Jefferies：12 月在美國上市的比特幣 (BTC) 礦商佔全球網路的 25.3%

12 月份，比特幣平均價格上漲 15%，超過了網路算力的增幅，挖礦獲利能力有所改善

U.S.-listed bitcoin (BTC) miners made up 25.3% of the global network in December, Jefferies said in a research note Thursday.

傑富瑞 (Jefferies) 週四在一份研究報告中表示，12 月在美國上市的比特幣 (BTC) 礦商佔全球網路的 25.3%。

The bank decreased its price target for MARA Holdings (MARA) to $20 from $24, while keeping its hold rating on the stock. Shares were up 0.5% to $18.43 in early trading Friday.

該銀行將 MARA Holdings (MARA) 的目標股價從 24 美元下調至 20 美元，同時維持對該股的持有評級。週五早盤交易中，該股上漲 0.5%，至 18.43 美元。

Mining profitability improved in December as the average price of bitcoin rose 15%, outpacing the 6.5% increase in the network hashrate, according to the note.

報告稱，隨著比特幣平均價格上漲 15%，超過網路算力 6.5% 的漲幅，12 月挖礦獲利能力有所改善。

Hashrate is the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and serves as a proxy for competition in the industry and mining difficulty.

算力是用於在工作量證明區塊鏈上挖掘和處理交易的總算力，並作為行業競爭和挖掘難度的指標。

Average daily revenue was $59,585 per exahash, a 7.1% increase from November, Jefferies said.

Jefferies 表示，平均每日收入為每 exahash 59,585 美元，較 11 月增長 7.1%。

U.S.-listed mining companies mined 3,602 bitcoin in December, compared to 3,404 the month prior, according to the bank. Of those, MARA mined the most with 890 tokens, followed by CleanSpark (CLSK) with 668, Jefferies noted.

據該銀行稱，12 月美國上市礦業公司開採了 3,602 枚比特幣，而上個月為 3,404 枚。 Jefferies 指出，其中，MARA 開採了最多 890 個代幣，其次是 CleanSpark (CLSK)，開採了 668 個代幣。

MARA’s installed hashrate remained the largest in the sector at 53.2 exahashes per second (EH/s), the note said. CleanSpark had the second-largest hashrate with 39.1 EH/s.

該報告稱，MARA 的安裝哈希率仍然是該行業中最大的，達到每秒 53.2 exahashes (EH/s)。 CleanSpark 擁有第二大算力，為 39.1 EH/s。

Bitcoin mining companies are set to benefit from rising prices and increased demand for the cryptocurrency, which have been largely driven by institutional interest and the launch of bitcoin exchange-traded funds (ETFs).

比特幣礦業公司將受益於價格上漲和對加密貨幣的需求增加，這在很大程度上是由機構興趣和比特幣交易所交易基金（ETF）的推出所推動的。

However, the rising hashrate could also increase competition in the industry and put pressure on mining margins, especially for smaller miners with less efficient operations.

然而，哈希率的上升也可能加劇行業競爭，並對採礦利潤率造成壓力，特別是對於營運效率較低的小型礦商。

Bitcoin’s hashrate has recovered significantly since the China mining ban last year, and is now at record highs. The increase in hashrate is driven by new mining farms coming online and the installation of more efficient mining rigs.

自去年中國採礦禁令以來，比特幣的算力已顯著恢復，目前已創歷史新高。新礦場的上線和更有效率礦機的安裝推動了哈希率的成長。