隨著網絡哈希雷特（Hashrate）達到歷史高度，比特幣（BTC）採礦業達到了新的高度

隨著網絡的哈希拉特（Hashrate）達到歷史最高水平（ATH），比特幣採礦業越來越有競爭力。在2025年3月底，比特幣的哈希拉特（Hashrate）達到了8.5億次/s。

The Bitcoin mining industry is becoming increasingly competitive as the network’s hashrate reaches an all-time high (ATH).

隨著網絡的哈希拉特（Hashrate）達到歷史最高水平（ATH），比特幣採礦業越來越有競爭力。

At the end of March 2025, Bitcoin’s hashrate hit 850 million TH/s. However, alongside this impressive growth, the industry is struggling with rising production costs and new tariff barriers, particularly in the US.

在2025年3月底，比特幣的哈希拉特（Hashrate）達到了8.5億次/s。但是，除了這種令人印象深刻的增長之外，該行業正在努力爭取生產成本上升和新的關稅障礙，尤其是在美國。

These factors are putting significant pressure on mining companies and could reshape the sector’s future.

這些因素對採礦公司施加了巨大的壓力，並可以重塑該行業的未來。

Hashrate Surges, Mining Costs Soar

哈希拉特飆升，採礦成本飆升

Bitcoin’s hashrate measures the total computing power used by miners to secure the network and validate transactions. It is expressed in terahashes per second (TH/s), indicating the number of hash calculations performed by the network every second.

比特幣的Hashrate測量礦工用於確保網絡和驗證交易的總計算能力。它以每秒（th/s）的terahashes表示，表明每秒每秒執行的哈希計算數量。

According to Blockchain.com, Bitcoin’s hashrate surpassed 850 million TH/s in March. This increase reflects more miners joining the network and growing confidence in Bitcoin’s value and security.

根據Blockchain.com的數據，3月份比特幣的哈希拉特（Hashrate）超過了8.5億TH/s。這種增加反映了更多的礦工加入網絡，並對比特幣的價值和安全性有信心。

“Each time the network gets stronger, Bitcoin becomes harder to attack, harder to ignore, and more justified in commanding a higher valuation. This isn’t just code. It’s economic gravity. Bitcoin has become the most secure monetary network humanity has ever seen. And it’s only getting stronger.” — Thomas Jeegers, CFO & COO of Relai commented.

“每次網絡變得更強大時，比特幣變得更難攻擊，難以忽視，並且更有正當的估值。這不僅僅是代碼。它是經濟重力。比特幣已成為人類最安全的貨幣網絡已經看到的。它只是變得更強大。” - Relai的CFO＆COO的Thomas Jeegers評論說。

Despite this surge in hashrate, mining profits are not increasing proportionally. As per a report from Macromicro, the cost of mining one Bitcoin has doubled since early 2024, now reaching $87,000.

儘管有這種哈希酸鹽激增，但採礦利潤並未按比例增加。根據Macromicro的報告，自2024年初以來，開採一個比特幣的成本已翻了一番，現在達到87,000美元。

The main drivers behind this increase are surging electricity prices and the high operational costs of specialized mining hardware (ASICs).

這種增長背後的主要驅動因素是飆升的電價和專業採礦硬件（ASIC）的高運營成本。

With Bitcoin’s price remaining in the $50,000 range throughout 2025, many mining companies could be operating at a loss unless they optimize their efficiency. This challenge is particularly acute for smaller miners, who lack the scale advantages or access to cheap electricity that larger firms enjoy.

在整個2025年，比特幣的價格仍保持在50,000美元之間，許多礦業公司可能會虧本運營，除非它們優化其效率。對於缺乏規模優勢或獲得較大公司享受的廉價電力的較小礦工而言，這一挑戰尤其急切。

Tariff Challenges and Dependence on Chinese Hardware

關稅挑戰和對中國硬件的依賴

Another major hurdle for Bitcoin miners is trade restrictions, particularly in the US. According to CoinMetrics, ASIC miners produced by Bitmain, a Chinese company, constitute about 59%–76% of Bitcoin’s total hashrate.

比特幣礦工的另一個主要障礙是貿易限制，尤其是在美國。根據Coinmetrics的說法，中國公司Bitmain生產的ASIC礦工佔比特幣總哈希岩的59％–76％。

Bitmain is a dominant player in mining hardware, with its Antminer S19 and S21 models known for their high efficiency and hash rate. However, in early 2025, some US mining companies experienced delays in receiving Bitmain shipments due to tighter customs controls and new tariffs on Chinese imports.

Bitmain是採礦硬件的主要參與者，其Antminer S19和S21型號以其高效率和哈希速率而聞名。但是，在2025年初，由於更嚴格的海關控制和中國進口的新關稅，一些美國礦業公司在接收Bitmain貨物方面經歷了延誤。

“With Bitmain catering to a majority of Bitcoin’s network hashrate, reliance on a single manufacturer, despite having distributed supply chains, presents a potential risk. Since Bitmain is primarily based in China, its dominance highlights how geopolitical dependencies can affect the stability of mining operations,” CoinMetrics stated.

“隨著Bitmain迎合大多數比特幣網絡的橋樑，儘管有分佈式供應鏈，但對單個製造商的依賴依賴於單個製造商，因此存在潛在的風險。由於Bitmain主要位於中國，其優勢強調了地緣政治依賴性如何影響採礦業務的穩定性，” Colmetrics說道。

These tariffs are not new. As per SCMP, the US has been levying duties of up to 27.6% on imported mining equipment from China since 2018.

這些關稅並不新鮮。根據SCMP，自2018年以來，美國一直在向中國進口採礦設備徵收高達27.6％的職責。

However, recent measures indicate increasing regulatory scrutiny and trade pressures, further inflating import costs for mining hardware. This in turn inflates operational expenses for US-based miners and disrupts their ability to scale as global hashrate surges.

但是，最近的措施表明監管審查和貿易壓力增加，進一步膨脹了採礦硬件的進口成本。反過來，這又為美國礦工籌集了運營費用，並破壞了他們作為全球橋樑潮流的擴展能力。

Recently, Hut 8 Corp., a Bitcoin mining and high-performance computing infrastructure firm, partnered with Eric Trump and Donald Trump Jr. to establish American Bitcoin Corp.

最近，與埃里克·特朗普（Eric Trump）和小唐納德·特朗普（Donald Trump Jr.）合作，建立了美國比特幣公司。

The company aims to become the largest and most efficient pure-play Bitcoin mining operation globally while building a strong strategic Bitcoin reserve. This move highlights the increasing interest from US institutional investors in the competitive mining industry.

該公司的目標是成為全球最大，最有效的純比特幣採礦業務，同時建立強大的戰略比特幣儲備。這一舉動強調了美國機構投資者在競爭性採礦行業中的興趣日益增加。