Leading Bitcoin (NASDAQ:BTC-USD) miners are working hard to boost output and efficiency in the run-up to the 2024 Bitcoin halving. Slated for some time between April 19 and 20, the block reward will fall from 6.25 to 3.125.

The Bitcoin halving occurs every four years, ensuring deflation. Bitcoin investors monitor the event because it frequently raises the cryptocurrency’s price, which currently needs a boost after falling 8% below $62,000 due to global fears.

Consequently, by mid-2024, our first choice will be a Bitcoin miner expanding its capacity at a new facility. 31,500 advanced miners are part of the facility refurbishment, which will boost operational hash rate capacity by 22%.

To increase sustainability, another massive Bitcoin miner built a 200-megawatt data center next to a renewable power source. This turn toward environmental responsibility and cost efficiency should drop operating expenses by 20%. In March 2024, this miner was ready for the halving, with a working hash rate of 18.3 EH/s.

A third miner completes the group, which is using high-efficiency equipment to take advantage of post-halving dynamics and quadruple its fleet by mid-2024.

Apart from ambitious strategies to increase efficiency ahead of the fourth halving, all three Bitcoin miners offer double-digit upside up to 151%.

Riot Platforms (RIOT)

Riot Platforms (NASDAQ:RIOT) must change its approach before the Bitcoin halving, since it hasn’t worked thus far. The Bitcoin miner generated 425 Bitcoins in March 2024, up 2% from the previous month but down 39% from the prior year.

As of the end of the month, its deployed hash rate was 12.4 EH/s, the same as February, but higher than 10.5 a year earlier. Needless to say, this is hardly good news coming into halving season.

However, the firm is developing the Corsicana Facility to increase mining capacity. It should increase to 400 MW and 1 GW. Operations will be simplified by a 400 MW substation and immersion systems in April 2024.

Riot replaced failing miners with 31,500 MicroBT M60S miners to improve Rockdale Facility efficiency. The restoration will boost the facility’s hash rate capacity from 12.4 EH/s to 15.1 EH/s by July 2024.

Riot has added 33,000 rigs to prepare for the 2024 Bitcoin halving, increasing its operations by 18 EH/s. Riot can self-mine 38 EH/s when all its rigs are online in the second half of 2025.

It wants to reach 41 EH/s self-mining hash rate capacity in 2025 when all Corsicana Facility miners are operational. Riot has placed purchase orders for miners to raise its mining capacity to over 100 EH/s in the coming years in order to become the leading Bitcoin-driven infrastructure provider.

Analysts rate RIOT a strong buy, predicting a 116% upside based on a target price of $19.67. The forecast is based on 9 analyst ratings, all of which are rated buy.

Marathon Digital Holdings (MARA)

Like Riot Platforms, Marathon Digital Holdings (NASDAQ:MARA) is one of the biggest Bitcoin miners in the world and has made significant operational and strategic improvements to boost efficiency before the halving.

In Garden City, Texas, it bought a 200-megawatt Bitcoin mining data center near a wind farm. Marathon forecasts a 20% operational expenditure reduction and enhanced sustainability after this transaction. Marathon Digital Holdings also manages newly acquired sites in Texas and Nebraska without third parties, reducing expenses and improving mining efficiency.

Marathon’s March 2024 operational hash rate was 18.3 EH/s. By March 2024, Bitcoin holdings reached 17,381 BTC, with unconstrained cash rising to $324.3 million from the previous year.

Marathon wants to raise its capacity to 1.1 gigawatts, with a large share owned and controlled by Marathon.

At the same time, MARA’s financial plan may include selling certain Bitcoin holdings to pay monthly operations and manage the treasury. 440 Bitcoins were sold in March alone.

There’s an upside potential of 40%, with the average price target set at $22.55 (versus the last closing price of $16.11).

Bit Digital (BTBT)

Bit Digital (NASDAQ:BTBT) will wrap up our discussion of Bitcoin miners with plans to quadruple its Bitcoin mining fleet to 6.0 EH/s in April 2024.

The miner generated 136.4 bitcoins in March 2024, a 6% rise over the previous month. As of March 31, the company’s active hash rate was around 2.76 EH/s. Treasury holdings of ETH and BTC were 16,032.0 and 956.6, respectively. Its holdings of digital assets were worth around $127.7 million as of March 31.

By the end of 2024, the firm hopes to increase its revenue run-rate from around $50 million to $100 million by developing its Bit Digital AI business. This covers onboarding new clients and extending current contracts.​

Bit Digital has $34.9 million in cash, $74 million in digital assets and does not have debt. Since miners’ rewards are halved every 210,000 blocks, it’s crucial to have a flexible financial sheet.

With 12,752 ETH invested as of late 2023, the firm generated an October blended annual percentage yield (APY) of nearly 4.25%. Bit Digital keeps converting bitcoin that has been mined into ETH for staking, which generates further income via staking incentives.

With an average price target of $5.17, BTBT has a 151% upside from its last closing price of $2.06.

On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.