比特幣（BTC）採礦業從未對機構投資者更具吸引力。

金融科技巨頭正在投資比特幣採礦，而不僅僅是積累資產，這要歸功於美國有利的監管環境以及BTC的盈利幅度。

The Bitcoin (BTC) mining industry has never been more attractive to institutional investors. Fintech giants are investing in Bitcoin mining rather than just accumulating the asset, thanks to the favorable regulatory environment in the US and the interesting economics of BTC, which is interesting enough to attract huge players.

比特幣（BTC）採礦業從未對機構投資者更具吸引力。金融科技巨頭正在投資比特幣採礦，而不僅僅是累積資產，這要歸功於美國有利的監管環境和BTC有趣的經濟學，這足以吸引大型玩家。

Then, numerous companies are diversifying by allocating computing power to AI, further strengthening their economics and, thus, investment attractiveness. For now, it looks like the future of the foundational layer for the Bitcoin network could mark the new gusher age.

然後，許多公司通過將計算能力分配給AI，進一步增強其經濟學，從而使投資吸引力多樣化。目前，比特幣網絡的基礎層的未來似乎標誌著新的Gusher時代。

Is Bitcoin mining profitable?

比特幣採礦是有利可圖的嗎？

Bitcoin mining is still profitable. CoinShares, a digital asset investment firm, shared that the average cost to mine 1 BTC for US-listed miners reached $55,950 in Q3 2024. Two other popular models — one from MacroMicro and another dubbed the Glassnode Difficulty Regression Model — give different estimates.

比特幣採礦仍然是有利可圖的。數字資產投資公司Coinshares分享說，在第三季度2024年，美國上市礦工的平均成本達到55,950美元。另外兩個流行的型號 - 一種來自Macromicro的模型，另一種被稱為玻璃諾模型回歸模型 - 給出不同的估計。

On the very same day of Feb. 20, MacroMicro.me data shows that the average cost to produce 1 BTC hovers above $92,000; Glassnode’s Difficulty Regression Model estimates the cost to mine a single BTC at approximately $34,400, all while the cryptocurrency’s price hit $98,300 on that day.

在2月20日的同一天，macromicro.me數據顯示，產生1 BTC懸停的平均成本高於$ 92,000； GlassNode的困難回歸模型估計，開採單個BTC的成本約為34,400美元，而加密貨幣的價格卻達到了當天的98,300美元。

On a global scale, mining costs differ based on the region. For example, the electricity cost to produce 1 BTC in Ireland is roughly $321,000, but it costs just over $1,300 to mine 1 BTC in Iran. Electricity is only part of the equation — hardware, labor and maintenance costs also play a crucial role.

在全球範圍內，採礦成本根據該地區而有所不同。例如，在愛爾蘭生產1 BTC的電力成本約為321,000美元，但在伊朗1 BTC礦山的成本僅為1,300美元。電力只是方程式的一部分 - 硬件，人工和維護成本也起著至關重要的作用。

Recent data from CoinShares and MacroMicro.me paints a challenging yet nuanced picture for Bitcoin miners in the United States. While some institutional miners remain profitable, the broader landscape reveals increasing operational pressures that could reshape the mining industry.

Coinshares和Macromicro.me的最新數據為美國的比特幣礦工描繪了一個具有挑戰性但又細微的景象。儘管一些機構礦工仍然有利可圖，但更廣泛的景觀揭示了可以重塑採礦業的運營壓力增加。

If the challenges aren’t addressed, we might see institutions with high profitability rates expanding their operations and potentially acquiring struggling miners at bargain prices, which could put retail and smaller miners at risk.

如果沒有解決挑戰，我們可能會看到具有高利潤率的機構擴大了其業務，並有可能以便宜的價格收購陷入困境的礦工，這可能會使零售和較小的礦工處於危險之中。

Sustainable economics for investment attractiveness

可持續經濟學用於投資吸引力

In addition to receiving the block rewards, miners also benefit from the Bitcoin network’s transaction fees, which depend on network usage. Data shows that the daily Bitcoin transaction fees have been hovering between $360,000 and $1.3 million over the past month — reaching an average of $595,000 daily.

除了獲得塊獎勵外，礦工還從比特幣網絡的交易費用中受益，該交易費用取決於網絡使用。數據顯示，過去一個月，每日比特幣交易費用徘徊在360,000至130萬美元之間，每天平均達到595,000美元。

This additional revenue stream bolsters Bitcoin mining’s economic appeal and strengthens the resilience of the mining business model by diversifying income sources.

