比特币挖矿难度空前下降，行业在加密寒冬中复苏

比特币挖矿难度上周大幅下降 6%，创下加密货币寒冬以来的最大跌幅。正如伯恩斯坦的报告所示，这种下降有利于成本较低的矿商。

Bitcoin Mining Difficulty Plunges in Unprecedented Decline Since Crypto Winter

自加密寒冬以来，比特币挖矿难度出现前所未有的下降

New York, May 13, 2024 - The Bitcoin mining difficulty, a measure of the computational effort required to mine a Bitcoin block, has witnessed a dramatic 6% decline in the past week, marking the largest drop since the crypto winter of December 2022. This significant development has been met with optimism within the mining sector, particularly among lower-cost operators.

纽约，2024 年 5 月 13 日 - 比特币挖矿难度（衡量挖掘比特币区块所需计算量的指标）在过去一周急剧下降 6%，这是自 2022 年 12 月加密货币寒冬以来的最大降幅。这一重大发展引起了采矿业内部的乐观情绪，特别是低成本运营商的乐观情绪。

According to a research report published by leading brokerage firm Bernstein, the reduction in mining difficulty has resulted from the shutdown of higher-cost mining equipment due to the combination of lower Bitcoin prices and escalating operational expenses since the halving, a scheduled event that reduces the Bitcoin block reward.

根据领先经纪公司 Bernstein 发布的一份研究报告，采矿难度的降低是由于比特币价格下跌和减半以来运营费用不断上升，导致成本较高的采矿设备关闭，减半是一项预定事件，减少了比特币区块奖励。

"With the decrease in hashrate, market share of our 3 covered miners has gone up after halving by almost 20 basis points (bps)," wrote Bernstein analysts Gautam Chhugani and Mahika Sapra. "We expect the top 3 listed Bitcoin miners to continue to consolidate market share via organic and M&A led expansion."

Bernstein 分析师 Gautam Chhugani 和 Mahika Sapra 写道：“随着算力的下降，我们涵盖的 3 家矿机的市场份额在减半近 20 个基点 (bps) 后有所上升。” “我们预计三大上市比特币矿商将通过有机和并购主导的扩张继续巩固市场份额。”

Hashrate, a measure of the total computational power employed in the Bitcoin mining network, has fallen as higher-cost miners have become unprofitable. This decline has provided a boost to lower-cost miners, enabling them to increase their market share.

随着成本较高的矿工变得无利可图，算力（衡量比特币挖矿网络中使用的总计算能力的指标）已经下降。这种下降促进了低成本矿商的发展，使他们能够增加市场份额。

"A temporary pause in Bitcoin price is actually good for the incumbent lower-cost Bitcoin miners, as hashrates remain capped and strong miners can execute on their aggressive capex and M&A plans to grow market share," the analysts noted.

分析师指出：“比特币价格的暂时停滞实际上对现有的低成本比特币矿商有利，因为算力仍然受到限制，而实力雄厚的矿商可以执行其激进的资本支出和并购计划以扩大市场份额。”

Leading Bitcoin miners Riot Platforms (RIOT) and CleanSpark (CLSK) are particularly well-positioned, boasting low production costs and robust financial positions. These companies are anticipated to benefit from the current mining environment and potentially expand their market share through strategic investments and acquisitions.

领先的比特币矿商 Riot Platforms (RIOT) 和 CleanSpark (CLSK) 处于特别有利的地位，拥有较低的生产成本和稳健的财务状况。预计这些公司将从当前的采矿环境中受益，并有可能通过战略投资和收购扩大其市场份额。

"And finally, when Bitcoin price momentum picks up, miners can harvest high dollar revenues over higher production," the report added.

报告补充说：“最后，当比特币价格势头回升时，矿商可以通过提高产量获得高额美元收入。”

Bernstein maintains an optimistic outlook for the Bitcoin market, expecting the cryptocurrency to remain within a range and anticipates a breakout once spot exchange-traded funds (ETFs) attract allocations from institutional investors. The brokerage firm assigns an outperform rating to CleanSpark and Riot Platforms and a market-perform rating to Marathon Digital (MARA).

伯恩斯坦对比特币市场保持乐观前景，预计加密货币将保持在一定区间内，并预计一旦现货交易所交易基金（ETF）吸引机构投资者的配置，就会出现突破。该经纪公司对 CleanSpark 和 Riot Platforms 给予跑赢大市评级，对 Marathon Digital (MARA) 给予市场表现评级。

The decline in Bitcoin mining difficulty is a significant development that underscores the ongoing evolution of the crypto mining industry. Lower-cost miners are poised to gain market share and consolidate their positions as the network adjusts to the post-halving landscape. The industry will continue to monitor the situation closely as Bitcoin prices and hashrate dynamics evolve in the coming months.

比特币挖矿难度的下降是一个重大发展，凸显了加密货币挖矿行业的持续发展。随着网络适应减半后的形势，低成本矿商准备获得市场份额并巩固其地位。随着未来几个月比特币价格和算力动态的变化，业界将继续密切关注事态发展。