比特幣（BTC）採礦網絡Hashrate每秒達到8.5億Terahashes的新歷史高（ATH）（TH/S）

隨著網絡的哈希拉特（Hashrate

March 2025 saw Bitcoin’s hashrate reach a new all-time high (ATH) of 850 million terahashes per second (TH/s). This surge in the network’s computing power, used to validate transactions and secure the blockchain, is significant. A high hashrate makes Bitcoin more secure, harder to attack, and ultimately more valuable.

2025年3月，比特幣的哈希拉特（Hashrate）達到了新的歷史最高（ATH），即每秒8.5億Terahashes（TH/S）。網絡計算能力的這種激增，用於驗證交易並確保區塊鏈確保區塊鏈非常重要。高哈希酸鹽使比特幣更加安全，更難攻擊，並最終更有價值。

However, despite the narrative of a booming crypto market in early 2025, Bitcoin miners are now facing difficulties with rising operational costs and tariffs on hardware imports, which could limit the industry’s growth.

然而，儘管在2025年初的加密市場蓬勃發展，但比特幣礦工現在面臨著不斷上漲的運營成本和硬件進口的關稅的困難，這可能會限制行業的增長。

Hashrate Surge and Its Implications

哈希拉特激增及其含義

Bitcoin’s hashrate determines the speed at which the network can solve complex hashes to validate transactions and add new blocks to the blockchain. As more miners join the network, the hashrate increases, making the network more secure and robust against attempts to disrupt it.

比特幣的哈希拉特決定網絡可以求解複雜哈希以驗證交易並在區塊鏈中添加新區塊的速度。隨著越來越多的礦工加入該網絡，哈希拉特增加，使網絡更加安全和強大，以嘗試破壞該網絡。

Earlier this year, the hashrate crossed the milestone of 800 million TH/s for the first time, showcasing the significant growth in the network’s computing power. By March 2025, this figure had further risen to 850 million TH/s, highlighting the ongoing influx of miners and their contribution to securing the Bitcoin network.

今年早些時候，Hashrate首次跨越了8億美元的里程碑，展示了網絡計算能力的顯著增長。到2025年3月，這一數字進一步增加到了8.5億TH/s，突出了礦工的持續湧入及其對確保比特幣網絡的貢獻。

Thomas Jeegers, CFO & COO of Relai, noted the importance of a high hashrate in deterring attackers. “Each time the network gets stronger, Bitcoin becomes harder to attack, harder to ignore, and more justified in commanding a higher valuation.”

Relai的CFO＆COO Thomas Jeegers指出，高哈希底龍在阻止攻擊者方面的重要性。 “每次網絡變得更強大時，比特幣都會變得更難攻擊，難以忽視，並且在指揮更高估值方面有理由。”

Rising Operational Costs

運營成本上升

While a high hashrate is crucial for the health of the Bitcoin network, the increased operational costs are posing challenges for miners, especially in the US. The cost of mining one Bitcoin has doubled since early 2024, now reaching approximately $87,000.

儘管高哈希岩對於比特幣網絡的健康至關重要，但增加的運營成本卻給礦工帶來了挑戰，尤其是在美國。自2024年初以來，開採一個比特幣的成本已翻了一番，現在達到了約87,000美元。

This surge in costs is due to several factors, including higher electricity prices and the rising cost of Application-Specific Integrated Circuits (ASICs), the specialized hardware used in Bitcoin mining. Smaller miners are also at a disadvantage compared to larger firms, which often have access to cheaper electricity and enjoy greater scale advantages in their operations.

成本激增歸因於幾個因素，包括更高的電價和特定於應用集成電路（ASIC）的成本上升，這是比特幣採礦中使用的專門硬件。與較大的公司相比，較小的礦工也處於不利地位，這些公司通常可以使用便宜的電力並在其運營中享有更大的規模優勢。

As mining becomes less profitable due to rising costs, smaller and less efficient miners may struggle to stay afloat, while larger miners with optimized operations and lower costs are better positioned to withstand the changing economic landscape.

由於成本上漲，礦業的盈利降低了，較小且效率較低的礦工可能難以維持生計，而具有優化運營和較低成本的較大的礦工可以更好地承受不斷變化的經濟環境。

Tariffs on Chinese Hardware

中國硬件的關稅

Another challenge for Bitcoin miners is the concentration of hardware production with Chinese mining chip manufacturer Bitmain. As the leading producer of ASIC hardware, Bitmain controls a significant portion of the market share, with estimates ranging from 59% to 76%.