這種額外的收入來源Bolsters比特幣採礦的經濟吸引力，並通過多樣化的收入來源來增強採礦業務模式的彈性。

Recent: Bitcoin miner Bitfarms secures up to $300M loan from Macquarie

最近：比特幣礦工Bitfarms可從Macquarie獲得高達3億美元的貸款

It’s not only mining that mining hardware is used for. High computational power, captive power supplies and ready-made infrastructure make miners uniquely equipped to support AI and high-performance computing. In simple terms, mining firms can now rent out their hardware to process AI tasks instead of only focusing on mining Bitcoin.

採礦硬件不僅是開采的。高計算功率，圈養電源和現成的基礎設施使礦工具有獨特的配備，可以支持AI和高性能計算。簡而言之，採礦公司現在可以出租他們的硬件來處理AI任務，而不僅僅是專注於採礦比特幣。

The combination of transaction fee revenue growth and AI computing diversification creates a more resilient and profitable industry model (the existing one has never been quite appealing to institutional investments in the US).

交易費用收入增長和AI計算多樣性的結合創造了一種更具彈性和有利可圖的行業模式（現有的模型從未對美國的機構投資非常有吸引力）。

The US-based cryptocurrency exchange Coinbase had previously noted that the majority of surveyed institutions, specifically 83%, are planning to increase their crypto allocations in 2024. Among asset managers, 51% are considering investing in digital asset companies this year. This statistic highlights the broader institutional interest in exploring new avenues within the cryptocurrency ecosystem.

總部位於美國的加密貨幣交易所Coinbase此前曾指出，大多數經過調查的機構（尤其是83％）計劃在2024年增加其加密貨幣分配。在資產管理人員中，有51％的人正在考慮今年對數字資產公司進行投資。這種統計數據強調了在加密貨幣生態系統中探索新途徑的更廣泛的製度興趣。

Among these investment opportunities, digital asset lending platforms appear particularly attractive to institutions.

在這些投資機會中，數字資產貸款平台似乎對機構特別有吸引力。

This observation is further supported by the significant investments that have been pouring into crypto mining companies. For instance, Block interviewed executives at Circle, Avanta Ventures and Point72 Ventures to delve into the types of crypto startups that venture capitalists are interested in. According to the report by Point72, which manages about $27 billion in assets, a "huge portion" of its investments are in crypto lending and DeFi startups.

這一觀察結果得到了湧入加密礦業公司的重大投資的進一步支持。例如，Block在Circle，Avanta Ventures和Point72 Ventures採訪了高管，以深入研究風險資本家感興趣的加密初創公司。

That’s why I’m not surprised to witness huge investments in Riot Platforms, CoreWeave and other mining industry players.

這就是為什麼我對在Riot Platform，Coreweave和其他採礦行業參與者中進行巨額投資並不感到驚訝的原因。

The favorable market sentiment has paved the way for more initial public offerings (IPOs) and specialized funds targeting mining companies. In addition to securing the $650-million investment, CoreWeave aims to go public with a $4-billion IPO to help the Nvidia-backed company reach a $35-billion valuation.

有利的市場情緒為更多的首次公開產品（IPO）和針對採礦公司的專業資金鋪平了道路。除了獲得6億美元的投資外，CoreWeave還旨在通過40億美元的IPO公開公開，以幫助NVIDIA支持的公司達到350億美元的估值。

Bgin Blockchain, a Singapore-based crypto miner manufacturer, recently filed to go public in the US. Renaissance Capital, an investment advisory firm, expects Bgin Blockchain to raise $50 million for its IPO.

總部位於新加坡的加密貨幣製造商Bgin區塊鏈最近向美國公開申請。投資諮詢公司Renaissance Capital預計BGIN區塊鏈將為其IPO籌集5000萬美元。

This surge in institutional momentum is set to benefit the Bitcoin mining industry by driving up demand and tightening available supply on the market. As more large players accumulate and hold Bitcoin, market scarcity could increase, supporting higher prices and, in turn, boosting miner profitability.

機構勢頭的這種激增將通過提高需求並收緊市場供應來使比特幣採礦業受益。隨著越來越大的球員積累和持有比特幣，市場稀缺可能會增加，支持更高的價格，進而提高礦工的盈利能力。