儘管在五年內獲得最艱難的利潤，但在美國土壤上開采的比特幣開採仍在鞏固和聚集勢頭

華盛頓已將比特幣的工作證明視為一種戰略資源，州立法機關正在提供法規清晰度

Workers check crypto mining racks at an industrial mining facility. (Photo by DANIEL DUARTE/AFP via ... MoreGetty Images)Despite the harshest profit squeeze in half a decade, the business of mining bitcoin on U.S. soil is consolidating and once again gathering momentum. Washington has recognized bitcoin’s proof-of-work as a strategic resource, state legislatures are offering regulatory clarity, manufacturers are shipping more efficient machines, and entrepreneurs are inventing new revenue models that couple mining with digital collectibles and flexible-load grid services.

工人在工業採礦設施中檢查加密礦架。 （丹尼爾·杜阿爾特（Daniel Duarte）/法新社（AFP）攝影。華盛頓已將比特幣的工作證明視為一種戰略資源，州立法機關提供了監管清晰度，製造商正在運輸更有效的機器，並且企業家正在發明新的收入模型，這些新收入模型將挖掘與數字收藏品和靈活負載的網格服務相結合。

These converging forces help explain why network hashrate continues to march toward the one-zettahash era even as hashprice languishes and publicly traded miners dump inventory. As mining difficulty rises even as bitcoin’s price trades sideways, it is possible to observe an industry scaling into a deeper economic cycle.

這些融合力有助於解釋為什麼網絡哈希拉特繼續前進到一個Zettahash時代，即使HashPrice Leganishes和公開交易的礦工投資庫存。即使比特幣的價格交易側面，採礦難度也會上升，可以觀察到一個行業擴展到更深層次的經濟周期。

The clearest inflection came on 6 March 2025, when President Trump signed an executive order creating a Strategic Bitcoin Reserve, directing Treasury to hold forfeited coins and authorizing research into budget-neutral accumulation methods. The Order states that “there is a strategic advantage to being among the first nations to create a Strategic Bitcoin Reserve” due to Bitcoin’s fixed supply, and it refers to Bitcoin as “digital gold” because of its scarcity and security.

最明顯的拐點是2025年3月6日，當時特朗普總統簽署了一項行政命令，制定了戰略性比特幣儲備，指示財政部持有沒收的硬幣，並授權研究預算與中立的積累方法。該命令指出，“由於比特幣的固定供應，成為創建戰略比特幣儲備的第一批國家的戰略優勢”，由於它的稀缺性和安全性，它將比特幣視為“數字黃金”。

At the state level, Arkansas had already laid groundwork with the Data Centers Act of 2023, which classifies mining as protected industrial activity and curtails local zoning interference. Oklahoma followed with a Commercial Digital Asset Mining Act in 2024 granting sales-tax relief on rigs and power contracts, while Texas’ updated HB 1666 balanced custody standards with grid-integration incentives, evidence that states view miners as high-load customers, not environmental transgressors.

在州一級，阿肯色州已經對2023年的《數據中心法》奠定了基礎，該法案將採礦歸類為受保護的工業活動並減少當地分區干擾。俄克拉荷馬州隨後在2024年進行了一項商業數字資產挖掘法，授予鑽機和電力合同的銷售稅收減免，而德克薩斯州最新的HB 1666平衡的監護權標準則具有網格融合激勵措施，證據證明礦工將礦工視為高負載客戶，而不是環境犯規者。

Federal industrial policy reinforces the point. This past summer, Block’s Proto team signed an agreement to supply Core Scientific with 3 nm modular rigs and publish design files so other operators can manufacture locally. By collapsing supply-chain risk and eliminating import tariffs on Chinese hardware that might soon surpass 100 %, the deal incorporates U.S. fabrication with the mining cost stack. Such a move would have seemed far fetched by industry veterans just a few years ago.

