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Bitcoin mining faces tightening margins as rising competition and energy costs squeeze profitability, says MARA Holdings CEO. Smaller miners risk being pushed out as firms shift to AI and high-performance computing to stay afloat. The next bitcoin halving in 2028 could make current mining models unsustainable without a major price or fee increase. https://www.coindesk.com/markets/2025/11/11/bitcoin-miners-must-own-power-or-die-trying-before-next-halving-mara-ceo-says