加密貨幣挖礦背後的動機

加密貨幣挖礦是在工作量證明區塊鏈網路（如比特幣或以太坊經典）上驗證交易的過程。礦工扮演著至關重要的角色

Cryptocurrency mining is the process of validating transactions on a proof-of-work blockchain network, like Bitcoin or Ethereum Classic. In essence, miners solve complex mathematical puzzles to add new blocks of transactions to the chain. For their efforts, they are rewarded with newly minted coins.

加密貨幣挖礦是在工作量證明區塊鏈網路（如比特幣或以太坊經典）上驗證交易的過程。本質上，礦工解決複雜的數學難題，以將新的交易區塊添加到鏈中。為了表彰他們的努力，他們獲得了新鑄造的硬幣作為獎勵。

This mining activity began in 2009 when Bitcoin’s creator, known as Satoshi Nakamoto, mined the very first block using a standard computer. At the time, it was a niche endeavor accessible to tech-savvy hobbyists. Today, it has transformed into a global industry dominated by specialized hardware, sprawling data centers and a mix of professional operations and casual enthusiasts.

這種挖礦活動始於 2009 年，當時比特幣的創造者中本聰使用標準電腦開採了第一個區塊。當時，這是精通科技的愛好者可以參與的利基活動。如今，它已轉變為一個以專業硬體、龐大資料中心以及專業營運和休閒愛好者為主的全球產業。

At its heart, mining is driven by the principle of supply and demand. When demand for a cryptocurrency is high and the number of active miners is low, rewards are more attractive. But as more miners enter the network, competition intensifies. This raises mining difficulty, requires more advanced (and expensive) hardware, and increases energy consumption — often leading to shrinking profit margins.

從本質上講，採礦是由供需原則驅動的。當加密貨幣的需求較高且活躍礦工數量較低時，獎勵就更具吸引力。但隨著越來越多的礦工進入網絡，競爭加劇。這提高了挖礦難度，需要更先進（且昂貴）的硬件，並增加能源消耗——通常會導致利潤率下降。

This creates a delicate balancing act where mining remains “just profitable enough” to keep participants engaged. This idea can be illustrated using a supply and demand graph, where the entry of new miners results in lower earnings across the board. Note that values are representative and do not correspond to real-world figures.

這創造了一種微妙的平衡行為，即挖礦保持「足夠的利潤」以保持參與者的參與。這個想法可以用供需圖來說明，其中新礦工的進入會導致整體收入下降。請注意，這些數值具有代表性，並不對應於現實世界的數字。

The truth is, there’s no single “most profitable coin to mine.” Volatility, energy costs, hardware advancements, mining reward halvings and regulations all contribute to rapidly changing profits. The profitability of mining a coin like Ethereum Classic can quickly surpass Bitcoin, and vice versa.

事實是，不存在單一的「最賺錢的硬幣」。波動性、能源成本、硬體進步、挖礦獎勵減半和監管都會導致利潤快速變化。開採像以太坊經典這樣的代幣的獲利能力可以很快超過比特幣，反之亦然。

Let’s explore the main factors that influence mining profitability across the crypto market.

讓我們探討一下影響整個加密貨幣市場挖礦獲利能力的主要因素。

Volatility

揮發性

Cryptocurrencies are known for their significant price volatility. For instance, in November 2022, Bitcoin’s (BTC) 10-day volatility exceeded 100%, indicating substantial price swings within a short period. During periods of extreme price drops, mining profits can fall so low that even efficient operations struggle to remain viable.

加密貨幣以其巨大的價格波動而聞名。例如，2022年11月，比特幣（BTC）10日波動率超過100%，顯示價格在短期內大幅波動。在價格極度下跌期間，採礦利潤可能會下降得如此之低，以至於即使是高效的營運也難以維持生存。

Conversely, price spikes can encourage more miners to join the network, increasing mining difficulty and competition.

