比特幣挖礦複雜性下降，為面臨利潤壓力的礦工提供喘息之機

最近比特幣挖礦難度的下降歸因於 2020 年 5 月減半後價格下降和挖礦設備成本增加。這造成了成本壓力，導致高成本礦機關閉並降低了算力。 Bernstein 表示，這種下降有利於 Riot Platforms 和 CleanSpark 等低成本礦商，它們可以有效抵禦市場波動並利用未來價格上漲的機會。

Bitcoin Mining Complexity Plunges, Leading to Relief for Miners Facing Margin Pressures

比特幣挖礦複雜性大幅下降，緩解了面臨利潤壓力的礦工的壓力

The mining landscape for Bitcoin has witnessed a significant shift in the past week, with mining complexity experiencing its steepest decline since December 2022. This approximately 6% drop has brought much-needed relief to Bitcoin miners, who have been grappling with squeezed margins amidst fluctuating market conditions.

過去一周，比特幣挖礦格局發生了重大變化，挖礦複雜性經歷了2022 年12 月以來的最大幅度下降。急需的緩解。

A comprehensive report published by brokerage firm Bernstein sheds light on the reasons behind this decline in difficulty. The report attributes this development to a combination of lower Bitcoin prices and a notable surge in mining equipment costs since the last Bitcoin halving in May 2020. These factors have exerted considerable pressure on mining operations, leading to the closure of high-cost mining rigs. Consequently, the overall hashrate, representing the combined computing power securing the Bitcoin network, has witnessed a decrease.

經紀公司伯恩斯坦發布的一份綜合報告揭示了難度下降背後的原因。該報告將這一發展歸因於比特幣價格下跌以及自2020 年5 月上次比特幣減半以來採礦設備成本顯著飆升。設備被關閉。因此，代表保護比特幣網路的綜合運算能力的整體哈希率出現了下降。

Within the Bitcoin mining industry, Riot Platforms (RIOT) and CleanSpark (CLSK) have emerged as frontrunners, boasting the lowest production costs. Their robust balance sheets and cash positions provide them with a strategic advantage, enabling them to effectively navigate market fluctuations.

在比特幣挖礦產業中，Riot Platforms (RIOT) 和 CleanSpark (CLSK) 已成為領跑者，擁有最低的生產成本。他們穩健的資產負債表和現金狀況為他們提供了策略優勢，使他們能夠有效應對市場波動。

"A temporary pause in Bitcoin price is actually beneficial for established low-cost Bitcoin miners because hashrates remain capped while these miners can carry out their ambitious capital expenditure and merger and acquisition plans to expand their market share," the Bernstein report emphasizes. This window of opportunity allows them to enhance their operations and solidify their dominance while others face challenges.

伯恩斯坦報告強調：「比特幣價格的暫時停滯實際上對老牌低成本比特幣礦商有利，因為算力仍然受到限制，而這些礦商可以實施雄心勃勃的資本支出和併購計劃，以擴大其市場占有率."這一機會之窗使他們能夠在其他人面臨挑戰時加強運營並鞏固其主導地位。

Furthermore, the report underscores the potential for these miners to capitalize on future price upswings. "When Bitcoin price momentum picks up, miners can reap significant revenues from higher production," the report states.

此外，該報告強調了這些礦商利用未來價格上漲的潛力。報告指出：“當比特幣價格上漲時，礦商可以從更高的產量中獲得可觀的收入。”

Although Bernstein does not foresee a major price drop for Bitcoin, it anticipates a period of consolidation before a potential breakout. The key to unlocking the next bull run, according to Bernstein, lies in increased institutional investment. The report specifically highlights spot exchange-traded funds (ETFs) as a catalyst for attracting allocations from registered investment advisors (RIAs), wealth platforms, and other institutional funds.

儘管伯恩斯坦預計比特幣價格不會大幅下跌，但它預計在潛在突破之前會經歷一段整合期。伯恩斯坦認為，開啟下一輪多頭的關鍵在於增加機構投資。該報告特別強調現貨交易所交易基金（ETF）是吸引註冊投資顧問（RIA）、財富平台和其他機構基金分配的催化劑。

Bernstein maintains an "outperform" rating on CleanSpark and Riot Platforms, expressing confidence in their ability to outperform the overall market. However, it assigns a "market-perform" rating to Marathon Digital (MARA), indicating that its performance is likely to align with broader market trends.

Bernstein 維持對 CleanSpark 和 Riot Platforms 的「跑贏大盤」評級，表達了對它們跑贏整體市場的能力的信心。然而，它給 Marathon Digital (MARA) 授予「市場表現」評級，表明其表現可能與更廣泛的市場趨勢保持一致。

At the time of writing, Bitcoin is trading at $62,980, reflecting a modest 0.42% gain over the past 24 hours. However, it remains approximately 6.26% below its value from a month ago. Bitcoin has recently breached a crucial support level of $61,000, and if its upward trajectory persists, it could potentially reach $65,000.

截至撰寫本文時，比特幣交易價格為 62,980 美元，在過去 24 小時內小幅上漲 0.42%。然而，仍比一個月前低約 6.26%。比特幣最近突破了 61,000 美元的關鍵支撐位，如果其上漲軌跡持續下去，它可能會達到 65,000 美元。