比特幣採礦行業經歷了一場無聲的風暴，因為其採礦難度在四個月內首次減少

比特幣剛剛經歷了意外的打ic：其採礦難度在四個月內首次減少。習慣永久升級的生態系統中脆弱的呼吸。然而，這個看似技術人物的背後是一個更加動蕩的敘述。

Bitcoin mining difficulty just took an unexpected breath: it decreased for the first time in four months. A fragile sigh in an ecosystem used to a perpetual escalation. But behind this seemingly technical figure lies a much more turbulent narrative. Between site closures, rapid modernizations, and survival strategies, the mining sector is going through a silent storm. What if this decline is the symptom of a deeper mutation?

比特幣開採困難只是意外呼吸：這是四個月來下降。生態系統中易碎的嘆息，用於永久升級。但是這個看似技術人物的背後是一個更動蕩的敘述。在現場封閉，快速現代化和生存策略之間，採礦部門正在經歷一場無聲的風暴。如果這種下降是更深的突變的症狀怎麼辦？

Bitcoin makes the numbers dance

比特幣使數字跳舞

The mining difficulty, this automatic regulator designed to balance competition, reached a dizzying peak of 110 trillion (T) in January, before dropping to 108 T.

旨在平衡競爭的自動調節器的採礦難度在一月份達到了110萬億（T）的山峰，然後降至108 t。

A modest drop, but a symbolic one. Why? Because it occurs in a context where the average hashing rate of the network still brushes against 832 EH/s, a nearly record level. As if the machine, breathless, had suddenly slowed its frantic pace.

一個適中的滴，但像徵性的滴滴。為什麼？因為它發生在網絡的平均哈希速率仍然針對832 EH/s（幾乎記錄的水平）的情況下。好像機器喘不過氣來，突然減慢了瘋狂的速度。

Amidst the shipwrecks, Riot Platforms stands out. Its production climbed to 527 bitcoins in January, while its energy credits exploded (+250 %). Its secret? A formidable energy management and Texan facilities boosted by innovation.

在沉船中，防暴平台脫穎而出。它的產量在一月份攀升至527個比特幣，而其能源信用卻爆炸（+250％）。它的秘密？創新的強大能源管理和得克薩斯州的設施。

Jason Les, its CEO, speaks of a “symbiosis between hardware and energy.” An almost poetic speech for a sector in crisis. Meanwhile, Marathon Digital stumbles: -13 % production, lost blocks, and a laborious transition to S21 Pro miners. The race for efficiency comes at a cash cost.

其首席執行官傑森·萊斯（Jason Les）談到“硬件與能源之間的共生”。危機中一個部門的幾乎詩意的演講。同時，馬拉松數字化的跌跌撞撞：生產，損失的障礙以及向S21職業礦工的費力過渡。效率競賽的現金成本有。

Hut 8 and Bitfarms, on the other hand, are playing the metamorphosis card. -27 % production for the former, -4.7 % for the latter. Their response? Modernize or disappear. Infrastructure upgrades, costly but vital, are presented as a “necessary passage” by Asher Genoot (Hut 8). A Darwinian logic sets in: only the best equipped will survive.

另一方面，小屋8和Bitfarms正在播放變態卡。前者的生產為-27％，後者為-4.7％。他們的回應？現代化或消失。 Asher Genoot（HUT 8）將基礎設施升級（昂貴但至關重要）作為“必要的段落”。達爾文的邏輯集：只有配備最佳的最佳能力才能生存。

The cards are being reshuffled

卡片正在改組

The bitcoin mining sector as a whole oscillates between resilience and vulnerability. While the market capitalization has grown by 5 %, driven by Cipher Mining (+23 %) and Riot (+16 %), strategies diverge radically. Some are betting on expansion, others on diversification.

比特幣採礦部門整體在彈性和脆弱性之間振盪。雖然市值增長了5％，但在密碼開採（+23％）和RIOT（+16％）的驅動下，策略卻差異很大。有些人押注擴展，有些則在多元化上。

Riot has revised its ambitions downward (targeting 38.4 EH/s in 2025 versus 46.7 initially) and is now exploring AI and high-performance computing at its Texan site.

Riot已將其野心向下修改（最初在2025年對38.4 EH/S的目標定為38.4 EH/s），現在正在其德克薩斯州站點探索AI和高性能計算。

An audacious reconversion to exploit its 600 MW of unused energy. Bitfarms, for its part, is liquidating an unfinished Paraguayan mine (85 million dollars) to finance its US expansion. A geostrategic shift that resembles an admission: the global South is losing ground to the United States.

大膽的重新轉換，以利用其600兆瓦的未使用能量。就其本身而言，Bitfarms正在清算未完成的巴拉圭礦山（8500萬美元），以資助其美國擴張。類似於錄取的地理戰略轉變：全球南方正在失去美國。

After a rush for ASICs in 2023, orders for WhatsMiner, Avalon, or Antminer are dwindling. Institutional miners are slowing their investments, anticipating a stabilization of difficulty. Paradox: this pause could save the most fragile by reducing competitive pressure. But at what cost?

在2023年匆忙參加ASIC之後，WhatsMiner，Avalon或Antminer的命令正在減少。機構礦工正在放緩投資，預計難度會穩定。悖論：這種停頓可以通過減少競爭壓力來節省最大的脆弱。但是要花多少錢？

The decrease in difficulty is not a truce, but a signal. That of a sector at a crossroads, forced to choose between technological escalation and radical reinvention. Between the giants that thrive on innovation and the outsiders in search of breathers, Bitcoin reveals its paradoxical nature: a gold rush where the pickaxe sometimes turns into a quantum computer. The current crisis is not an end, but the prelude to an era where efficiency rhymes with survival. And in this game, every percent of difficulty counts as much as a bitcoin itself.

難度下降不是停戰，而是信號。在十字路口的一個部門的區域，被迫在技術升級和重新發明之間進行選擇。在創新蓬勃發展的巨人和尋找呼吸器的巨人之間，比特幣揭示了其悖論性的性質：淘金熱有時會變成量子計算機。當前的危機不是終點，而是一個具有生存效率的時代的前奏。在這個遊戲中，每百分比的困難都與比特幣本身一樣多。