比特幣礦工市值逼近 40B 美元，面臨不斷上升的複雜性和彈性關鍵

比特幣礦商正處於一個巨大里程碑的邊緣，總市值接近 400 億美元。就在 7 個月前，礦商的市值還徘徊在 200 億美元左右，但最近的比特幣

Bitcoin miners are approaching a collective market capitalization of $40 billion, a significant increase from the $20 billion market cap seven months ago. This rapid growth is largely due to the recent飙升 in bitcoin prices, which have reached all-time highs in 2024.

比特幣礦商的總市值正在接近 400 億美元，比 7 個月前的 200 億美元市值大幅成長。這種快速增長很大程度上是由於近期比特幣價格的飆升，比特幣價格在 2024 年達到了歷史新高。

According to Farside data, this development has not gone unnoticed by investors and industry experts, who are closely monitoring the trajectory of the mining sector. As of November 27, daily bitcoin mining yields only 450 coins, with transaction fees remaining below $946,000.

根據 Farside 的數據，這一發展並沒有被投資者和行業專家忽視，他們正在密切關注採礦業的發展軌跡。截至 11 月 27 日，比特幣每日開採量僅 450 個比特幣，交易費用仍低於 946,000 美元。

To maintain profitability in this challenging environment, especially after the April blockchain halving event that reduced block rewards by half, miners are exploring diverse strategies and exhibiting resilience in the face of increasing mining difficulty and decreasing rewards.

為了在這個充滿挑戰的環境中保持盈利能力，特別是在四月份區塊鏈減半事件導致區塊獎勵減少一半之後，礦工們正在探索多樣化的策略，並在面對挖礦難度增加和獎勵減少的情況下表現出彈性。

Collectively, bitcoin miners are now valued at around $38.5 billion, with mining difficulty set to increase by a further 3% in the coming days. Having already surpassed the trillion mark, increasing blockchain complexity presents a continuous challenge for miners.

目前，比特幣礦工的總估值約為 385 億美元，未來幾天挖礦難度將進一步增加 3%。區塊鏈複雜性已經突破萬億大關，不斷增加的複雜性給礦工帶來了持續的挑戰。

With each adjustment, the cost and technical difficulty of generating blocks increase substantially, testing the operational resilience of mining operations. The hashrate, a measure of the computational power used to process blockchain transactions, has remained consistently above 700 exahash per second for over a month.

每一次調整，產生區塊的成本和技術難度都會大幅增加，考驗挖礦業務的營運彈性。算力（用於處理區塊鏈交易的運算能力的衡量標準）在一個多月內一直保持在每秒 700 exahash 以上。

Currently, seven-day moving averages of the hashrate hover around 726 EH/s, indicating sustained momentum in computational power since mid-2024, ultimately contributing to more complex mining conditions.

目前，算力的 7 天移動平均值徘徊在 726 EH/s 左右，這表明自 2024 年中期以來算力持續增長，最終導致挖礦條件更加複雜。

Beyond traditional cryptocurrency mining operations, several miners are diversifying into the AI and high-performance computing industries, where they identify opportunities in hosting computing infrastructure.

除了傳統的加密貨幣挖礦業務之外，一些礦工正在多元化進入人工智慧和高效能運算產業，他們在這些產業中發現了託管運算基礎設施的機會。

This strategy has garnered attention, with companies like IREN experiencing a 30% stock surge as a result of their innovative approach. Marathon Digital Holdings (MARA) is another example of a company making strategic investments.

這項策略引起了人們的關注，像 IREN 這樣的公司因其創新方法而股價飆升了 30%。馬拉松數位控股公司（MARA）是公司進行策略性投資的另一個例子。

On November 27, researchers observed MARA adding 703 BTC to its balance sheet after securing a $1 billion convertible note. In total, they now hold 34,794 BTC, showcasing a calculated long-term investment strategy.

11 月 27 日，研究人員觀察到 MARA 在獲得 10 億美元的可轉換票據後，在其資產負債表中增加了 703 BTC。他們現在總共持有 34,794 BTC，展示了經過深思熟慮的長期投資策略。

Moreover, investment vehicles like the CoinShares Valkyrie Bitcoin Miners ETF (NYSE:礦工) offer broader market perspectives. YTD performance indicates a 60% increase, trailing bitcoin's exceptional 113% surge.

此外，CoinShares Valkyrie 比特幣礦工 ETF（NYSE：礦工）等投資工具提供了更廣闊的市場前景。今年迄今的表現顯示成長了 60%，落後於比特幣 113% 的驚人漲幅。

This narrative encompasses not just cryptocurrency mining but also a broader ecosystem of technological innovation, financial strategy, and computational evolution, where miners are expanding their roles beyond blockchain transaction processing.

這種敘述不僅涵蓋加密貨幣挖礦，還涵蓋更廣泛的技術創新、金融策略和計算進化生態系統，礦工正在將其角色擴展到區塊鏈交易處理之外。