The linked article's headline is dishonest. They're saying bitcoin miner Riot Platforms needs BTC at $98k to justify its current stock valuation. A very different thing. None of it matters though; if hashpower falls, the difficulty will as well, and the most efficient miners will be profitable. Irresponsible miners that levered themselves get rekt. Hashprice derivatives are coming though. Next cycle will look much different than the last for miners.

Publicly-listed Bitcoin mining companies may struggle to remain profitable due to the upcoming halving, which cuts their revenue in half. To maintain their valuations, Bitcoin's price may need to reach nearly $100,000. Some predictions suggest Bitcoin could reach $125,000 by the end of 2024. However, investing in Bitcoin mining stocks is considered risky given the uncertain market conditions.

Do any miners diversify into other parts of the btc ecosystem? It always seemed like a good opportunity to do other things too, like liquidity provisioning, creating higher-order structures, etc. Mining and nothing else seems so ridiculously high-risk, it's never made sense to me. Will be interesting to see how it shakes out post-halving for sure.