美國新一輪挖礦晶片競爭有望實現挖礦供應鏈多元化並削弱比特大陸的主導地位

比特幣 (BTC) 挖礦晶片和硬體產業未來五年的潛在市場總額將達到 200 億美元

The Bitcoin BTC -4.49% BTC -4.49% See Details mining hardware industry is poised to generate a total addressable market (TAM) of $20 billion over the next five years, presenting an opportunity for U.S.-based companies to diversify the supply chain and compete on advanced chip design, according to analysts at research and brokerage firm Bernstein.

比特幣 BTC -4.49% BTC -4.49% 查看詳細資訊 挖礦硬體產業預計在未來五年內產生 200 億美元的總可尋址市場 (TAM)，為美國公司提供供應鏈多元化和競爭的機會研究和經紀公司伯恩斯坦的分析師表示，這是關於先進晶片設計的。

In a note to clients on Tuesday, the analysts highlighted the historically dominant role of China-based companies in the Bitcoin mining hardware market, with Bitmain holding over 80% share. However, the launch of new mining chips in the U.S. by Block and Auradine offers a chance to shift the landscape.

在周二給客戶的報告中，分析師強調了中國公司在比特幣挖礦硬體市場上歷史上的主導地位，其中比特大陸持有超過 80% 的份額。然而，Block 和 Auradine 在美國推出新的挖礦晶片提供了改變格局的機會。

“We expect 15-30% growth in annual mining equipment demand led by increasing network hashrate (supported by our bitcoin price conviction) and replacement/upgrading of existing capacity to make mining more efficient after rewards are cut in half in bitcoin terms after halving,” the analysts said, adding that the hardware revenue opportunity is estimated at ~$3-5 billion annually.

「我們預計年度挖礦設備需求將成長15-30%，這主要是由於網路算力的增加（由我們的比特幣價格信念支援）以及現有容量的更換/升級，以在比特幣減半後獎勵減少一半後提高挖礦效率， 」分析師表示，並補充說，硬體收入機會每年估計約為 3-50 億美元。

Earlier this month, Block, co-founded by former Twitter CEO Jack Dorsey, announced an agreement to supply Core Scientific with its new 3-nanometer ASIC mining chips, which will reportedly provide around 15 EH/s of hashrate and be more energy-efficient than current designs. Bernstein values the deal at $300 million and expects more U.S. Bitcoin miners to follow.

本月早些時候，由Twitter 前執行長Jack Dorsey 共同創立的Block 宣布達成協議，向Core Scientific 提供其新型3 奈米ASIC 挖礦晶片，據報道該晶片將提供約15 EH/s 的算力，並且更加節能比目前的設計。 Bernstein 對這筆交易的估值為 3 億美元，並預計會有更多的美國比特幣礦商跟進。

The chips will be used to mine bitcoin (BTC) and other cryptocurrencies, and are designed to be more efficient than current models. Block said the chips will be available in the second half of 2023.

這些晶片將用於挖掘比特幣（BTC）和其他加密貨幣，並且設計得比當前模型更有效率。 Block 表示，這些晶片將於 2023 年下半年上市。

Meanwhile, Auradine, which is backed by Bitcoin miner MARA, recently shipped its AT1500 Teraflux miners (22J/TH) and announced new AT2880 and AI3680 models. The Teraflux 2800 series will reportedly use 3nm ASIC chips with 14J/TH efficiency. In April, Auradine closed an $80 million Series B round.

同時，由比特幣礦機 MARA 支持的 Auradine 最近發貨了 AT1500 Teraflux 礦機 (22J/TH)，並宣布了新的 AT2880 和 AI3680 型號。據報道，Teraflux 2800系列將使用3nm ASIC晶片，效率為14J/TH。 4 月，Auradine 完成了 8,000 萬美元的 B 輪融資。

According to the Bernstein analysts, the launch of U.S.-based competition in mining chips aligns with Republican presidential candidate Donald Trump’s recent push to “make bitcoin” in America, a pledge that includes turning the U.S. into a "Bitcoin mining superpower" and providing increased electricity generation capacity for the industry.

伯恩斯坦分析師表示，美國採礦晶片競爭的啟動與共和黨總統候選人唐納德·川普最近推動在美國“製造比特幣”相一致，這一承諾包括將美國變成“比特幣採礦超級大國” ，並提供更多的資金。

“This is a tailwind for U.S. Bitcoin miners, with the potential to improve fleet efficiency, drive lower capex (from lower chip pricing) and spare power capacity for AI/HPC opportunities,” the analysts said in their note on Monday, adding that crypto is “no longer a bipartisan issue” amid Trump's Bitcoin promises and Kamala Harris' “late” olive branch to the industry.

分析師在周一的報告中表示：「這對美國比特幣礦商來說是一股順風，有可能提高礦機效率，降低資本支出（來自較低的晶片定價），並為人工智慧/高效能計算機會提供備用電力能力。

Chhugani maintains long positions in various cryptocurrencies. Certain Bernstein affiliates act as market makers or liquidity providers in the debt securities of Riot Platforms.

Chhugani 持有多種加密貨幣的多頭部位。某些 Bernstein 附屬公司充當 Riot 平台債務證券的做市商或流動性提供者。