比特币（BTC）采矿费用在第4季度2024年急剧上升，平均每枚硬币$ 137,018

比特币（BTC）采矿费用在2024年的最后一个季度急剧上升，Coinshares报告说总平均成本

Bitcoin BTC/USD mining expenses rose sharply in the final quarter of 2024, with CoinShares reporting Thursday that the total average cost to produce one Bitcoin, including non-cash items, climbed to $137,018.

比特币BTC/USD采矿费用在2024年的最后一个季度急剧上升，Coinshares周四报道说，生产一个比特币的总平均成本（包括非现金商品）攀升至137,018美元。

This figure includes depreciation and stock-based compensation, offering a more comprehensive look at the financial stress facing miners despite the strength in Bitcoin's market price.

该数字包括折旧和基于股票的薪酬，尽管比特币的市场价格实力实力，但对矿工面临的财务压力进行了更全面的研究。

According to CoinShares’ Q4 2024 Mining Report, the weighted average cash cost to produce a Bitcoin among publicly listed miners increased 47% quarter-over-quarter, shifting from $55,950 in Q3 to $82,162 in Q4.

根据Coinshares的第四季度2024年矿业报告，在公开上市矿工中生产比特币的加权平均现金成本增加了47％的四分之一季度，从第三季度的55,950美元转移到第四季度的82,162美元。

Excluding outliers like Hut 8 HUT, which saw costs skewed by a large deferred tax expense, the cash cost averaged $75,767.

除了诸如Hut 8 Hut之类的异常值之外，其成本偏向于大量递延税费，现金成本平均为75,767美元。

"The report provides a deeper dive into the financial performance of the Bitcoin mining sector, revealing a more complex story than surface-level analysis might suggest," the report stated.

该报告说：“该报告提供了比特币采矿业的财务绩效的深入研究，揭示了一个比表面水平分析所表明的更复杂的故事。”

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What Happened: Throughout Q4 2024, Bitcoin's price hovered around $82,000, which, when combined with the average cash cost of $75,767, might lead some to conclude that most miners were operating profitably.

发生了什么：在整个2024年第4季度，比特币的价格徘徊在82,000美元左右，当加上平均现金成本为75,767美元时，这可能会导致一些人得出结论，大多数矿工都在盈利。

However, CoinShares emphasizes that including non-cash expenses, such as accelerated depreciation of mining equipment and stock compensation, paints a different picture.

但是，Coinshares强调，包括非现金费用，例如加速采矿设备和库存补偿的贬值，都会描绘出不同的情况。

When factoring in these additional expenses, the total average cost to produce one Bitcoin across the main listed miners reached $137,018 in Q4 2024.

当考虑这些额外费用时，在第4季度2024年，在主要销售矿工中生产一个比特币的总平均成本达到137,018美元。

"This disparity between headline profitability and actual financial sustainability is a key finding of the report and underscores the unique challenges faced by the Bitcoin mining industry," the report stated.

报告说：“标题盈利能力与实际财务可持续性之间的这种差异是该报告的关键发现，并强调了比特币采矿业所面临的独特挑战。”

ASIC Depreciation And Competitive Pressures: A major driver of these costs is the rapid depreciation cycle of ASIC (application-specific integrated circuit) hardware, which must be updated frequently to remain competitive. Unlike gold mining equipment that retains utility over long periods, Bitcoin mining hardware quickly becomes obsolete, necessitating continuous reinvestment from firms.

ASIC折旧和竞争压力：这些成本的主要驱动力是ASIC（特定于应用程序集成电路）硬件的快速折旧周期，必须经常更新以保持竞争力。与长期保留公用事业的黄金开采设备不同，比特币采矿硬件很快就会过时，因此需要对公司的持续再投资。

"This dynamic results in a unique financial strain. Miners are trapped in an ‘ASIC hamster wheel'—a constant need to replace hardware driven not by wear and tear, but by technological obsolescence," the report explained.

