比特币挖矿复杂性下降，为面临利润压力的矿工提供喘息之机

最近比特币挖矿难度的下降归因于 2020 年 5 月减半后价格下降和挖矿设备成本增加。这造成了成本压力，导致高成本矿机关闭并降低了算力。 Bernstein 表示，这种下降有利于 Riot Platforms 和 CleanSpark 等低成本矿商，它们可以有效抵御市场波动并利用未来价格上涨的机会。

Bitcoin Mining Complexity Plunges, Leading to Relief for Miners Facing Margin Pressures

比特币挖矿复杂性大幅下降，缓解了面临利润压力的矿工的压力

The mining landscape for Bitcoin has witnessed a significant shift in the past week, with mining complexity experiencing its steepest decline since December 2022. This approximately 6% drop has brought much-needed relief to Bitcoin miners, who have been grappling with squeezed margins amidst fluctuating market conditions.

过去一周，比特币挖矿格局发生了重大变化，挖矿复杂性经历了 2022 年 12 月以来的最大幅度下降。大约 6% 的下降为一直在波动中应对利润挤压的比特币矿工带来了急需的缓解。市场状况。

A comprehensive report published by brokerage firm Bernstein sheds light on the reasons behind this decline in difficulty. The report attributes this development to a combination of lower Bitcoin prices and a notable surge in mining equipment costs since the last Bitcoin halving in May 2020. These factors have exerted considerable pressure on mining operations, leading to the closure of high-cost mining rigs. Consequently, the overall hashrate, representing the combined computing power securing the Bitcoin network, has witnessed a decrease.

经纪公司伯恩斯坦发布的一份综合报告揭示了难度下降背后的原因。该报告将这一发展归因于比特币价格下跌以及自 2020 年 5 月上次比特币减半以来采矿设备成本显着飙升。这些因素给采矿作业带来了相当大的压力，导致高成本采矿设备被关闭。因此，代表保护比特币网络的综合计算能力的整体哈希率出现了下降。

Within the Bitcoin mining industry, Riot Platforms (RIOT) and CleanSpark (CLSK) have emerged as frontrunners, boasting the lowest production costs. Their robust balance sheets and cash positions provide them with a strategic advantage, enabling them to effectively navigate market fluctuations.

在比特币挖矿行业中，Riot Platforms (RIOT) 和 CleanSpark (CLSK) 已成为领跑者，拥有最低的生产成本。他们稳健的资产负债表和现金状况为他们提供了战略优势，使他们能够有效应对市场波动。

"A temporary pause in Bitcoin price is actually beneficial for established low-cost Bitcoin miners because hashrates remain capped while these miners can carry out their ambitious capital expenditure and merger and acquisition plans to expand their market share," the Bernstein report emphasizes. This window of opportunity allows them to enhance their operations and solidify their dominance while others face challenges.

伯恩斯坦报告强调：“比特币价格的暂时停滞实际上对老牌低成本比特币矿商有利，因为算力仍然受到限制，而这些矿商可以实施雄心勃勃的资本支出和并购计划，以扩大其市场份额。”这一机会之窗使他们能够在其他人面临挑战时加强运营并巩固其主导地位。

Furthermore, the report underscores the potential for these miners to capitalize on future price upswings. "When Bitcoin price momentum picks up, miners can reap significant revenues from higher production," the report states.

此外，该报告强调了这些矿商利用未来价格上涨的潜力。报告指出：“当比特币价格上涨时，矿商可以从更高的产量中获得可观的收入。”

Although Bernstein does not foresee a major price drop for Bitcoin, it anticipates a period of consolidation before a potential breakout. The key to unlocking the next bull run, according to Bernstein, lies in increased institutional investment. The report specifically highlights spot exchange-traded funds (ETFs) as a catalyst for attracting allocations from registered investment advisors (RIAs), wealth platforms, and other institutional funds.

尽管伯恩斯坦预计比特币价格不会大幅下跌，但它预计在潜在突破之前会经历一段整合期。伯恩斯坦认为，开启下一轮牛市的关键在于增加机构投资。该报告特别强调现货交易所交易基金（ETF）是吸引注册投资顾问（RIA）、财富平台和其他机构基金分配的催化剂。

Bernstein maintains an "outperform" rating on CleanSpark and Riot Platforms, expressing confidence in their ability to outperform the overall market. However, it assigns a "market-perform" rating to Marathon Digital (MARA), indicating that its performance is likely to align with broader market trends.

Bernstein 维持对 CleanSpark 和 Riot Platforms 的“跑赢大盘”评级，表达了对它们跑赢整体市场的能力的信心。然而，它给 Marathon Digital (MARA) 授予“市场表现”评级，表明其表现可能与更广泛的市场趋势保持一致。

At the time of writing, Bitcoin is trading at $62,980, reflecting a modest 0.42% gain over the past 24 hours. However, it remains approximately 6.26% below its value from a month ago. Bitcoin has recently breached a crucial support level of $61,000, and if its upward trajectory persists, it could potentially reach $65,000.

截至撰写本文时，比特币交易价格为 62,980 美元，在过去 24 小时内小幅上涨 0.42%。然而，仍比一个月前低约 6.26%。比特币最近突破了 61,000 美元的关键支撑位，如果其上涨轨迹持续下去，它可能会达到 65,000 美元。