比特币采矿生态系统继续迅速发展

Coinshares的见解4224年矿业报告和Compass Mining的2025年3月比特币采矿业报告突出了关键趋势

The Bitcoin mining ecosystem continues to evolve rapidly, driven by technological advancements, market dynamics, and strategic shifts among major players.

在主要参与者之间的技术进步，市场动态和战略转变的推动下，比特币矿业生态系统继续迅速发展。

Coinshares’ Q4 2024 Mining Report and Compass Mining’s March 2025 Bitcoin Mining Industry Report provide a snapshot of this evolution, revealing key trends such as surging hashrates, sustainable energy adoption, and diversification into high-performance computing (HPC) and AI.

Coinshares的第四季度2024挖掘报告和Compass Mining的2025年3月比特币采矿业报告提供了这种进化的快照，揭示了关键趋势，例如飙升的哈希河流，可持续的能源采用以及对高表现计算（HPC）和AI的多样化。

Coinshares noted that the global Bitcoin mining hashrate saw a 104% uptick in 2023, a trend that persisted into 2024. By March 2025, Compass Mining reported the hashrate surging further toward 800 EH/s, fueled by the deployment of advanced mining rigs like Bitdeer’s SEALMINER A1 and A2 series.

Coinshares指出，全球比特币矿业障碍在2023年看到了104％的增长，这种趋势一直持续到2024年。到2025年3月，Compass Mining报告说，该桥梁进一步朝着800 EH/s飙升，这是由于Bitder Sealline Sealminer A1和A2系列的高级采矿钻机的部署而推动了800 E/S。

However, this expansion has driven mining difficulty to record highs, reaching 95.6727 terahashes in October 2024 and further increasing by 4.8% in March 2025. This rising difficulty has squeezed production margins, particularly for miners unable to scale their hashrate. For instance, Marathon Digital (now MARA) faced Q1 2024 production setbacks due to equipment and weather-related issues, impacting their ability to compete in the escalating mining landscape.

然而，这种扩张驱动了开采困难的记录，2024年10月达到了95.6727 Terahashes，并在2025年3月进一步增加了4.8％。这一上升的难度挤压了生产保证金，尤其是对于无法扩展其载体的矿工。例如，由于设备和与天气相关的问题，马拉松数字（现为Mara）面临第二季度2024年的生产挫折，从而影响了他们在不断升级的采矿景观中竞争的能力。

Sustainability remains a focal point for the industry. Coinshares’ Q4 2024 report highlights that approximately 53% of Bitcoin mining energy is sustainably sourced, surpassing the finance industry’s 40% benchmark. Miners are increasingly leveraging stranded energy, such as flared natural gas, to reduce emissions. Coinshares estimates that utilizing flared gas could offset all Bitcoin mining emissions in the U.S., with a potential reduction of 78 Mt CO2e. This aligns with the industry’s role in grid balancing, seen with HIVE Digital’s operations in Sweden, where proprietary software adjusts power usage to support critical services like hospitals.

可持续性仍然是该行业的焦点。 Coinshares的第四季度2024报告强调，大约53％的比特币采矿能源是可持续采购的，超过了金融业的40％基准。矿工越来越多利用滞留的能量，例如爆发天然气，以减少排放。 Coinshares估计，利用喇叭形气体可以抵消美国所有比特币挖掘的排放，潜在降低78吨CO2E。这与行业在网格平衡中的作用相吻合，与Hive Digital在瑞典的运营相吻合，在瑞典，专有软件会调整功率使用情况，以支持医院等关键服务。

The April 2024 Bitcoin halving had a significant impact on production costs, which doubled. Coinshares estimates the weighted average cost of production rose from $16,800 to $27,900 per Bitcoin, and cash costs increased from $25,000 to $37,800. Miners with efficient cost structures, like Riot Platforms, are better positioned to navigate these challenges. In contrast, high SG&A costs threaten the profitability of other miners unless Bitcoin prices rise above $40,000.

2024年4月的比特币减半对生产成本产生了重大影响，这翻了一番。 Coinshares估计，加权的平均生产成本从16,800美元增加到每比特币的27,900美元，现金成本从25,000美元增加到37,800美元。具有高效成本结构的矿工，例如RIOT平台，可以更好地应对这些挑战。相比之下，除了比特币价格上涨40,000美元以上，较高的SG＆A成本威胁到其他矿工的盈利能力。

By March 2025, Bitcoin’s price had surged to $83,550, providing some relief and boosting treasury valuations for miners. For instance, Bitdeer held 724 BTC, valued at $74M, while Core Scientific's treasury holdings were 1,039 BTC, amounting to $88M.

到2025年3月，比特币的价格飙升至83,550美元，为矿工提供了一些救济和增强库存估值。例如，Bitdeer持有724 BTC，价值7400万美元，而Core Scientific的财政部持有量为1,039 BTC，总计8800万美元。

Miners are diversifying beyond Bitcoin (BTC) to capitalize on HPC and AI opportunities. For example, Core Scientific’s 590 MW hosting contract with CoreWeave, valued at $10 billion over 12 years, showcases this shift. Bitdeer’s AI cloud services, powered by NVIDIA DGX SuperPod, achieved 90% utilization by December 2024. Meanwhile, Bitfarms aims for 75% of its hashrate to come from North American data centers by mid-2025, enabling both mining and AI workloads. These ventures leverage existing infrastructure to offset the volatility inherent in the cryptocurrency market.

矿工正在超越比特币（BTC）多元化，以利用HPC和AI机会。例如，Core Scientific的590 MW与Coreweave托管合同，价值12亿美元，在12年内为100亿美元，展示了这一转变。由NVIDIA DGX SuperPod提供支持的Bitdeer的AI Cloud Services在2024年12月之前实现了90％的利用率。与此同时，Bitfarms的目标是到2025年中期，其目标是从北美数据中心获得75％的哈希雷特，从而实现了采矿和AI的工作量。这些冒险利用现有的基础设施来抵消加密货币市场固有的波动率。

Given these developments and transformative trends, Infrastructure investments remain robust. Bitdeer’s 2.5 GW power capacity and Bitfarms’ 120 MW site in Pennsylvania, set for completion by mid-2025, highlight strategic expansions. These projects, located in Bhutan and Pennsylvania respectively, enhance operational efficiency and geographic diversification.

鉴于这些发展和变革趋势，基础设施投资仍然强大。 Bitdeer在宾夕法尼亚州的2.5 GW功率容量和Bitfarms的120 MW站点将于2025年中期完成，重点介绍了战略性扩展。这些项目分别位于不丹和宾夕法尼亚州，提高了运营效率和地理多元化。

The Bitcoin mining ecosystem is navigating a complex landscape of rising hashrates, sustainability efforts, and financial pressures post-halving. Diversification into HPC/AI and strategic infrastructure investments are positioning leading miners like Bitdeer, Core Scientific, and Bitfarms for long-term growth, further supported by a bullish Bitcoin price trajectory (for now at least).

比特币采矿生态系统正在浏览桥梁，可持续性努力和备用后财务压力的复杂景观。在HPC/AI和战略基础设施投资中的多元化正在将诸如Bitdeer，Core Scientific和Bitfarms等领先的矿工定位为长期增长，并得到了看涨的比特币价格轨迹的进一步支持（至少目前至少是）。