How will bitcoin halving affect miners' profitability?

With the impending Bitcoin halving event looming, investors and miners alike are understandably curious about its potential impact on miners' profitability. After all, this is a mechanism that is integral to the cryptocurrency's monetary policy and is designed to maintain its scarcity over time. Could the reduced block rewards halve miners' profits in equal measure? Or might other factors, such as increased transaction fees or improved mining efficiency, mitigate this impact? How might miners strategize in response to the halving? The answers to these questions hold significant implications for the sustainability of the Bitcoin network and its miners' economic incentives.