current cycle.
Who's behind the report
CoinRabbit is a crypto asset management platform founded in 2020. It offers payments, lending, trading, and a Private Program for institutional clients. GoMining serves 5 million users and ranks among the top-10 Bitcoin miners globally by hashrate. The two companies say the report is meant to be a practical guide, not a theoretical paper. It's available now on both firms' websites.
The timing isn't accidental. With the halving behind them and difficulty still climbing, miners are looking for any edge. Whether they embrace collateralization or stick with the old sell-to-cover model will shape the next phase of the mining industry.
