比特币采矿成本在第4季度2024年增长47％，平均生产成本为每BTC $ 137,018

这次激增的总生产总成本达到每比特币137,018美元，显着高于以前的时期。

The average cost to mine a single Bitcoin surged by 47% in the fourth quarter of 2024, reaching $137,018, according to a new report by CoinShares. This installment of the CoinShares industry report tracks the average mining costs among publicly listed companies, which saw average Q4 cash operating costs rise to $82,162. When including non-cash expenses, such as depreciation of mining equipment, the total production cost arrived at $137,018 per Bitcoin. Excluding Hut 8, which reported a large tax liability related to unrealized gains, the average cash operating cost was $75,767.

根据Coinshares的一份新报告，挖掘单个比特币的平均成本在2024年第四季度飙升了47％，达到137,018美元。 Coinshares行业报告的这一部分跟踪了公开上市公司的平均采矿成本，该公司平均第4季度现金运营成本上升至82,162美元。当包括非现金费用（例如采矿设备折旧）时，总生产成本的每比特币为137,018美元。除了报告与未实现的收益相关的巨大税收责任的小屋8外，平均现金运营成本为75,767美元。

The report notes that several factors contributed to the increase in mining costs. The deployment of faster hardware, which is essential for maintaining competitive mining operations, has driven up expenses. Additionally, competition within the mining sector is heating up, which, combined with volatile market prices, has pushed up the overall cost of production. Finally, rapid technological advancements in mining hardware mean that ASIC miners are becoming obsolete faster, leading to accelerated depreciation and higher non-cash expenses.

该报告指出，有几个因素导致采矿成本增加。更快的硬件的部署是维持竞争性采矿业务至关重要的，它驱动了费用。此外，采矿业内的竞争正在加热，加上易变的市场价格，加剧了总体生产成本。最后，采矿硬件方面的快速技术进步意味着ASIC矿工变得更快地过时，导致加速折旧和更高的非现金费用。

For instance, Hut 8 encountered the highest unit costs in the dataset due to a massive deferred tax liability. The company also faced elevated interest expenses linked to its credit facilities, pushing the total per-Bitcoin cost beyond $281,000. To reduce these costs, Hut 8 is pledging 968 BTC to finance 30,000 Antminer S21+ ASICs, aiming to increase its self-mining hash rate and improve its overall efficiency.

例如，由于大规模递延税项责任，小屋8遇到了数据集中最高的单位成本。该公司还面临着与信贷额度有关的利息费用的提高，将总币的总成本提高到281,000美元以上。为了降低这些成本，Hut 8承诺为968 BTC筹集30,000辆Antminer S21+ ASIC的资金，旨在提高其自矿床的哈希率并提高整体效率。

Despite the widespread increase in mining costs, some companies were able to decrease their per-Bitcoin production costs. For example, Iren managed to cut its electricity costs at the Childress facility by switching to spot pricing, reducing electricity costs per Bitcoin by 39%.

尽管采矿成本的增长很大，但一些公司还是能够降低其人均生产成本。例如，Iren通过切换到定价，将其在Childress设施的电力成本降低，将每个比特币的电力成本降低了39％。

Other companies, such as Cormint, were able to lower total mining costs by 44% in Q4, largely due to a decrease in power prices to 1.8¢ per kilowatt-hour. These examples show that while the industry faces rising input costs, some players are still finding ways to improve efficiency and profitability.

其他公司（例如Cormint）能够在第4季度将总矿业成本降低44％，这主要是由于电力价格下降至每千瓦时1.8¢。这些示例表明，尽管该行业面临的投入成本不断上升，但一些参与者仍在寻找提高效率和盈利能力的方法。

Electricity remains the largest direct cost in Bitcoin mining, as miners continue to rely heavily on power-hungry ASIC machines to perform calculations. However, non-cash expenses, such as depreciation and amortization, are also significant contributors to the overall cost structure. This shift highlights the importance of maintaining high operational uptime and upgrading hardware efficiently to ensure that miners can stay competitive.

由于矿工继续严重依靠渴望的ASIC机器来执行计算，因此电力仍然是比特币开采中最大的直接成本。但是，非现金费用（例如折旧和摊销）也是总体成本结构的重要贡献者。这种转变突出了维持高运行时间和有效升级硬件以确保矿工能够保持竞争力的重要性。

CoinShares’ data shows that despite these rising costs, most miners were still able to operate profitably in Q4 2024, with Bitcoin’s price remaining relatively stable at around $82,000. However, the second quarter of 2025 could bring more challenges for miners. Tariffs on imported rigs from China and Malaysia are expected to increase by 24% to 54%, which will likely push up breakeven costs for miners who rely on imported equipment.

Coinshares的数据表明，尽管成本上涨，但大多数矿工仍然能够在2024年第四季度盈利，比特币的价格保持相对稳定，约为82,000美元。但是，2025年第二季度可能会给矿工带来更多挑战。预计来自中国和马来西亚进口钻机的关税预计将增长24％，至54％，这可能会增加依靠进口设备的矿工的收支平衡费用。

The broader outlook for Bitcoin mining appears bleak, with the industry facing multiple headwinds. In addition to the pressing issues of hardware costs and electricity prices, mining companies are also facing growing tax liabilities and valuation multiples for mining companies are compressing, signaling investor concerns about the competitive nature of the sector.

比特币采矿的更广泛的前景显得黯淡，行业面临多种逆风。除了硬件成本和电价的紧迫问题外，采矿公司还面临着不断增长的税收负债和矿业公司的估值倍数，也正在压缩，这表明投资者对该行业的竞争性质感到担忧。

To diversify revenue streams beyond Bitcoin block rewards and transaction fees, some miners are investing in data center infrastructure and high-performance computing (HPC). At the same time, the industry continues to make strides in hardware efficiency, with new ASIC models now averaging 20 watts per terahash (W/TH), a significant improvement from the 100 W/TH average in 2018. These advances are helping to keep the total energy consumption of the Bitcoin network stable, even as the hash rate continues to rise.

为了使超出比特币奖励和交易费用的收入流多样化，一些矿工正在投资数据中心基础架构和高性能计算（HPC）。同时，该行业继续在硬件效率方面取得进步，现在新的ASIC型号平均每泰哈什（Terahash）20瓦（w/th），比2018年的100 W/th平均水平相比有了显着改善。这些进步正在帮助保持比特币网络稳定的总能源消耗，即使随着哈希速率的上升，这些进步也有助于保持。

CoinShares predicts that the Bitcoin network will cross the one zetahash per second (ZH/s) threshold by mid-2025. However, the cost pressures faced by miners are unlikely to abate, and the industry will need to adapt to maintain profitability in an increasingly competitive environment.

Coinshares预测，比特币网络将在2025年中时越过每秒1次（ZH/s）阈值。但是，矿工面临的成本压力不太可能减轻，该行业将需要适应在竞争日益激烈的环境中维持盈利能力。