礦工收入下降的比特幣哈希率達到1,000 EH/s

比特幣的網絡剛剛達到了歷史悠久的哈希速率，每秒超過1000個exahashes，標誌著更強的安全性和更廣泛的採礦參與。

Bitcoin’s network hash rate has now surpassed 1,000 exahashes per second, a historic high reached in April 2025. This level of computing power signals stronger security for the cryptocurrency and broader participation among miners.

比特幣的網絡哈希速率現在超過了每秒1000張Exahashes，這是2025年4月的歷史悠久的高峰。這種計算能力信號信號更強，對加密貨幣的安全性和更廣泛的礦工參與。

However, the same period has seen miners fall into their worst environment yet, with plunging profitability, rising operational costs, and the largest miner sell-off since late 2024. Together, these trends are pushing smaller miners into a difficult position.

但是，同一時期已經使礦工陷入了最糟糕的環境，盈利能力下跌，運營成本上升以及自2024年底以來最大的礦工拋售。這些趨勢共同將較小的礦工推向了一個困難的位置。

Bitcoin Hash Rate Hits 1,000 EH/s As Miner Revenue Drops 40%

礦工收入下降40％，比特幣哈希率達到1,000 EH/s

Bitcoin’s hash rate crossed the 1,000 EH/s (1 ZH/s) threshold in April 2025, highlighting the vast computing power now dedicated to securing the cryptocurrency network. At this level, it takes roughly 100,000 cycles for a quantum computer to break the Bitcoin blockchain.

比特幣的哈希率在2025年4月越過1,000 EH/s（1 ZH/s）閾值，突出了現在致力於確保加密貨幣網絡的巨大計算能力。在此級別上，量子計算機大約需要100,000個週期來破壞比特幣區塊鏈。

Rising hash rate levels are usually attributed to increased participation in mining and technological advancements in creating more efficient hardware. However, at the start of April, miners faced a 40% year-over-year drop in revenue, according to data from Cloverpool.

哈希速率水平上升通常歸因於增加採礦和技術進步創造更有效的硬件的參與。但是，根據Cloverpool的數據，在4月初，礦工面臨40％的收入下降。

After the April 2024 Bitcoin halving, block rewards were slashed from 6.25 to 3.125 BTC. This shift was supposed to encourage higher transaction fees to compensate for the reduced coin rewards.

在2024年4月的比特幣減半之後，Block Rewards從6.25削減至3.125 BTC。這種轉變應該鼓勵更高的交易費用來補償減少的硬幣獎勵。

However, persistently low fees and a high rate of empty blocks have left miners with fewer incentives and tighter margins, especially those focused on fee revenue.

但是，持續的低費用和高股票率使礦工的激勵措施和更緊密的利潤率更少，尤其是那些專注於收費收入的人。

Image by Cloverpool

圖片由三葉草池

Miner Sell-Offs Signify Cash Flow Issues Across Sector

礦工拋售表示跨部門的現金流量問題

The financial pressure has already led to significant Bitcoin liquidations. Data from TheMinerMag shows that in March 2025, public miners sold over 40% of their monthly BTC production—the highest sell-off rate since October 2024.

財務壓力已經導致了大量的比特幣清算。 Theminermag的數據表明，2025年3月，公共礦工售出了其每月BTC生產的40％以上，這是自2024年10月以來的最高售罄率。

Firms like HIVE, Bitfarms (NASDAQ:Bitfarms), and Ionic Digital (NASDAQ:IONC) reportedly sold more Bitcoin than they mined to sustain operations. This is a dramatic shift from the post-halving accumulation strategies that miners usually adopt.

據報導，諸如Hive，Bitfarms（NASDAQ：BITFARMS）和Ionic Digital（NASDAQ：IONC）之類的公司售出的比特幣售出的比以維持運營的方式銷售更多。這是礦工通常採用的備用後積累策略的巨大轉變。

The continuous release of miner reserves into the market has applied downward pressure on prices, which dropped 2.3% in March after February’s 17.39% correction.

礦工儲量不斷向市場施加了向下壓力，價格在2月17.39％的更正後3月下降了2.3％。

Moreover, as the largest institutional sellers, miners' actions can influence broader market sentiment, potentially compounding bearish trends.

此外，作為最大的機構賣家，礦工的行動可能會影響更廣泛的市場情緒，並可能使看跌趨勢更加複雜。

Tariffs And Equipment Costs May Yet Squelch U.S. Miners

關稅和設備成本可能仍會擠壓美國礦工

U.S.-based miners are also facing a unique set of challenges as trade tariffs on mining hardware take effect. Introduced by the Trump administration as part of broader trade policy shifts, these tariffs increase the cost of importing mining equipment from countries like China, where most manufacturers are based.

隨著採礦硬件的貿易關稅生效，美國的礦工也面臨著一系列獨特的挑戰。這些關稅是由特朗普政府作為更廣泛的貿易政策轉變的一部分提出的，增加了從大多數製造商所在的中國等國家進口採礦設備的成本。

Analysts at BullifyX estimate that these tariffs will add up to $16,000 per unit, considering the typical price of new-generation ASICs (application-specific integrated circuits) used in Bitcoin mining.

Bullifyx的分析師估計，考慮到比特幣採礦中使用的新一代ASIC（特定於應用程序的集成電路）的典型價格，這些關稅將總計每單位16,000美元。

With large-scale miners deploying hundreds or even thousands of ASICs in their facilities, these tariffs can significantly increase operational costs and delay hardware upgrades for many miners.

隨著大型礦工在其設施中部署數百甚至數千個ASIC，這些關稅可以大大提高運營成本並延遲許多礦工的硬件升級。

This rising cost structure, combined with declining mining rewards and network congestion, could push some smaller operations to shut down or consolidate. As competition intensifies, only the most efficient and well-capitalized miners may survive the current squeeze on Bitcoin mining profitability.

這種不斷上升的成本結構，加上採礦獎勵和網絡擁堵的下降，可能會推動一些較小的操作關閉或鞏固。隨著競爭的加劇，只有最有效，最富裕的礦工才能在比特幣採礦盈利能力的當前擠壓中倖存下來。