隨著挖礦難度和算力趨勢上升，比特幣 (BTC) 挖礦市值達到 390 億美元

公開交易的比特幣礦業公司的總市值已達到約 390.9 億美元。 Marathon Digital Holdings 以 87.1 億美元的市值領先該行業，其次是 Core Scientific，市值為 50.2 億美元，Riot Blockchain 市值為 40.6 億美元，CleanSpark 市值為 39 億美元。

Bitcoin mining stocks have performed exceptionally well in 2024, outpacing the broader market rally. A key factor driving this stellar performance has been the substantial increase in Bitcoin's price, which has had a direct positive impact on the revenue potential of mining companies. As of November 29, 2024, the combined market cap of publicly traded Bitcoin mining companies reached approximately $39.09 billion.

比特幣礦業股在 2024 年表現異常出色，超過了大盤的漲幅。推動這一出色表現的關鍵因素是比特幣價格的大幅上漲，這對礦業公司的收入潛力產生了直接的正面影響。截至 2024 年 11 月 29 日，公開交易的比特幣礦業公司的總市值達到約 390.9 億美元。

Among the top-performing mining stocks, Marathon Digital (NASDAQ:MARA) led the sector with a market cap of $8.71 billion. The company's stock price surged by more than 500% year-to-date, fueled by its large-scale mining operations and a recent partnership with Compute North. Core Scientific (NASDAQ:CORZ) followed closely with a market cap of $5.02 billion, also driven by its extensive mining facilities and a focus on sustainable operations.

在表現最好的礦業股中，Marathon Digital（納斯達克股票代碼：MARA）以 87.1 億美元的市值領先該行業。受其大規模採礦業務以及最近與 Compute North 合作的推動，該公司股價今年迄今飆升了 500% 以上。 Core Scientific（納斯達克股票代碼：CORZ）緊隨其後，其市值達到 50.2 億美元，這也得益於其廣泛的採礦設施和對永續營運的關注。

Another standout performer was Riot Blockchain (NASDAQ:RIOT), which boasted a market cap of $4.06 billion. The company's mining operations in Texas and Oklahoma, coupled with its recent acquisition of Whinstone, contributed to its strong performance. Meanwhile, CleanSpark (NASDAQ:CLSK) rounded out the top four with a market cap of $3.90 billion, driven by its diverse renewable energy portfolio and a focus on efficient mining technologies.

另一個表現出色的公司是 Riot Blockchain（納斯達克股票代碼：RIOT），其市值達到 40.6 億美元。該公司在德克薩斯州和俄克拉荷馬州的採礦業務，加上最近收購的Whinstone，為其強勁的業績做出了貢獻。同時，CleanSpark（納斯達克股票代碼：CLSK）憑藉其多樣化的可再生能源產品組合和對高效採礦技術的關注，以 39 億美元的市值躋身前四名。

Bitcoin's mining difficulty, a measure of how challenging it is to mine a new block, has also been rising steadily throughout the year. As of November 29, the difficulty level stood at 102.29 trillion, with projections indicating a 2.04% increase in the next adjustment. This marks the fifth consecutive increase in mining difficulty, reflecting intensified competition among miners and a robust network security.

比特幣的挖礦難度（衡量開採新區塊的難度的指標）也全年都在穩步上升。截至11月29日，難度水準為102.29兆，預計下次調整將增加2.04%。這標誌著挖礦難度連續第五次增加，反映出礦工之間的激烈競爭和強大的網路安全性。

The network hashrate, which represents the total computational power dedicated to mining, has consistently exceeded 700 exahashes per second (EH/s) for over a month. This sustained high hashrate underscores the growing commitment of resources to Bitcoin mining, contributing to the upward adjustments in mining difficulty.

網路哈希率（代表專用於挖礦的總運算能力）在一個多月內一直超過每秒 700 exahashes (EH/s)。這種持續的高算力凸顯了對比特幣挖礦的資源投入不斷增加，從而導致挖礦難度的向上調整。

However, the combination of Bitcoin's price surge and increased mining difficulty presents a double-edged sword for miners. While higher Bitcoin prices enhance potential revenues, the escalating difficulty requires more advanced hardware and greater energy consumption, leading to increased operational costs. Miners must continually invest in efficient technologies to maintain profitability in this competitive landscape.

然而，比特幣價格飆升和挖礦難度增加對礦工來說是一把雙面刃。雖然比特幣價格上漲提高了潛在收入，但不斷升級的難度需要更先進的硬體和更大的能源消耗，導致營運成本增加。礦商必須不斷投資高效能技術，才能在競爭激烈的環境中保持獲利能力。

One of the primary challenges for Bitcoin miners today is revenue generation. The block rewards, which miners earn for confirming transactions on the Bitcoin blockchain, were slashed by 50% during the halving event in April, at a time when their collective market capitalization hovered around $20 billion. In the current mining epoch, only 450 new bitcoins are created daily.

當今比特幣礦工面臨的主要挑戰之一是創造收入。礦工透過確認比特幣區塊鏈上的交易獲得的區塊獎勵在 4 月減半事件期間被削減了 50%，當時他們的總市值徘徊在 200 億美元左右。在當前的挖礦時代，每天只創造 450 個新比特幣。

Furthermore, transaction fees on the Bitcoin network have remained at cycle lows throughout 2024. On November 27, the total transaction fees collected by miners amounted to just 10 BTC (approximately $946,000), presenting a limited supplemental income compared to previous years. This dynamic highlights the challenges faced by miners in sustaining high revenue levels amidst the lower block rewards and transaction fees.

此外，比特幣網路的交易費用在 2024 年保持在周期低位。這種動態凸顯了礦工在區塊獎勵和交易費用較低的情況下維持高收入水準所面臨的挑戰。

Investors who are considering investing in Bitcoin mining companies should be aware of the sector's volatility, which is closely tied to Bitcoin's market performance and the evolving mining difficulty. Additionally, regulatory developments and energy costs play pivotal roles in shaping the industry's dynamics. Miners are navigating a complex environment that demands continuous adaptation to technological advancements and market fluctuations.

考慮投資比特幣挖礦公司的投資者應該意識到該行業的波動性，這與比特幣的市場表現和不斷變化的挖礦難度密切相關。此外，監管發展和能源成本在塑造產業動態方面發揮關鍵作用。礦工們正在面臨一個複雜的環境，需要不斷適應技術進步和市場波動。