比特币（BTC）采矿业从未对机构投资者更具吸引力。

金融科技巨头正在投资比特币采矿，而不仅仅是积累资产，这要归功于美国有利的监管环境以及BTC的盈利幅度。

The Bitcoin (BTC) mining industry has never been more attractive to institutional investors. Fintech giants are investing in Bitcoin mining rather than just accumulating the asset, thanks to the favorable regulatory environment in the US and the interesting economics of BTC, which is interesting enough to attract huge players.

比特币（BTC）采矿业从未对机构投资者更具吸引力。金融科技巨头正在投资比特币采矿，而不仅仅是累积资产，这要归功于美国有利的监管环境和BTC有趣的经济学，这足以吸引大型玩家。

Then, numerous companies are diversifying by allocating computing power to AI, further strengthening their economics and, thus, investment attractiveness. For now, it looks like the future of the foundational layer for the Bitcoin network could mark the new gusher age.

然后，许多公司通过将计算能力分配给AI，进一步增强其经济学，从而使投资吸引力多样化。目前，比特币网络的基础层的未来似乎标志着新的Gusher时代。

Is Bitcoin mining profitable?

比特币采矿是有利可图的吗？

Bitcoin mining is still profitable. CoinShares, a digital asset investment firm, shared that the average cost to mine 1 BTC for US-listed miners reached $55,950 in Q3 2024. Two other popular models — one from MacroMicro and another dubbed the Glassnode Difficulty Regression Model — give different estimates.

比特币采矿仍然是有利可图的。数字资产投资公司Coinshares分享说，在第三季度2024年，美国上市矿工的平均成本达到55,950美元。另外两个流行的型号 - 一种来自Macromicro的模型，另一种被称为玻璃诺模型回归模型 - 给出不同的估计。

On the very same day of Feb. 20, MacroMicro.me data shows that the average cost to produce 1 BTC hovers above $92,000; Glassnode’s Difficulty Regression Model estimates the cost to mine a single BTC at approximately $34,400, all while the cryptocurrency’s price hit $98,300 on that day.

在2月20日的同一天，macromicro.me数据显示，产生1 BTC悬停的平均成本高于$ 92,000； GlassNode的困难回归模型估计，开采单个BTC的成本约为34,400美元，而加密货币的价格却达到了当天的98,300美元。

On a global scale, mining costs differ based on the region. For example, the electricity cost to produce 1 BTC in Ireland is roughly $321,000, but it costs just over $1,300 to mine 1 BTC in Iran. Electricity is only part of the equation — hardware, labor and maintenance costs also play a crucial role.

在全球范围内，采矿成本根据该地区而有所不同。例如，在爱尔兰生产1 BTC的电力成本约为321,000美元，但在伊朗1 BTC矿山的成本仅为1,300美元。电力只是方程式的一部分 - 硬件，人工和维护成本也起着至关重要的作用。

Recent data from CoinShares and MacroMicro.me paints a challenging yet nuanced picture for Bitcoin miners in the United States. While some institutional miners remain profitable, the broader landscape reveals increasing operational pressures that could reshape the mining industry.

Coinshares和Macromicro.me的最新数据为美国的比特币矿工描绘了一个具有挑战性但又细微的景象。尽管一些机构矿工仍然有利可图，但更广泛的景观揭示了可以重塑采矿业的运营压力增加。

If the challenges aren’t addressed, we might see institutions with high profitability rates expanding their operations and potentially acquiring struggling miners at bargain prices, which could put retail and smaller miners at risk.

如果没有解决挑战，我们可能会看到具有高利润率的机构扩大了其业务，并有可能以便宜的价格收购陷入困境的矿工，这可能会使零售和较小的矿工处于危险之中。

Sustainable economics for investment attractiveness

可持续经济学用于投资吸引力

In addition to receiving the block rewards, miners also benefit from the Bitcoin network’s transaction fees, which depend on network usage. Data shows that the daily Bitcoin transaction fees have been hovering between $360,000 and $1.3 million over the past month — reaching an average of $595,000 daily.

除了获得块奖励外，矿工还从比特币网络的交易费用中受益，该交易费用取决于网络使用。数据显示，过去一个月，每日比特币交易费用徘徊在360,000至130万美元之间，每天平均达到595,000美元。

This additional revenue stream bolsters Bitcoin mining’s economic appeal and strengthens the resilience of the mining business model by diversifying income sources.

