MARA Holdings（納斯達克股票代碼：MARA）成為 11 月頂級比特幣礦商，凸顯了比特幣挖礦業的彈性和適應性

比特幣 11 月的上漲推動其價格上漲 31%，而網路哈希率（衡量專用於挖礦的總運算能力）

Bitcoin’s strong rally in November saw its price surge by 31%, outpacing the network’s hashrate, which increased by only 4%. This favorable ratio between Bitcoin’s price and mining difficulty led to improved economics for the sector.

比特幣在 11 月的強勁反彈導致其價格飆升 31%，超過了網路算力（僅增長了 4%）。比特幣價格與挖礦難度之間的有利比率改善了該行業的經濟效益。

The hashrate serves as a proxy for industry competition and mining difficulty. When Bitcoin prices rise faster than the hashrate, miners typically enjoy higher margins. In November, U.S.-listed miners accounted for 24.7% of the total network, mining fewer bitcoins overall compared to October but securing a larger share of the network’s output. Improved operational uptime, attributed in part to cooler temperatures as winter set in, further boosted efficiency.

算力可以作為產業競爭和挖礦難度的指標。當比特幣價格上漲速度快於算力上漲時，礦工通常會享受更高的利潤。 11 月份，在美國上市的礦商佔整個網路的 24.7%，與 10 月相比，整體開採的比特幣較少，但在網路產出中佔據了更大的份額。營運正常運作時間的延長（部分歸因於冬季到來時氣溫降低）進一步提高了效率。

Source: Brave New Coin Bitcoin Liquid Index

資料來源：Brave New Coin 比特幣流動性指數

MARA Holdings Leads the Pack

瑪拉控股領跑

MARA Holdings (NASDAQ: MARA) emerged as the top-performing miner, producing 907 bitcoins in November, followed by CleanSpark (NASDAQ: CLSK) with 622 bitcoins. MARA maintained its position as the sector leader with an installed hashrate of 46.1 exahashes per second (EH/s), significantly ahead of CleanSpark’s 33.7 EH/s.

MARA Holdings（納斯達克股票代碼：MARA）成為表現最好的礦商，11 月生產了 907 比特幣，其次是 CleanSpark（納斯達克股票代碼：CLSK），生產了 622 比特幣。 MARA 保持了行業領導者的地位，安裝的算力為每秒 46.1 exahashes (EH/s)，明顯領先於 CleanSpark 的 33.7 EH/s。

The report underscores MARA’s dominance in the sector, pointing to its expansive hashrate as a key advantage in capturing network rewards. CleanSpark’s continued growth also signals healthy competition among top-tier mining operations.

該報告強調了 MARA 在該領域的主導地位，指出其龐大的算力是獲取網路獎勵的關鍵優勢。 CleanSpark 的持續成長也標誌著頂級挖礦業務之間的良性競爭。

MARA also continued its strategy of following the MicroStrategy playbook. MARA raised $1.925 billion from 0% convertible notes in November and December. Using the proceeds from its zero-coupon convertible notes offerings, MARA purchased 15,574 BTC for ~$1.53 billion at ~$98,529 per BTC and repurchased ~$263 million in aggregate principal amount of its existing convertible notes due 2026, and expects to use the remaining proceeds to acquire additional bitcoin.

MARA 也繼續遵循 MicroStrategy 策略。 MARA 在 11 月和 12 月透過 0% 可轉換票據籌集了 19.25 億美元。 MARA 利用其零息可轉換票據發行的收益，以約15.3 億美元的價格購買了15,574 比特幣，每比特幣約98,529 美元，並回購了2026 年到期的現有可轉換票據本金總額約2.63 億美元，並預計將剩餘收益用於獲得額外的比特幣。

Source: X

來源：X

December Outlook: Profitability to Persist

12 月展望：獲利能力將持續

Bitcoin’s recent surge to new record highs is expected to sustain miners’ profitability into December. The combination of rising Bitcoin prices and manageable increases in mining difficulty paints a favorable picture for the industry as the year draws to a close.

比特幣近期飆升至歷史新高，預計維持礦商的獲利能力至 12 月。隨著年底的到來，比特幣價格的上漲和挖礦難度的可控增加為該行業描繪了一幅有利的圖景。

Broader Implications for the Mining Sector

對採礦業的更廣泛影響

The profitability streak highlights the resilience and adaptability of the Bitcoin mining industry. With the halving event anticipated in 2024—an occurrence that will cut mining rewards in half—miners are likely to use this period of profitability to bolster their operations and prepare for potential challenges ahead.

連續獲利凸顯了比特幣挖礦業的彈性和適應性。預計 2024 年將發生減半事件，屆時挖礦獎勵將減少一半，礦工可能會利用這段盈利時期來加強運營，並為未來的潛在挑戰做好準備。

For U.S.-based miners, who already represent nearly a quarter of the global network, this period of growth reinforces their critical role in Bitcoin’s decentralized ecosystem. The focus now shifts to operational efficiency, energy management, and scaling hashrates to maintain competitiveness in an evolving market.

對於已經佔全球網路近四分之一的美國礦工來說，這段時期的成長加強了他們在比特幣去中心化生態系統中的關鍵作用。現在的重點轉向營運效率、能源管理和擴展算力，以在不斷發展的市場中保持競爭力。

As the year closes, miners’ performance in December will provide insights into how the sector is positioned for 2024, a year expected to bring both opportunities and heightened challenges with Bitcoin’s next halving cycle.

隨著年底，礦商 12 月的表現將有助於了解該行業在 2024 年的定位，預計這一年將在比特幣的下一個減半週期中帶來機會和嚴峻的挑戰。