美国新一轮挖矿芯片竞争有望实现挖矿供应链多元化并削弱比特大陆的主导地位

比特币 (BTC) 挖矿芯片和硬件行业未来五年的潜在市场总额将达到 200 亿美元

The Bitcoin BTC -4.49% BTC -4.49% See Details mining hardware industry is poised to generate a total addressable market (TAM) of $20 billion over the next five years, presenting an opportunity for U.S.-based companies to diversify the supply chain and compete on advanced chip design, according to analysts at research and brokerage firm Bernstein.

比特币 BTC -4.49% BTC -4.49% 查看详细信息 挖矿硬件行业有望在未来五年内产生 200 亿美元的总可寻址市场 (TAM)，为美国公司提供供应链多元化和竞争的机会研究和经纪公司伯恩斯坦的分析师表示，这是关于先进芯片设计的。

In a note to clients on Tuesday, the analysts highlighted the historically dominant role of China-based companies in the Bitcoin mining hardware market, with Bitmain holding over 80% share. However, the launch of new mining chips in the U.S. by Block and Auradine offers a chance to shift the landscape.

在周二给客户的一份报告中，分析师强调了中国公司在比特币挖矿硬件市场上历史上的主导地位，其中比特大陆持有超过 80% 的份额。然而，Block 和 Auradine 在美国推出新的挖矿芯片提供了改变格局的机会。

“We expect 15-30% growth in annual mining equipment demand led by increasing network hashrate (supported by our bitcoin price conviction) and replacement/upgrading of existing capacity to make mining more efficient after rewards are cut in half in bitcoin terms after halving,” the analysts said, adding that the hardware revenue opportunity is estimated at ~$3-5 billion annually.

“我们预计年度挖矿设备需求将增长 15-30%，这主要是由于网络算力的增加（由我们的比特币价格信念支持）以及现有容量的更换/升级，以在比特币减半后奖励减少一半后提高挖矿效率，分析师表示，并补充说，硬件收入机会每年估计约为 3-50 亿美元。

Earlier this month, Block, co-founded by former Twitter CEO Jack Dorsey, announced an agreement to supply Core Scientific with its new 3-nanometer ASIC mining chips, which will reportedly provide around 15 EH/s of hashrate and be more energy-efficient than current designs. Bernstein values the deal at $300 million and expects more U.S. Bitcoin miners to follow.

本月早些时候，由 Twitter 前首席执行官 Jack Dorsey 联合创立的 Block 宣布达成协议，向 Core Scientific 提供其新型 3 纳米 ASIC 挖矿芯片，据报道该芯片将提供约 15 EH/s 的算力，并且更加节能比当前的设计。 Bernstein 对该交易的估值为 3 亿美元，并预计会有更多的美国比特币矿商跟进。

The chips will be used to mine bitcoin (BTC) and other cryptocurrencies, and are designed to be more efficient than current models. Block said the chips will be available in the second half of 2023.

这些芯片将用于挖掘比特币（BTC）和其他加密货币，并且设计得比当前模型更高效。 Block 表示，这些芯片将于 2023 年下半年上市。

Meanwhile, Auradine, which is backed by Bitcoin miner MARA, recently shipped its AT1500 Teraflux miners (22J/TH) and announced new AT2880 and AI3680 models. The Teraflux 2800 series will reportedly use 3nm ASIC chips with 14J/TH efficiency. In April, Auradine closed an $80 million Series B round.

与此同时，由比特币矿机 MARA 支持的 Auradine 最近发货了 AT1500 Teraflux 矿机 (22J/TH)，并宣布了新的 AT2880 和 AI3680 型号。据报道，Teraflux 2800 系列将使用 3nm ASIC 芯片，效率为 14J/TH。 4 月，Auradine 完成了 8000 万美元的 B 轮融资。

According to the Bernstein analysts, the launch of U.S.-based competition in mining chips aligns with Republican presidential candidate Donald Trump’s recent push to “make bitcoin” in America, a pledge that includes turning the U.S. into a "Bitcoin mining superpower" and providing increased electricity generation capacity for the industry.

伯恩斯坦分析师表示，美国发起的挖矿芯片竞争与共和党总统候选人唐纳德·特朗普最近推动在美国“制造比特币”相一致，这一承诺包括将美国变成“比特币挖矿超级大国”，并提供更多的资金。工业发电能力。

“This is a tailwind for U.S. Bitcoin miners, with the potential to improve fleet efficiency, drive lower capex (from lower chip pricing) and spare power capacity for AI/HPC opportunities,” the analysts said in their note on Monday, adding that crypto is “no longer a bipartisan issue” amid Trump's Bitcoin promises and Kamala Harris' “late” olive branch to the industry.

分析师在周一的报告中表示：“这对美国比特币矿商来说是一股顺风，有可能提高矿机效率，降低资本支出（来自较低的芯片定价），并为人工智能/高性能计算机会提供备用电力能力。”在特朗普的比特币承诺和卡马拉·哈里斯向该行业“迟到”的橄榄枝中，“不再是两党问题”。

Chhugani maintains long positions in various cryptocurrencies. Certain Bernstein affiliates act as market makers or liquidity providers in the debt securities of Riot Platforms.

Chhugani 持有多种加密货币的多头头寸。某些 Bernstein 附属公司充当 Riot 平台债务证券的做市商或流动性提供者。