2024年减半后，比特币采矿进入其第五个时代

这迫使矿工重新考虑其运营，优化效率，降低能源成本并升级硬件以保持盈利。

After the 2024 halving, Bitcoin (BTC) mining entered its fifth epoch and block rewards were reduced from 6.25 BTC to 3.125 BTC. As a result, miners were forced to rethink their operations, focusing on cutting energy costs and upgrading hardware to remain profitable.

在2024年减半后，比特币（BTC）开采进入其第五个时期，而块奖励从6.25 BTC降低到3.125 BTC。结果，矿工被迫重新考虑自己的业务，专注于降低能源成本并升级硬件以保持盈利。

Cointelegraph Research, with insights from industry experts at Uminers, examines this transformation in its latest report. The analysis covers ASIC efficiency improvements, corporate performance, geographical expansion and new revenue models.

CoIntelegraph Research凭借Uminers行业专家的见解，在其最新报告中研究了这种转变。该分析涵盖了ASIC效率的提高，公司绩效，地理扩张和新的收入模型。

As miners adapt, Bitcoin moves into a new era where institutional momentum and sovereign adoption could redefine its role in the global financial system.

随着矿工的适应，比特币进入了一个新时代，在这个时代，机构动力和主权采用可以重新定义其在全球金融体系中的作用。

The mining industry’s response to rising hashrate and shrinking margins

采矿行业对上升的哈希龙的反应和缩小的利润率

Despite the adverse financial impact of the halving, Bitcoin’s network hashrate has continued to climb.

尽管减半的财务影响不利，但比特币的网络哈希拉特仍在继续攀升。

As of May 1, 2025, the total computational power of the network reached 831 EH/s. Earlier in the month, hashrate peaked at 921 EH/s, marking a 77% increase from the 2024 low of 519 EH/s.

截至2025年5月1日，网络的总计算能力达到831 EH/s。在本月早些时候，Hashrate的峰值达到921 EH/s，标志着2024低的519 EH/s增长了77％。

This rapid recovery underscores the industry’s relentless drive for efficiency as larger mining firms reinvest in fleet upgrades and energy optimization to maintain profitability.

这种迅速的恢复强调了该行业的效率无懈可击，因为更大的采矿公司在车队升级和能源优化中进行了重新投资以维持盈利能力。

The mining arms race has always revolved around power efficiency. With energy costs rising, the latest ASIC models from Bitmain, MicroBT and Canaan are further optimizing the energy required per hash. Bitmain’s Antminer S21+ delivers 216 TH/s at 16.5 J/TH, while MicroBT’s WhatsMiner M66S+ pushes immersion-cooled performance to 17 J/TH.

采矿武器竞赛始终围绕电力效率旋转。随着能源成本的上升，Bitmain，Microbt和Canaan的最新ASIC模型正在进一步优化每个哈希所需的能量。 Bitmain的Antminer S21+以16.5 j/t的速度输入216次/s，而Microbt的Whats-M66S+将沉浸冷却的性能推至17 J/Th。

Meanwhile, semiconductor giants TSMC and Samsung are driving the next wave of innovation, with 3-nm chips already in use and 2-nm technology on the horizon.

同时，半导体巨头TSMC和三星正在推动下一波创新，其中已经使用了3 nm的芯片，并且2-nm技术正在范围内。

Post-halving profitability: The global shift toward low-cost energy

备受期待后的盈利能力：全球向低成本能源转变

Bitcoin mining profitability has tightened significantly post-halving. Hashprice, the daily revenue per terahash per second, dropped from $0.12 in April 2024 to about $0.049 by April 2025.

比特币采矿盈利能力已大大收紧了备用后。 HashPrice，每秒每天的每日收入，从2024年4月的0.12美元下降到2025年4月的0.049美元。

At the same time, network difficulty has surged to an all-time high of 123T, making it harder for miners to generate returns. To stay competitive, operations must extract maximum value from every watt of power consumed.

同时，网络难度已经飙升至123吨的历史高度，使矿工更难产生回报。为了保持竞争力，操作必须从消耗的每瓦瓦特中提取最大价值。

This shift has intensified the search for cheap, reliable power, driving mining expansion into regions where energy costs remain low.

这种转变加剧了人们对廉价，可靠的权力的寻找，将开采扩展推向了能源成本保持较低的区域。

Electricity pricing now dictates mining profitability. In Oman, licensed miners benefit from government-backed subsidies, securing electricity at $0.05–$0.07 per kWh, while in the UAE, semi-governmental projects operate at even lower rates of $0.035–$0.045 per kWh.

电力定价现在决定采矿盈利能力。在阿曼，获得许可的矿工从政府支持的补贴中受益，将电力定为0.05– $ 0.07，而在阿联酋，半政府项目的运作速度甚至较低，价格较低0.035– $ 0.035- $ 0.045 / kwh。

These incentives have turned the region into a prime destination for institutional-scale mining. Meanwhile, in the US, where industrial power costs often exceed $0.1 per kWh, miners face shrinking margins, forcing a migration toward more cost-efficient locations.

这些激励措施使该地区成为机构规模开采的主要目的地。同时，在美国，工业电力成本通常超过每千瓦时的0.1美元，矿工面临的利润率缩小，迫使迁移到更具成本效益的地点。

Africa, the Middle East and Central Asia have emerged as key battlegrounds in this race, offering the energy arbitrage opportunities miners need to survive.

非洲，中东和中亚已经成为这场比赛的关键战场，为矿工提供了生存所需的能源套利机会。

What’s next for Bitcoin mining?

比特币采矿的下一步是什么？

The 2024 halving has reinforced a hard truth: Efficiency is no longer optional; it’s a necessity. The industry is shifting toward leaner, more optimized operations, where only the most power-efficient miners can thrive.

2024年的减半加强了一个坚硬的事实：效率不再是可选的；这是必需的。该行业正在向更精益，更优化的运营转移，只有最有效的矿工才能蓬勃发展。

The rise of AI computing, global regulatory shifts and ongoing hardware advancements will continue to shape the sector over the next 12–18 months.

在接下来的12-18个月中，AI计算，全球监管变化和正在进行的硬件进步的兴起将继续塑造该行业。

Cointelegraph Research’s Bitcoin mining report: Post-halving insights and trends offers a data-driven breakdown of the key forces shaping mining profitability, infrastructure investments, and strategic decision-making.

CoIntelegraph Research的比特币采矿报告：备注后的见解和趋势提供了数据驱动的细分，构成了塑造采矿盈利能力，基础设施投资和战略决策的关键力量。

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

本文不包含投资建议或建议。每个投资和交易举动都涉及风险，读者在做出决定时应进行自己的研究。

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

本文是出于一般信息目的，不打算被视为法律或投资建议。这里表达的观点，思想和观点是作者独自一人，不一定反映或代表Cointelegraph的观点和观点。

Cointelegraph does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions.

Cointelegraph不认可本文的内容或此处提到的任何产品。读者应在采取与任何产品或公司有关的任何行动之前进行自己的研究，并对他们的决策承担全部责任。