报告解释说：“这种动态导致了独特的财务压力。矿工被困在'ASIC仓鼠车轮'中 - 不断需要替换由磨损而不是通过技术过时的硬件驱动的硬件。”

The report highlighted that Bitcoin mining differs significantly from gold mining in terms of economic resilience. While gold mining typically features more stable production forecasts and longer depreciation timelines, rendering it less susceptible to rapid shifts in the competitive landscape, the report noted that "in the Bitcoin domain, the actions of competitors exert a strong influence on mining outcomes."

该报告强调，在经济弹性方面，比特币开采与黄金开采有很大不同。虽然黄金开采通常具有更稳定的预测和更长的折旧时间表，因此它不太容易受到竞争格局的快速变化，但该报告指出：“在比特币领域，竞争对手的行为对采矿成果产生了强大的影响。”

For instance, if one miner increases capacity significantly, it can have a substantial impact on the relative output of other miners, even if they maintain the same level of operations.

例如，如果一个矿工大大增加了容量，那么即使他们保持相同的运营水平，也可能对其他矿工的相对产出产生重大影响。

Hashrate Acceleration And Forward Guidance: Despite these rising expenses, Bitcoin's network hashrate reached a record 900 exahashes per second (Eh/s) at the end of 2024, placing it slightly ahead of CoinShares' previous projections.

哈希拉特加速度和前向指导：尽管这些费用增加了，比特币的网络哈希拉特在2024年底达到了每秒900张Exahashes（EH/s）的创纪录，使其比Coinshares先前的预测略有领先。

The firm expects the network to cross the 1 zettahash per second (Zh/s) mark by July 2025, with hashrate forecast to hit 2.0 Zh/s by early 2027.

该公司预计该网络将在2025年7月到2025年7月越过每秒1（ZH/s）的标记，到2027年初，Hashrate预测将达到2.0 ZH/s。

CoinShares attributes the increase to strong price action and favorable policy developments, which motivated miners to accelerate infrastructure deployments despite the rising capital and operational costs.

Coinshares将增加的价格归因于强劲的价格行动和有利的政策发展，尽管资本和运营成本上涨，但矿工仍促使矿工加速基础设施的部署。

Structural Challenges And Industry Shifts: CoinShares also noted that the mining sector is becoming increasingly saturated, with valuation multiples compressing across publicly listed firms. This reflects the growing consensus that Bitcoin mining is now a zero-sum game, where gains in hashrate by one miner come at the direct expense of another’s market share.

结构性挑战和行业的转变：Coinshares还指出，采矿业越来越饱和，估值倍数在公开上市的公司中压缩。这反映出比特币采矿现在是一款零和游戏的日益增长的共识，其中一名矿工在哈希拉特中获得的收益是直接支出他人的市场份额。

In response, several miners, including Core Scientific CORZ and Cipher Mining CIFR, are diversifying into AI infrastructure and high-performance computing (HPC) services to build more stable and scalable revenue streams.

作为回应，包括核心科学Corz和Cipher Mining CIFR在内的几名矿工正在多元化为AI基础架构和高性能计算（HPC）服务，以建立更稳定和可扩展的收入流。

CORZ has already allocated 43% of its energy capacity to AI-related operations, while CIFR plans to dedicate 35% of its future buildout towards AI and HPC, aiming for a total of 1800 megawatts (MW) in 2025.

CORZ已经将其能源容量的43％分配给了与AI相关的运营，而CIFR计划将其未来的35％的建筑物投入到AI和HPC上，旨在在2025年将总计1800兆瓦（MW）进行。

Miners Who Cut Costs In Q4: While most miners saw higher costs in Q4, CleanSpark CORZ, Iren IREN and Cormint managed to reduce their cost of revenue per Bitcoin mined.

削减第四季度成本的矿工：虽然大多数矿工在第四季度的成本较高，但CleanSpark Corz，Iren Iren和Cormint设法降低了其每比特币开采的收入成本。

CleanSpark achieved an 8% reduction thanks to fleet efficiency improvements and increased uptime, Iren saw a 39% decrease thanks to lower energy prices and greater efficiency, and Cormint experienced a 44% decline due to increased fleet uptime and lower input costs.

由于机队效率提高并增加了正常运行时间，CleanSpark降低了8％，由于能源价格降低和效率提高，Iren下降了39％，并且由于车队的正常运行时间和较低的投入成本，Cormint经历了44％的下降。