比特幣礦工的另一個挑戰是中國採礦芯片製造商Bitmain的硬件生產集中。作為ASIC硬件的領先生產商，Bitmain控制著市場份額的很大一部分，估計範圍從59％到76％不等。

Despite efforts to diversify hardware suppliers, Bitmain’s dominance has raised concerns about potential bottlenecks and supply chain disruptions. In the US, new tariffs on Chinese imports are adding to the operational costs for miners.

儘管努力使硬件供應商多樣化，但Bitmain的主導地位引起了人們對潛在瓶頸和供應鏈中斷的擔憂。在美國，對中國進口的新關稅正在增加礦工的運營成本。

Due to stricter customs controls, US-based miners are experiencing delays in receiving Bitmain shipments. Since 2018, the US has imposed duties of up to 27.6% on Chinese mining equipment. These tariffs are part of broader trade tensions between the two superpowers.

由於更嚴格的海關控件，美國的礦工正在接受Bitmain發貨的延誤。自2018年以來，美國在中國採礦設備上施加了高達27.6％的職責。這些關稅是兩個超級大國之間更廣泛的貿易緊張局勢的一部分。

Earlier this year, the US Trade Representative's office announced plans to increase tariffs on nearly all Chinese goods in response to China’s alleged economic and trade abuses. This move threatens to escalate trade tensions further and could have a significant impact on various industries.

今年早些時候，美國貿易代表辦公室宣布了計劃，以應對中國所謂的經濟和貿易濫用，從而提高幾乎所有中國商品的關稅。此舉可能會進一步升級貿易緊張局勢，並可能對各個行業產生重大影響。

These tariffs are now a key factor in the total cost of mining one Bitcoin, especially for US-based operations. Smaller miners who rely on cost-effective equipment for optimal profitability may face difficulties if hardware costs continue to rise due to tariffs and other factors.

這些關稅現在是開採一家比特幣的總成本的關鍵因素，尤其是對於基於美國的運營而言。如果由於關稅和其他因素，硬件成本繼續上升，依靠具有成本效益的設備來獲得最佳盈利能力的較小的礦工可能會面臨困難。

Moreover, smaller miners typically have less flexibility in switching to different hardware suppliers or adjusting their operations to accommodate changing regulations and tariffs. This lack of adaptability could put them at a disadvantage in the long run.

此外，較小的礦工通常在切換到不同的硬件供應商或調整其操作以適應不斷變化的法規和關稅方面具有較小的靈活性。從長遠來看，這種缺乏適應性可能會使他們處於不利地位。

Strategic Partnerships in the US

美國的戰略夥伴關係

Amid these challenges, some US-based companies are forming strategic partnerships to enhance their operations and capitalize on opportunities in the Bitcoin mining sector.

在這些挑戰中，一些美國的公司正在建立戰略合作夥伴關係，以增強其運營並利用比特幣採礦業的機會。

For instance, Hut 8 Corp., a major Bitcoin mining and high-performance computing firm, has partnered with Eric Trump and Donald Trump Jr. to establish American Bitcoin Corp. This venture aims to become the largest and most efficient pure-play Bitcoin mining operation globally.

例如，一家主要的比特幣開采和高性能計算公司Hut 8 Corp.已與Eric Trump和Jr. Jr.合作，建立了American Bitcoin Corp.。該公司旨在成為全球最大，最有效的純比特幣採礦業務。

The partnership brings together Hut 8 Corp.’s advanced technologies and experience in Bitcoin mining with the Trump family's investment acumen and institutional ties. Together, they plan to build a self-reliant Bitcoin mining empire in the US, free from foreign hardware tariffs and regulations.

該合作夥伴關係將Hut 8 Corp.與特朗普家族的投資敏銳度和機構聯繫的高級技術和經驗融合在一起。他們共同計劃在美國建立一個自力更生的比特幣礦業帝國，不受外國硬件關稅和法規。

This initiative is a response to the increasing interest from US institutional investors in the mining sector and the growing need for efficient and self-reliant operations. As more institutions allocate capital to Bitcoin, there is a growing demand for a reliable and productive mining firm.

這項倡議是對美國機構投資者對採礦業的不斷增長的回應以及對高效和自力更生運營的日益增長的需求。隨著越來越多的機構將資本分配給比特幣，對可靠和生產性採礦公司的需求不斷增長。

American Bitcoin Corp. will be fully compliant with US laws and regulations, operating in a transparent manner with a strong focus on corporate governance. This partnership signifies the evolving landscape of the Bitcoin mining

美國比特幣公司將完全遵守美國法律法規，以透明的方式運作，重點關注公司治理。這種夥伴關係表示比特幣採礦的不斷發展的景觀