比特幣（BTC）採礦費用在第4季度2024年急劇上升，平均每枚硬幣$ 137,018

比特幣（BTC）採礦費用在2024年的最後一個季度急劇上升，Coinshares報告說總平均成本

Bitcoin BTC/USD mining expenses rose sharply in the final quarter of 2024, with CoinShares reporting Thursday that the total average cost to produce one Bitcoin, including non-cash items, climbed to $137,018.

比特幣BTC/USD採礦費用在2024年的最後一個季度急劇上升，Coinshares週四報導說，生產一個比特幣的總平均成本（包括非現金商品）攀升至137,018美元。

This figure includes depreciation and stock-based compensation, offering a more comprehensive look at the financial stress facing miners despite the strength in Bitcoin's market price.

該數字包括折舊和基於股票的薪酬，儘管比特幣的市場價格實力實力，但對礦工面臨的財務壓力進行了更全面的研究。

According to CoinShares’ Q4 2024 Mining Report, the weighted average cash cost to produce a Bitcoin among publicly listed miners increased 47% quarter-over-quarter, shifting from $55,950 in Q3 to $82,162 in Q4.

根據Coinshares的第四季度2024年礦業報告，在公開上市礦工中生產比特幣的加權平均現金成本增加了47％的四分之一季度，從第三季度的55,950美元轉移到第四季度的82,162美元。

Excluding outliers like Hut 8 HUT, which saw costs skewed by a large deferred tax expense, the cash cost averaged $75,767.

除了諸如Hut 8 Hut之類的異常值之外，其成本偏向於大量遞延稅費，現金成本平均為75,767美元。

"The report provides a deeper dive into the financial performance of the Bitcoin mining sector, revealing a more complex story than surface-level analysis might suggest," the report stated.

該報告說：“該報告提供了比特幣採礦業的財務績效的深入研究，揭示了一個比表面水平分析所表明的更複雜的故事。”

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另請閱讀：當組織者澄清晚宴的參與規則時，特朗普模因硬幣價格飆升15％

What Happened: Throughout Q4 2024, Bitcoin's price hovered around $82,000, which, when combined with the average cash cost of $75,767, might lead some to conclude that most miners were operating profitably.

發生了什麼：在整個2024年第4季度，比特幣的價格徘徊在82,000美元左右，當加上平均現金成本為75,767美元時，這可能會導致一些人得出結論，大多數礦工都在盈利。

However, CoinShares emphasizes that including non-cash expenses, such as accelerated depreciation of mining equipment and stock compensation, paints a different picture.

但是，Coinshares強調，包括非現金費用，例如加速採礦設備和庫存補償的貶值，都會描繪出不同的情況。

When factoring in these additional expenses, the total average cost to produce one Bitcoin across the main listed miners reached $137,018 in Q4 2024.

當考慮這些額外費用時，在第4季度2024年，在主要銷售礦工中生產一個比特幣的總平均成本達到137,018美元。

"This disparity between headline profitability and actual financial sustainability is a key finding of the report and underscores the unique challenges faced by the Bitcoin mining industry," the report stated.

報告說：“標題盈利能力與實際財務可持續性之間的這種差異是該報告的關鍵發現，並強調了比特幣採礦業所面臨的獨特挑戰。”

ASIC Depreciation And Competitive Pressures: A major driver of these costs is the rapid depreciation cycle of ASIC (application-specific integrated circuit) hardware, which must be updated frequently to remain competitive. Unlike gold mining equipment that retains utility over long periods, Bitcoin mining hardware quickly becomes obsolete, necessitating continuous reinvestment from firms.

ASIC折舊和競爭壓力：這些成本的主要驅動力是ASIC（特定於應用程序集成電路）硬件的快速折舊週期，必須經常更新以保持競爭力。與長期保留公用事業的黃金開採設備不同，比特幣採礦硬件很快就會過時，因此需要對公司的持續再投資。

"This dynamic results in a unique financial strain. Miners are trapped in an ‘ASIC hamster wheel'—a constant need to replace hardware driven not by wear and tear, but by technological obsolescence," the report explained.

