2024年減半後，比特幣採礦進入其第五個時代

這迫使礦工重新考慮其運營，優化效率，降低能源成本併升級硬件以保持盈利。

After the 2024 halving, Bitcoin (BTC) mining entered its fifth epoch and block rewards were reduced from 6.25 BTC to 3.125 BTC. As a result, miners were forced to rethink their operations, focusing on cutting energy costs and upgrading hardware to remain profitable.

在2024年減半後，比特幣（BTC）開採進入其第五個時期，而塊獎勵從6.25 BTC降低到3.125 BTC。結果，礦工被迫重新考慮自己的業務，專注於降低能源成本併升級硬件以保持盈利。

Cointelegraph Research, with insights from industry experts at Uminers, examines this transformation in its latest report. The analysis covers ASIC efficiency improvements, corporate performance, geographical expansion and new revenue models.

CoIntelegraph Research憑藉Uminers行業專家的見解，在其最新報告中研究了這種轉變。該分析涵蓋了ASIC效率的提高，公司績效，地理擴張和新的收入模型。

As miners adapt, Bitcoin moves into a new era where institutional momentum and sovereign adoption could redefine its role in the global financial system.

隨著礦工的適應，比特幣進入了一個新時代，在這個時代，機構動力和主權採用可以重新定義其在全球金融體系中的作用。

The mining industry’s response to rising hashrate and shrinking margins

採礦行業對上升的哈希龍的反應和縮小的利潤率

Despite the adverse financial impact of the halving, Bitcoin’s network hashrate has continued to climb.

儘管減半的財務影響不利，但比特幣的網絡哈希拉特仍在繼續攀升。

As of May 1, 2025, the total computational power of the network reached 831 EH/s. Earlier in the month, hashrate peaked at 921 EH/s, marking a 77% increase from the 2024 low of 519 EH/s.

截至2025年5月1日，網絡的總計算能力達到831 EH/s。在本月早些時候，Hashrate的峰值達到921 EH/s，標誌著2024低的519 EH/s增長了77％。

This rapid recovery underscores the industry’s relentless drive for efficiency as larger mining firms reinvest in fleet upgrades and energy optimization to maintain profitability.

這種迅速的恢復強調了該行業的效率無懈可擊，因為更大的採礦公司在車隊升級和能源優化中進行了重新投資以維持盈利能力。

The mining arms race has always revolved around power efficiency. With energy costs rising, the latest ASIC models from Bitmain, MicroBT and Canaan are further optimizing the energy required per hash. Bitmain’s Antminer S21+ delivers 216 TH/s at 16.5 J/TH, while MicroBT’s WhatsMiner M66S+ pushes immersion-cooled performance to 17 J/TH.

採礦武器競賽始終圍繞電力效率旋轉。隨著能源成本的上升，Bitmain，Microbt和Canaan的最新ASIC模型正在進一步優化每個哈希所需的能量。 Bitmain的Antminer S21+以16.5 j/t的速度輸入216次/s，而Microbt的Whats-M66S+將沉浸冷卻的性能推至17 J/Th。

Meanwhile, semiconductor giants TSMC and Samsung are driving the next wave of innovation, with 3-nm chips already in use and 2-nm technology on the horizon.

同時，半導體巨頭TSMC和三星正在推動下一波創新，其中已經使用了3 nm的芯片，並且2-nm技術正在範圍內。

Post-halving profitability: The global shift toward low-cost energy

備受期待後的盈利能力：全球向低成本能源轉變

Bitcoin mining profitability has tightened significantly post-halving. Hashprice, the daily revenue per terahash per second, dropped from $0.12 in April 2024 to about $0.049 by April 2025.

比特幣採礦盈利能力已大大收緊了備用後。 HashPrice，每秒每天的每日收入，從2024年4月的0.12美元下降到2025年4月的0.049美元。

At the same time, network difficulty has surged to an all-time high of 123T, making it harder for miners to generate returns. To stay competitive, operations must extract maximum value from every watt of power consumed.

同時，網絡難度已經飆升至123噸的歷史高度，使礦工更難產生回報。為了保持競爭力，操作必須從消耗的每瓦瓦特中提取最大價值。

This shift has intensified the search for cheap, reliable power, driving mining expansion into regions where energy costs remain low.

這種轉變加劇了人們對廉價，可靠的權力的尋找，將開採擴展推向了能源成本保持較低的區域。

Electricity pricing now dictates mining profitability. In Oman, licensed miners benefit from government-backed subsidies, securing electricity at $0.05–$0.07 per kWh, while in the UAE, semi-governmental projects operate at even lower rates of $0.035–$0.045 per kWh.

電力定價現在決定採礦盈利能力。在阿曼，獲得許可的礦工從政府支持的補貼中受益，將電力定為0.05– $ 0.07，而在阿聯酋，半政府項目的運作速度甚至較低，價格較低0.035– $ 0.035- $ 0.045 / kwh。

These incentives have turned the region into a prime destination for institutional-scale mining. Meanwhile, in the US, where industrial power costs often exceed $0.1 per kWh, miners face shrinking margins, forcing a migration toward more cost-efficient locations.

這些激勵措施使該地區成為機構規模開采的主要目的地。同時，在美國，工業電力成本通常超過每千瓦時的0.1美元，礦工面臨的利潤率縮小，迫使遷移到更具成本效益的地點。

Africa, the Middle East and Central Asia have emerged as key battlegrounds in this race, offering the energy arbitrage opportunities miners need to survive.

非洲，中東和中亞已經成為這場比賽的關鍵戰場，為礦工提供了生存所需的能源套利機會。

What’s next for Bitcoin mining?

比特幣採礦的下一步是什麼？

The 2024 halving has reinforced a hard truth: Efficiency is no longer optional; it’s a necessity. The industry is shifting toward leaner, more optimized operations, where only the most power-efficient miners can thrive.

2024年的減半加強了一個堅硬的事實：效率不再是可選的；這是必需的。該行業正在向更精益，更優化的運營轉移，只有最有效的礦工才能蓬勃發展。

The rise of AI computing, global regulatory shifts and ongoing hardware advancements will continue to shape the sector over the next 12–18 months.

在接下來的12-18個月中，AI計算，全球監管變化和正在進行的硬件進步的興起將繼續塑造該行業。

Cointelegraph Research’s Bitcoin mining report: Post-halving insights and trends offers a data-driven breakdown of the key forces shaping mining profitability, infrastructure investments, and strategic decision-making.

CoIntelegraph Research的比特幣採礦報告：備註後的見解和趨勢提供了數據驅動的細分，構成了塑造採礦盈利能力，基礎設施投資和戰略決策的關鍵力量。

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

本文不包含投資建議或建議。每個投資和交易舉動都涉及風險，讀者在做出決定時應進行自己的研究。

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

本文是出於一般信息目的，不打算被視為法律或投資建議。這裡表達的觀點，思想和觀點是作者獨自一人，不一定反映或代表Cointelegraph的觀點和觀點。

Cointelegraph does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions.

Cointelegraph不認可本文的內容或此處提到的任何產品。讀者應在採取與任何產品或公司有關的任何行動之前進行自己的研究，並對他們的決策承擔全部責任。