標題：比特幣採礦成本在2024年末提高到新高點。

根據Coinshares的一份新行業報告，在2024年第四季度，開採一塊比特幣（BTC）的成本飆升。

The cost of mining one Bitcoin (BTC) soared to new highs in the fourth quarter of 2024, according to a recent industry report from CoinShares.

根據Coinshares最近的一份行業報告，在2024年第四季度，開採一塊比特幣（BTC）的成本飆升至新高點。

CoinShares’ report, which surveyed seven publicly listed Bitcoin miners, found that the average production cost was $82,162 per Bitcoin. This represents a sharp 47% increase compared to the previous quarter.

Coinshares的報告調查了七個公開列出的比特幣礦工，發現平均生產成本為每比特幣82,162美元。與上一季度相比，這比上一季度增長了47％。

The report identified several factors that drove up mining costs. Public miners accelerated hardware deployments and faced higher tax burdens. Additionally, non-cash expenses, such as depreciation and stock-based compensation, also saw an uptick.

該報告確定了促進採礦成本的幾個因素。公共礦工加速了硬件部署，並面臨更高的稅收負擔。此外，非現金費用（例如折舊和基於股票的薪酬）也增加了上升。

Excluding Hut 8 Mining, which reported a significant tax expense, the average cash production cost among public miners stood at $75,767. Factoring in non-cash items pushed the total average production cost to a steeper $137,018 per Bitcoin.

除了報告巨額稅費的小屋8礦業外，公共礦工的平均現金生產成本為75,767美元。分解非現金商品將總的平均生產成本提高到了每個比特幣的陡峭$ 137,018。

Tax Expenses and Hardware Turnover Fuel Rising Costs

稅收費用和硬件周轉燃料上漲成本

CoinShares noted that faster hardware turnover and competition among miners contributed to rising operational costs. At the same time, fluctuating Bitcoin prices and compressed valuation multiples made profitability harder to maintain.

Coinshares指出，礦工之間的更快的硬件營業額和競爭促成了運營成本的上漲。同時，比特幣價格波動和壓縮估值倍數使盈利能力更難維持。

CoinShares highlighted Hut 8 as an example of a miner facing difficulties. The company recorded the highest unit cost among all surveyed miners, driven by a $93 million deferred tax liability and elevated interest payments from convertible notes and credit facilities.

Coinshares強調了小屋8，作為礦工面臨困難的一個例子。該公司在所有被調查的礦工中記錄了最高的單位成本，這是由9,300萬美元的延期納稅責任和從可轉換票據和信貸額度支付提高的利息支付的驅動。

As a result, Hut 8’s total cost per mined Bitcoin soared to over $281,000 during the quarter.

結果，在本季度，小屋8的總成本飆升至281,000美元以上。

Miners Focus on Efficiency Gains

礦工專注於效率提高

Despite the challenges of rising costs, many mining firms are working to improve operational efficiency. Companies like Bitfarms and MicroStrategy continue to invest in next-generation mining equipment and explore cost-cutting strategies to remain competitive in a tightening market.

儘管成本上漲面臨挑戰，但許多采礦公司仍在努力提高運營效率。像Bitfarms和MicroStrategy這樣的公司繼續投資於下一代採礦設備，並探索削減成本的策略，以在緊張的市場中保持競爭力。

With Bitcoin’s price trading above the $70,000 mark, miners will need to realize substantial efficiency gains and hope for a sustained bullish market to offset soaring production expenses in the quarters ahead.

隨著比特幣的價格交易高於$ 70,000的成績，礦工將需要實現巨大的效率提高，並希望持續的看漲市場以抵消未來季度的飆升生產費用。