報告解釋說：“這種動態導致了獨特的財務壓力。礦工被困在'ASIC倉鼠車輪'中 - 不斷需要替換由磨損而不是通過技術過時的硬件驅動的硬件。”

The report highlighted that Bitcoin mining differs significantly from gold mining in terms of economic resilience. While gold mining typically features more stable production forecasts and longer depreciation timelines, rendering it less susceptible to rapid shifts in the competitive landscape, the report noted that "in the Bitcoin domain, the actions of competitors exert a strong influence on mining outcomes."

該報告強調，在經濟彈性方面，比特幣開採與黃金開採有很大不同。雖然黃金開採通常具有更穩定的預測和更長的折舊時間表，因此它不太容易受到競爭格局的快速變化，但該報告指出：“在比特幣領域，競爭對手的行為對採礦成果產生了強大的影響。”

For instance, if one miner increases capacity significantly, it can have a substantial impact on the relative output of other miners, even if they maintain the same level of operations.

例如，如果一個礦工大大增加了容量，那麼即使他們保持相同的運營水平，也可能對其他礦工的相對產出產生重大影響。

Hashrate Acceleration And Forward Guidance: Despite these rising expenses, Bitcoin's network hashrate reached a record 900 exahashes per second (Eh/s) at the end of 2024, placing it slightly ahead of CoinShares' previous projections.

哈希拉特加速度和前向指導：儘管這些費用增加了，比特幣的網絡哈希拉特在2024年底達到了每秒900張Exahashes（EH/s）的創紀錄，使其比Coinshares先前的預測略有領先。

The firm expects the network to cross the 1 zettahash per second (Zh/s) mark by July 2025, with hashrate forecast to hit 2.0 Zh/s by early 2027.

該公司預計該網絡將在2025年7月到2025年7月越過每秒1（ZH/s）的標記，到2027年初，Hashrate預測將達到2.0 ZH/s。

CoinShares attributes the increase to strong price action and favorable policy developments, which motivated miners to accelerate infrastructure deployments despite the rising capital and operational costs.

Coinshares將增加的價格歸因於強勁的價格行動和有利的政策發展，儘管資本和運營成本上漲，但礦工仍促使礦工加速基礎設施的部署。

Structural Challenges And Industry Shifts: CoinShares also noted that the mining sector is becoming increasingly saturated, with valuation multiples compressing across publicly listed firms. This reflects the growing consensus that Bitcoin mining is now a zero-sum game, where gains in hashrate by one miner come at the direct expense of another’s market share.

結構性挑戰和行業的轉變：Coinshares還指出，採礦業越來越飽和，估值倍數在公開上市的公司中壓縮。這反映出比特幣採礦現在是一款零和遊戲的日益增長的共識，其中一名礦工在哈希拉特中獲得的收益是直接支出他人的市場份額。

In response, several miners, including Core Scientific CORZ and Cipher Mining CIFR, are diversifying into AI infrastructure and high-performance computing (HPC) services to build more stable and scalable revenue streams.

作為回應，包括核心科學Corz和Cipher Mining CIFR在內的幾名礦工正在多元化為AI基礎架構和高性能計算（HPC）服務，以建立更穩定和可擴展的收入流。

CORZ has already allocated 43% of its energy capacity to AI-related operations, while CIFR plans to dedicate 35% of its future buildout towards AI and HPC, aiming for a total of 1800 megawatts (MW) in 2025.

CORZ已經將其能源容量的43％分配給了與AI相關的運營，而CIFR計劃將其未來的35％的建築物投入到AI和HPC上，旨在在2025年將總計1800兆瓦（MW）進行。

Miners Who Cut Costs In Q4: While most miners saw higher costs in Q4, CleanSpark CORZ, Iren IREN and Cormint managed to reduce their cost of revenue per Bitcoin mined.

削減第四季度成本的礦工：雖然大多數礦工在第四季度的成本較高，但CleanSpark Corz，Iren Iren和Cormint設法降低了其每比特幣開采的收入成本。

CleanSpark achieved an 8% reduction thanks to fleet efficiency improvements and increased uptime, Iren saw a 39% decrease thanks to lower energy prices and greater efficiency, and Cormint experienced a 44% decline due to increased fleet uptime and lower input costs.

由於機隊效率提高並增加了正常運行時間，CleanSpark降低了8％，由於能源價格降低和效率提高，Iren下降了39％，並且由於車隊的正常運行時間和較低的投入成本，Cormint經歷了44％的下降。