比特幣礦工面臨新的財務壓力，因為降低和交易費用乾燥

根據Theminermag的2025年2月的報告，比特幣礦工正面臨著新的財務壓力，並提高了投資費用的下降，並提高了運營成本的下降。

Bitcoin miners are facing increasing financial pressure as transaction fees continue to decline and a hashprice drop pushes up operational costs, according to TheMinerMag’s February 2025 report.

根據Theminermag的2025年2月的報告，隨著交易費用繼續下降，比特幣礦工正面臨著日益增加的財務壓力，而Hashprice下降會推動運營成本。

Bitcoin’s hashrate, a measure of network participation, climbed 3.8% in February to 810 EH/s, indicating a slowdown in mining competition growth. However, the hashprice, or the revenue that miners earn per unit of computing power, slipped to $45/PH/s.

比特幣的哈希拉特（Hashrate）是一項網絡參與度的量度，在2月份上升了3.8％，達到810 EH/s，表明採礦競爭增長的放緩。但是，HashPrice或礦工每單位計算能力賺取的收入，跌至$ 45/p/s。

This wiped out gains from the U.S. election-driven price surge that pushed the hashprice above $50/PH/s in December 2024. At this level, some less-efficient miners at the margin are likely feeling the strain.

這消除了美國大選驅動的價格上漲的收益，在2024年12月，將Hashprice推高了50美元/p的$ 50。

Transaction fees, which form a secondary income stream for miners, contributed just 1.3% to total block rewards in February, reaching their lowest share since the last bear market bottom in 2022. March is trending even lower, with an average of 1.12% so far.

礦工構成二級收入流的交易費用僅貢獻了1.3％的二月份總獎勵，自2022年上一個熊市最低點以來，其份額達到了最低的份額。三月趨勢越來越低，到目前為止平均為1.12％。

These factors — alongside increased competition from artificial intelligence (AI) data centers for energy and capital at higher prices may add further pressure on bitcoin mining.

這些因素 - 除了人工智能（AI）數據中心的競爭增加，價格和資本以較高的價格可能會增加對比特幣採礦的進一步壓力。

Those operators who rely on bulk hosting agreements and asset-light strategies appear to be bearing the brunt of the crypto winter.

那些依靠批量託管協議和資產策略的運營商似乎是加密冬季的首當其衝。

Reporting a 6% increase in hashrate, MARA remains the industry leader with 44 EH/s. CleanSpark follows closely with a 12% rise to 39 EH/s.

瑪拉（Mara）報告說，哈希拉特（Hashrate）增加了6％，仍然是行業領導者44 eh/s。 CleanSpark緊隨其後，增長12％，至39 EH/s。

Despite some firms like HIVE Digital and Cipher Mining selling a portion of their bitcoin output to fund expansion and new hardware purchases, total bitcoin holdings among miners surpassed 100,000 BTC for the first time.

儘管一些公司像Hive Digital和Cipher Mining這樣的公司出售其比特幣產量的一部分以資助擴展和新硬件購買，但礦工的總比特幣持有量首次超過100,000 BTC。

However, March saw a downturn for mining stocks. The combined market capitalization of 15 major firms dropped from $36 billion in January to $22 billion.

但是，三月的採礦股票下滑。 15家主要公司的總市值從1月份的360億美元降至220億美元。

Cipher, Canaan, Hut 8, HIVE, and Bitdeer all saw losses exceeding 40% as investors reacted to the macroeconomic climate and crypto price trends.

當投資者對宏觀經濟氣候和加密價格趨勢做出反應時，密碼，迦南，小屋8，Hut和Bitder的損失都超過40％。

With network growth slowing and energy costs remaining elevated, sustained bitcoin price gains may be crucial for miners to avoid further financial stress.

隨著網絡增長的放緩和能源成本的較高，持續的比特幣價格上漲對於礦工來說可能至關重要，以避免進一步的財務壓力。