聯邦工業政策加強了重點。去年夏天，Block的Proto團隊簽署了一項協議，以提供3 nm模塊化鑽機並發佈設計文件，以便其他運營商可以在本地製造。通過崩潰的供應鏈風險並消除了可能很快超過100％的中國硬件的進口關稅，該交易將美國的製造與採礦成本堆棧結合在一起。幾年前，行業退伍軍人似乎遠遠得到了這樣的舉動。

Environmental objections, long expressed by policymakers as a key reason to reject bitcoin, have been all but abandoned. And with good reason. A recent Duke University review concluded that flexible bitcoin mining loads could absorb up to 76 GW of new demand with minimal curtailment, reducing the need for peaker plants and accelerating renewable integration. The Bitcoin Policy Institute’s survey of ten North American miners found real-time curtailment rates between five and thirty-one percent, demonstrating that miners routinely shed load during price spikes. These studies rebut the claim that mining “steals” renewable energy and underpin state-level enthusiasm for dispatchable industrial customers.

政策制定者長期以來作為拒絕比特幣的關鍵原因表達的環境異議幾乎被放棄了。並有充分的理由。杜克大學最近的一項評論得出的結論是，靈活的比特幣採礦負荷可以吸收多達76吉瓦的新需求，並減少了最小的縮減，從而減少了對峰值植物的需求並加速可再生的整合。比特幣政策研究所對十名北美礦工的調查發現，實時削減速度在5％至31％之間，這表明礦工在價格上漲期間經常減輕負載。這些研究駁斥了以下主張，即採礦“竊取”可再生能源和對可調度工業客戶的國家級別的熱情。

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Network horsepower averaged 910 EH/s in mid-April, up forty-four percent year-on-year, even though bitcoin traded sideways over the same period. By some measures, the average all-in U.S. production expense sits at about $92,000 per coin, only seven percent above the market quote. This is a narrow margin but bearable for firms that are not overleveraged. The continued rise in hashrate in the face of sideways bitcoin price movement and relatively high interest rates indicates that miners are willing to part with long-term capital (including portions of their bitcoin treasuries) to continue operating, betting they will be able to benefit from a rapid increase in bitcoin’s price.

4月中旬，網絡馬力在同一時期的側面交易，同比上漲了44％。從某些措施來看，美國的平均生產費用位於每枚硬幣92,000美元，比市場報價高出7％。這是一個狹窄的邊距，但對於不滲入過度的公司來說是可承受的。面對側向比特幣價格變動，哈希龍的持續上升和相對較高的利率表明，礦工願意與長期資本（包括其比特幣國庫的一部分）繼續運營，押注他們將能夠從比特幣價格快速上漲中受益。

Innovation is not confined to semiconductors. At least one project seeks to tie ordinal inscriptions to real megawatts and share monthly mining revenue with token holders. This would capitalize on the popularity of speculative digital collectibles to support the expansion of mining infrastructure. Blockware, which is leading the project, says the model channels proceeds into its 500 MW infrastructure pipeline, demonstrating how non-traditional capital can finance expansion without diluting shareholders.

創新不僅限於半導體。至少一個項目試圖將序數銘文與真實的兆瓦式聯繫起來，並與代幣持有人分享每月的採礦收入。這將利用投機性數字收藏品的普及，以支持採礦基礎設施的擴展。領導該項目的Blockware表示，模型渠道將進入其500兆瓦的基礎設施管道，這表明非傳統資本如何在不稀釋股東的情況下為擴張提供資金。

Tether announced in April that it would direct both existing and future hashrate to Luke Dashjr’s Ocean pool, whose open-source DATUM protocol lets individual miners construct their own block templates rather than outsource that task to a small cartel of pools. The move addresses a subtle but critical security vector: when three pools assemble nearly two-thirds of all blocks, censorship risk migrates from edge to hub. Ocean’s model restores that function to the periphery, hardening the network against regulatory capture.

Tether在4月宣布，它將將現有和未來的Hashrate引向Luke Dashjr的Ocean Pool，其開源基準協議使各個礦工可以構建自己的塊模板，而不是將該任務外包給一小塊泳池。此舉解決了一個微妙但關鍵的安全向量：當三個池組裝所有塊的近三分之二時，審查風險從邊緣到集線器遷移。 Ocean的模型將該功能恢復到周圍，從而將網絡與監管捕獲相比。

Solo mining remains statistically improbable, yet its cultural effect is outsized. On March 10, 2025, a solo miner using a Bitaxe 204 Ultra – a compact, open-source ASIC miner priced around $150 – mined

獨奏開採在統計上仍然是不可能的，但其文化效應卻佔據了範圍。 2025年3月10日，一名使用Bitaxe 204 Ultra的獨奏礦工 - 緊湊的開源ASIC礦工，價格約為150美元 - 開採