这种额外的收入来源Bolsters比特币采矿的经济吸引力，并通过多样化的收入来源来增强采矿业务模式的弹性。

Recent: Bitcoin miner Bitfarms secures up to $300M loan from Macquarie

最近：比特币矿工Bitfarms可从Macquarie获得高达3亿美元的贷款

It’s not only mining that mining hardware is used for. High computational power, captive power supplies and ready-made infrastructure make miners uniquely equipped to support AI and high-performance computing. In simple terms, mining firms can now rent out their hardware to process AI tasks instead of only focusing on mining Bitcoin.

采矿硬件不仅是开采的。高计算功率，圈养电源和现成的基础设施使矿工具有独特的配备，可以支持AI和高性能计算。简而言之，采矿公司现在可以出租他们的硬件来处理AI任务，而不仅仅是专注于采矿比特币。

The combination of transaction fee revenue growth and AI computing diversification creates a more resilient and profitable industry model (the existing one has never been quite appealing to institutional investments in the US).

交易费用收入增长和AI计算多样性的结合创造了一种更具弹性和有利可图的行业模式（现有的模型从未对美国的机构投资非常有吸引力）。

The US-based cryptocurrency exchange Coinbase had previously noted that the majority of surveyed institutions, specifically 83%, are planning to increase their crypto allocations in 2024. Among asset managers, 51% are considering investing in digital asset companies this year. This statistic highlights the broader institutional interest in exploring new avenues within the cryptocurrency ecosystem.

总部位于美国的加密货币交易所Coinbase此前曾指出，大多数经过调查的机构（尤其是83％）计划在2024年增加其加密货币分配。在资产管理人员中，有51％的人正在考虑今年对数字资产公司进行投资。这种统计数据强调了在加密货币生态系统中探索新途径的更广泛的制度兴趣。

Among these investment opportunities, digital asset lending platforms appear particularly attractive to institutions.

在这些投资机会中，数字资产贷款平台似乎对机构特别有吸引力。

This observation is further supported by the significant investments that have been pouring into crypto mining companies. For instance, Block interviewed executives at Circle, Avanta Ventures and Point72 Ventures to delve into the types of crypto startups that venture capitalists are interested in. According to the report by Point72, which manages about $27 billion in assets, a "huge portion" of its investments are in crypto lending and DeFi startups.

这一观察结果得到了涌入加密矿业公司的重大投资的进一步支持。例如，Block在Circle，Avanta Ventures和Point72 Ventures采访了高管，以深入研究风险资本家感兴趣的加密初创公司。

That’s why I’m not surprised to witness huge investments in Riot Platforms, CoreWeave and other mining industry players.

这就是为什么我对在Riot Platform，Coreweave和其他采矿行业参与者中进行巨额投资并不感到惊讶的原因。

The favorable market sentiment has paved the way for more initial public offerings (IPOs) and specialized funds targeting mining companies. In addition to securing the $650-million investment, CoreWeave aims to go public with a $4-billion IPO to help the Nvidia-backed company reach a $35-billion valuation.

有利的市场情绪为更多的首次公开产品（IPO）和针对采矿公司的专业资金铺平了道路。除了获得6亿美元的投资外，CoreWeave还旨在通过40亿美元的IPO公开公开，以帮助NVIDIA支持的公司达到350亿美元的估值。

Bgin Blockchain, a Singapore-based crypto miner manufacturer, recently filed to go public in the US. Renaissance Capital, an investment advisory firm, expects Bgin Blockchain to raise $50 million for its IPO.

总部位于新加坡的加密货币制造商Bgin区块链最近向美国公开申请。投资咨询公司Renaissance Capital预计BGIN区块链将为其IPO筹集5000万美元。

This surge in institutional momentum is set to benefit the Bitcoin mining industry by driving up demand and tightening available supply on the market. As more large players accumulate and hold Bitcoin, market scarcity could increase, supporting higher prices and, in turn, boosting miner profitability.

机构势头的这种激增将通过提高需求并收紧市场供应来使比特币采矿业受益。随着越来越大的球员积累和持有比特币，市场稀缺可能会增加，支持更高的价格，进而提高矿工的盈利能力。