TrustStrategy, a global blockchain analytics and infrastructure platform, has released a new report detailing the post-halving migration of Bitcoin miners toward three small cap proof-of-work (POW) coins, as profitability pressures mount following the April 2024 Bitcoin halving event.

The halving, which reduced block rewards from 6.25 BTC to 3.125 BTC, has significantly impacted mining economics, forcing miners to reassess operational strategies and seek alternative revenue streams.

Key Findings

• Bitcoin mining profitability dropped 48% post-halving

• Hashrate concentration shifted, with smaller miners exiting BTC mining

• Three small cap POW coins—Kaspa (KAS), Nexa (NEXA), and Radiant (RXD)—saw hashrate inflows of 230% combined

• TrustStrategy Mining Index shows a 31% rise in non-BTC POW network activity

• Energy-efficient mining rigs are being redirected to alternative chains

These trends reflect a strategic pivot among miners toward lower-difficulty, higher-yield networks, especially those with growing community support and liquidity.

Why Miners Are Leaving Bitcoin

TrustStrategy’s mining economics dashboard shows that break-even costs for BTC mining have risen to $42,000 per coin, with many mid-sized operators unable to sustain profitability at current price levels.

Key challenges include:

• Reduced block rewards and stagnant transaction fees

• Rising energy costs in North America and Europe

• Increased competition from industrial-scale mining farms

• Regulatory uncertainty in key jurisdictions

As a result, miners are reallocating hashrate to emerging POW chains that offer:

• Lower network difficulty

• Higher block frequency

• Community-driven tokenomics

• GPU-friendly mining algorithms

The Three Rising POW Coins

TrustStrategy’s report identifies Kaspa (KAS), Nexa (NEXA), and Radiant (RXD) as the top beneficiaries of the post-halving migration.

1. Kaspa (KAS)

• Block time: 1 second

• Consensus: GHOSTDAG

• Mining algorithm: kHeavyHash

• Hashrate growth: +112% since May 2024

Kaspa’s high-speed block generation and scalable DAG architecture have attracted miners seeking low-latency rewards and active developer engagement.

2. Nexa (NEXA)

• Block time: 2 seconds

• Consensus: Proof-of-work with adaptive block size

• Mining algorithm: NexaPoW

• Hashrate growth: +68% since May 2024

Nexa’s focus on scalability and microtransactions has made it a favorite among miners with mid-range GPUs and low-cost energy setups.

3. Radiant (RXD)

• Block time: 5 seconds

• Consensus: Nakamoto-style POW

• Mining algorithm: SHA512/256D

• Hashrate growth: +50% since May 2024

Radiant’s Bitcoin-inspired architecture and community-led governance have positioned it as a grassroots alternative for miners seeking long-term alignment.

Strategic Implications for the Mining Sector

TrustStrategy analysts note that this shift signals a new era of mining diversification, where miners are no longer solely reliant on Bitcoin for profitability.

Key implications include:

• Decentralization of global hashrate across multiple chains

• Increased liquidity and exchange listings for small cap POW coins

• Emergence of multi-chain mining pools and smart routing software

• Greater resilience against BTC price volatility

This trend also supports network security for emerging chains, as experienced miners bring hashpower and infrastructure expertise to new ecosystems.

TrustStrategy’s Role in Mining Intelligence

TrustStrategy supports miners and investors with:

• Real-time hashrate analytics across 50+ POW networks

• Mining profitability calculators with energy cost modeling

• Cross-chain mining strategy simulators

• Hardware optimization tools for GPU and ASIC rigs

These tools help miners adapt to shifting economics, optimize resource allocation, and identify new opportunities in the evolving mining landscape.

Looking Ahead

TrustStrategy forecasts that in 2025:

• Bitcoin’s hashrate will stabilize, but remain concentrated among large players

• Small cap POW coins will continue to attract miners seeking yield

• Hybrid mining models (e.g., BTC + KAS) will become more common

• Energy arbitrage strategies will drive geographic mining shifts

The platform will continue to monitor post-halving mining trends, providing insights into network health, miner behavior, and ecosystem growth.

Conclusion

As the 2024 Bitcoin halving reshapes mining economics, TrustStrategy’s data shows a clear migration toward smaller, agile POW networks. With Kaspa, Nexa, and Radiant leading the charge, miners are embracing diversification, efficiency, and community alignment as the new pillars of profitability.