相反，價格上漲會鼓勵更多礦工加入網絡，從而增加挖礦難度和競爭。

For example, back in January 2024, mining Kaspa with 9.2 terahashes per second (TH/s) of KHeavyHash hash power was reported to yield approximately $69 per day, making it suddenly one of the most popular coins among miners.

例如，早在2024 年1 月，據報道，以每秒9.2 兆赫哈希(TH/s) 的KHeavyHash 算力開採Kaspa，每天的收益約為69 美元，使其突然成為礦工中最受歡迎的代幣之一。

Energy costs

能源成本

Electricity costs are the largest ongoing expense for miners, and coins with high energy demands are only profitable in areas with cheap or renewable energy.

電力成本是礦工最大的持續支出，能源需求高的代幣只有在擁有廉價或再生能源的地區才能獲利。

Mining Bitcoin, due to its difficulty, requires an incredible amount of power, making it difficult to sustain in regions with high energy prices. On the other hand, Ethereum Classic, Monero and Ravencoin, with their more energy-efficient algorithms, are better options for miners in areas with expensive electricity.

開採比特幣由於其難度，需要大量的電力，這使得在能源價格高的地區難以維持。另一方面，以太坊經典、門羅幣和渡鴉幣憑藉其更節能的演算法，對於電力昂貴地區的礦工來說是更好的選擇。

Did you know? Countries such as Iran have become hotspots for Bitcoin mining due to their low electricity costs, with mining a single Bitcoin costing as little as $1,324.

你可知道？伊朗等國家因電力成本低廉而成為比特幣挖礦的熱點，開採單一比特幣的成本僅為 1,324 美元。

Hardware efficiency

硬體效率

The type of mining hardware plays a crucial role in determining profitability. Bitcoin mining is dominated by ASICs, which, while efficient, are costly and accessible mostly to large-scale operations. Aspects such as efficient cooling systems and housing units also ought to be considered, as they directly impact hardware performance and profitability.

採礦硬體的類型在決定獲利能力方面起著至關重要的作用。比特幣挖礦以 ASIC 為主，雖然效率很高，但成本高昂，而且主要適合大規模營運。還應該考慮高效冷卻系統和外殼單元等方面，因為它們直接影響硬體性能和盈利能力。

Ethereum Classic (ETC) and Ravencoin (RVN), on the other hand, can be mined with GPUs, which are more affordable and versatile.

另一方面，以太坊經典 (ETC) 和 Ravencoin (RVN) 可以使用 GPU 進行挖礦，它們更實惠且用途廣泛。

The regulatory environment

監管環境

Countries regulate cryptocurrency mining in vastly different ways, with some introducing supportive policies and others imposing strict limitations.

各國以截然不同的方式監管加密貨幣挖礦，一些國家推出了支持性政策，有些國家則施加了嚴格的限制。

For instance, under President Donald Trump’s upcoming administration, the US has adopted a more crypto-friendly stance. The administration aims to position the US as a global leader in Bitcoin mining by offering incentives such as tax breaks and access to affordable energy resources. This approach is designed to strengthen the domestic crypto industry while ensuring financial stability and security.

例如，在唐納德·川普總統即將上任的政府領導下，美國採取了對加密貨幣更加友善的立場。政府旨在透過提供稅收減免和獲得負擔得起的能源等激勵措施，將美國定位為比特幣挖礦的全球領導者。這種方法旨在加強國內加密貨幣產業，同時確保金融穩定和安全。

Conversely, Russia has taken a more restrictive approach. Effective Jan. 1, 2025, the Russian government banned cryptocurrency mining in 10 regions, a prohibition set to last until March 15, 2031. This decision is intended to prevent energy shortages and mitigate the environmental impact of intensive mining activities.

相反，俄羅斯則採取了更限制性的做法。自 2025 年 1 月 1 日起，俄羅斯政府禁止在 10 個地區進行加密貨幣開採，禁令將持續到 2031 年 3 月 15 日。