How Does a Miner’s Break-Even Point Change after a Halving?

The break-even point is the price at which the miner's revenue exactly covers their operating costs. Since a halving immediately cuts the coin-denominated revenue by 50%, the fiat price of the coin must essentially double for the miner to maintain the same fiat revenue and break-even point, assuming costs remain constant.

Miners with higher electricity costs or older, less efficient hardware will see their break-even point rise sharply, forcing them to potentially shut down.