比特幣採礦生態系統繼續迅速發展

Coinshares的見解4224年礦業報告和Compass Mining的2025年3月比特幣採礦業報告突出了關鍵趨勢

The Bitcoin mining ecosystem continues to evolve rapidly, driven by technological advancements, market dynamics, and strategic shifts among major players.

在主要參與者之間的技術進步，市場動態和戰略轉變的推動下，比特幣礦業生態系統繼續迅速發展。

Coinshares’ Q4 2024 Mining Report and Compass Mining’s March 2025 Bitcoin Mining Industry Report provide a snapshot of this evolution, revealing key trends such as surging hashrates, sustainable energy adoption, and diversification into high-performance computing (HPC) and AI.

Coinshares的第四季度2024挖掘報告和Compass Mining的2025年3月比特幣採礦業報告提供了這種進化的快照，揭示了關鍵趨勢，例如飆升的哈希河流，可持續的能源採用以及對高表現計算（HPC）和AI的多樣化。

Coinshares noted that the global Bitcoin mining hashrate saw a 104% uptick in 2023, a trend that persisted into 2024. By March 2025, Compass Mining reported the hashrate surging further toward 800 EH/s, fueled by the deployment of advanced mining rigs like Bitdeer’s SEALMINER A1 and A2 series.

Coinshares指出，全球比特幣礦業障礙在2023年看到了104％的增長，這種趨勢一直持續到2024年。到2025年3月，Compass Mining報告說，該橋樑進一步朝著800 EH/s飆升，這是由於Bitder Sealline Sealminer A1和A2系列的高級採礦鑽機的部署而推動了800 E/S。

However, this expansion has driven mining difficulty to record highs, reaching 95.6727 terahashes in October 2024 and further increasing by 4.8% in March 2025. This rising difficulty has squeezed production margins, particularly for miners unable to scale their hashrate. For instance, Marathon Digital (now MARA) faced Q1 2024 production setbacks due to equipment and weather-related issues, impacting their ability to compete in the escalating mining landscape.

然而，這種擴張驅動了開採困難的記錄，2024年10月達到了95.6727 Terahashes，並在2025年3月進一步增加了4.8％。這一上升的難度擠壓了生產保證金，尤其是對於無法擴展其載體的礦工。例如，由於設備和與天氣相關的問題，馬拉松數字（現為Mara）面臨第二季度2024年的生產挫折，從而影響了他們在不斷升級的採礦景觀中競爭的能力。

Sustainability remains a focal point for the industry. Coinshares’ Q4 2024 report highlights that approximately 53% of Bitcoin mining energy is sustainably sourced, surpassing the finance industry’s 40% benchmark. Miners are increasingly leveraging stranded energy, such as flared natural gas, to reduce emissions. Coinshares estimates that utilizing flared gas could offset all Bitcoin mining emissions in the U.S., with a potential reduction of 78 Mt CO2e. This aligns with the industry’s role in grid balancing, seen with HIVE Digital’s operations in Sweden, where proprietary software adjusts power usage to support critical services like hospitals.

可持續性仍然是該行業的焦點。 Coinshares的第四季度2024報告強調，大約53％的比特幣採礦能源是可持續採購的，超過了金融業的40％基準。礦工越來越多利用滯留的能量，例如爆發天然氣，以減少排放。 Coinshares估計，利用喇叭形氣體可以抵消美國所有比特幣挖掘的排放，潛在降低78噸CO2E。這與行業在網格平衡中的作用相吻合，與Hive Digital在瑞典的運營相吻合，在瑞典，專有軟件會調整功率使用情況，以支持醫院等關鍵服務。

The April 2024 Bitcoin halving had a significant impact on production costs, which doubled. Coinshares estimates the weighted average cost of production rose from $16,800 to $27,900 per Bitcoin, and cash costs increased from $25,000 to $37,800. Miners with efficient cost structures, like Riot Platforms, are better positioned to navigate these challenges. In contrast, high SG&A costs threaten the profitability of other miners unless Bitcoin prices rise above $40,000.

2024年4月的比特幣減半對生產成本產生了重大影響，這翻了一番。 Coinshares估計，加權的平均生產成本從16,800美元增加到每比特幣的27,900美元，現金成本從25,000美元增加到37,800美元。具有高效成本結構的礦工，例如RIOT平台，可以更好地應對這些挑戰。相比之下，除了比特幣價格上漲40,000美元以上，較高的SG＆A成本威脅到其他礦工的盈利能力。

By March 2025, Bitcoin’s price had surged to $83,550, providing some relief and boosting treasury valuations for miners. For instance, Bitdeer held 724 BTC, valued at $74M, while Core Scientific's treasury holdings were 1,039 BTC, amounting to $88M.

到2025年3月，比特幣的價格飆升至83,550美元，為礦工提供了一些救濟和增強庫存估值。例如，Bitdeer持有724 BTC，價值7400萬美元，而Core Scientific的財政部持有量為1,039 BTC，總計8800萬美元。

Miners are diversifying beyond Bitcoin (BTC) to capitalize on HPC and AI opportunities. For example, Core Scientific’s 590 MW hosting contract with CoreWeave, valued at $10 billion over 12 years, showcases this shift. Bitdeer’s AI cloud services, powered by NVIDIA DGX SuperPod, achieved 90% utilization by December 2024. Meanwhile, Bitfarms aims for 75% of its hashrate to come from North American data centers by mid-2025, enabling both mining and AI workloads. These ventures leverage existing infrastructure to offset the volatility inherent in the cryptocurrency market.

礦工正在超越比特幣（BTC）多元化，以利用HPC和AI機會。例如，Core Scientific的590 MW與Coreweave託管合同，價值12億美元，在12年內為100億美元，展示了這一轉變。由NVIDIA DGX SuperPod提供支持的Bitdeer的AI Cloud Services在2024年12月之前實現了90％的利用率。與此同時，Bitfarms的目標是到2025年中期，其目標是從北美數據中心獲得75％的哈希雷特，從而實現了採礦和AI的工作量。這些冒險利用現有的基礎設施來抵消加密貨幣市場固有的波動率。

Given these developments and transformative trends, Infrastructure investments remain robust. Bitdeer’s 2.5 GW power capacity and Bitfarms’ 120 MW site in Pennsylvania, set for completion by mid-2025, highlight strategic expansions. These projects, located in Bhutan and Pennsylvania respectively, enhance operational efficiency and geographic diversification.

鑑於這些發展和變革趨勢，基礎設施投資仍然強大。 Bitdeer在賓夕法尼亞州的2.5 GW功率容量和Bitfarms的120 MW站點將於2025年中期完成，重點介紹了戰略性擴展。這些項目分別位於不丹和賓夕法尼亞州，提高了運營效率和地理多元化。

The Bitcoin mining ecosystem is navigating a complex landscape of rising hashrates, sustainability efforts, and financial pressures post-halving. Diversification into HPC/AI and strategic infrastructure investments are positioning leading miners like Bitdeer, Core Scientific, and Bitfarms for long-term growth, further supported by a bullish Bitcoin price trajectory (for now at least).

比特幣採礦生態系統正在瀏覽橋樑，可持續性努力和備用後財務壓力的複雜景觀。在HPC/AI和戰略基礎設施投資中的多元化正在將諸如Bitdeer，Core Scientific和Bitfarms等領先的礦工定位為長期增長，並得到了看漲的比特幣價格軌蹟的進一步支持（至少目前至少是）。