比特幣哈希率爆炸：礦工遇到麻煩了嗎？

比特幣採礦（BTC）正在經歷前所未有的轉換。最新數據表明，網絡的全局哈希速率破壞了所有記錄

Bitcoin mining (BTC) is undergoing an unprecedented transformation. The latest data reveals that the global hash rate of the network has shattered all records, surpassing the symbolic milestone of 1 Zetahash per second (ZH/s) for the first time.

比特幣採礦（BTC）正在經歷前所未有的轉換。最新數據表明，該網絡的全球哈希速率已經破壞了所有記錄，首次超過了每秒1個Zetahash的象徵性里程碑。

This computing power not only enhances the security of the blockchain but also presents American miners with a critical dilemma, exacerbated by new tariffs on their imported equipment.

這種計算能力不僅增強了區塊鏈的安全性，而且還為美國礦工帶來了嚴重的困境，這對進口設備的新關稅加劇了。

The numbers speak for themselves. According to mempool.space, the hash rate flirted with 1,025 ZH/s, while BTC Frame and Coinwarz report respective peaks of 1.02 ZH/s and 1.1 ZH/s in early April 2025.

數字自言自語。根據mempool.space的說法，哈希速率以1,025 ZH/s調情，而BTC框架和Coinwarz報告在2025年4月初的峰值為1.02 ZH/s和1.1 ZH/s。

This escalation reflects a performance race among global miners, making block validation – and the BTC rewards that come with it – increasingly challenging. For industry players, each additional terahash complicates the profitability equation, especially in regions where energy and equipment costs are high.

這一升級反映了全球礦工之間的性能競賽，進行了障礙驗證以及隨之而來的BTC獎勵 - 越來越具有挑戰性。對於行業參與者而言，每位額外的Terahash都使盈利能力方程式複雜化，尤其是在能源和設備成本較高的地區。

USA Dominance in the Sector

美國在該領域的優勢

The United States currently dominates the mining landscape. According to Mathew Sigel, an analyst at VanEck, American publicly traded companies control 30% of the global hash rate, a share that has increased by 800 basis points since the last halving.

美國目前在採礦場所占主導地位。 Vaneck的分析師Mathew Sigel表示，美國公開交易公司控制了30％的全球哈希率，這一份額自上次減半以來已增加了800個基點。

However, this supremacy is wavering. Recent trade measures by the Trump administration impose high tariffs on ASICs, specialized machines mainly from Asia. The result is a surge in costs that undermines the margins of local operators.

但是，這種至高無上的態度正在動搖。特朗普政府最近採取的貿易措施對ASIC，主要來自亞洲的專業機器徵收高關稅。結果是成本激增，破壞了當地運營商的利潤率。

Profitability Endangering the Bitcoin Network

盈利能力危害比特幣網絡

The situation is alarming. Pierre Rochard, a former executive at Riot Platforms, notes a decline in marginal revenue per megawatt-hour, dropping from $200 to $150 in 2025 for the most efficient equipment. This erosion is due to an explosive hash rate, a declining Bitcoin trading at around $77,000 after a 10% drop over 30 days, and rising import costs. American miners, already fiercely competitive, see their economic model threatened.

情況令人震驚。 Riot Platforms的前高管Pierre Rochard指出，最高效率的設備的每兆瓦時小時收入下降，在2025年下降到150美元。這種侵蝕是由於爆炸性的哈希率造成的，在30天內下降了10％後，比特幣交易的下降幅度約為77,000美元，進口成本上升。美國礦工已經具有激烈的競爭力，看到他們的經濟模式受到威脅。

Tariffs have MASSIVE implications for Bitcoin Miners.Except off-shore supply to get squeezed, increasing demand for on-shore miners.If this is coupled with a BTC run we could see ASIC prices rip 5 to 10x like they did in 2021.See this slide from the BlockwareTeam 2025… https://t.co/IZk6dIa3xW pic.twitter.com/Y16uEJM7i5

關稅對比特幣礦工具有巨大的影響。除非近海供應被擠壓，從而增加了對近海礦工的需求。如果這與BTC的運行相結合，我們可以看到ASIC的價格像2021年一樣上漲5至10倍。從2025年中看到這張幻燈片。 pic.twitter.com/y16Uejm7i5

To cushion the blow, some have opted for urgency by massively importing ASICs before the tariffs kick in. A short-term fix. Long-term solutions involve innovations: producing machines locally, forming partnerships with non-Chinese manufacturers, or leveraging renewable energies to reduce the electricity bill. Only the most agile will survive.

為了緩衝打擊，有些人通過在關稅開始之前大量進口ASIC來選擇緊迫性。短期修復。長期解決方案涉及創新：當地生產機器，與非中國製造商建立合作夥伴關係，或利用可再生能源以減少電費。只有最敏捷的人才能生存。

Moreover, some miners have turned to collaboration with AI companies to share computing power from their mining farms. An innovation that could allow Bitcoin to benefit from another thriving sector.

此外，一些礦工已轉向與AI公司的合作，以分享其採礦農場的計算能力。可以使比特幣從另一個蓬勃發展的部門中受益的創新。

But this mix of records and constraints could reshape the Bitcoin mining landscape. While the United States took the lead after the 2021 exodus of Chinese miners, their position is now on borrowed time.

但是，記錄和約束的混合物可以重塑比特幣採礦景觀。儘管在2021年中國礦工出埃及時，美國的職位現在已經借來了。

Experts predict consolidation, with giants like MARA Holdings (50 EH/s) ready to absorb the weaker players. Yet, miners’ enthusiasm remains unwavering. This paradox – a soaring hash rate amid a tumultuous market – illustrates the unwavering faith in Bitcoin’s potential, even at the cost of a brutal adaptation. And particularly to the detriment of small Bitcoin miners. A tough blow for the network’s decentralization.

專家預測合併，像Mara Holdings（50 EH/s）這樣的巨人準備吸收較弱的球員。然而，礦工的熱情仍然堅定不移。這種悖論是一個動蕩的市場，這是一個飆升的哈希率，即使以殘酷的適應為代價，對比特幣潛力的堅定信念。特別是對小比特幣礦工的損害。該網絡的權力下放是艱難的打擊。

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