公開交易的比特幣礦工市值接近 40B 美元，但挑戰迫在眉睫

這種激增反映了加密貨幣領域更廣泛的樂觀情緒，但也帶來了礦工無法忽視的挑戰。

Bitcoin miners listed on public markets are closing in on a combined market capitalization of $40 billion, having doubled their total valuation in just seven months as BTC’s price flirts with six-figure highs.

公開市場上市的比特幣礦商總市值接近 400 億美元，隨著 BTC 價格逼近六位數高點，其總估值在短短 7 個月內翻了一番。

This surge mirrors the broader optimism in the crypto space but comes with challenges that miners can’t ignore.

這種激增反映了加密貨幣領域更廣泛的樂觀情緒，但也帶來了礦工無法忽視的挑戰。

Bitcoin mining difficulty climbs as revenue stays tight

由於收入緊張，比特幣挖礦難度上升

While miners stand to gain from Bitcoin’s rising price, their revenues paint a grimmer picture. The block rewards were halved in April, leaving miners with just 450 Bitcoin per day.

雖然礦商預計將從比特幣價格上漲中獲利，但他們的收入卻描繪出一幅更嚴峻的景象。 4 月區塊獎勵減半，礦工每天只剩下 450 個比特幣。

Moreover, fees paid to miners have remained at cycle lows, averaging 10 BTC (roughly $946,000) as of Nov. 27, according to Glassnode. This pressure is set to intensify, as Bitcoin’s mining difficulty — a measure of how difficult it is to mine a block — is expected to increase by another 3%, marking its fifth consecutive rise.

此外，根據 Glassnode 的數據，截至 11 月 27 日，支付給礦工的費用仍處於週期低點，平均為 10 BTC（約 946,000 美元）。這種壓力將會加劇，因為比特幣的挖礦難度（衡量開採一個區塊的難度的指標）預計將再增加 3%，這是連續第五次上漲。

Bitcoin miners diversify to stay competitive

比特幣礦商多元化以保持競爭力

In response to these obstacles, many miners are pivoting towards diversification. Companies like Iris Energy (IREN) are venturing into AI and high-performance computing, while MARA Holdings (MARA) is bolstering its Bitcoin reserves, having recently added 703 BTC after raising $1 billion through a convertible note.

為了應對這些障礙，許多礦商正在轉向多元化。 Iris Energy (IREN) 等公司正在進軍人工智慧和高效能運算領域，而 MARA Holdings (MARA) 正在增加其比特幣儲備，在透過可轉換票據籌集 10 億美元後，最近增加了 703 BTC。

The CoinShares Valkyrie Bitcoin Miners ETF (WGMI), a benchmark for the sector, has gained 60% year-to-date but still trails behind Bitcoin’s 113% growth. As competition heats up, miners face a stark choice: adapt or risk being left behind.

該行業的基準 CoinShares Valkyrie 比特幣礦工 ETF (WGMI) 今年迄今已上漲 60%，但仍落後於比特幣 113% 的成長。隨著競爭的加劇，礦工們面臨著一個嚴峻的選擇：要麼適應，要麼冒著被拋在後面的風險。

At press time, Bitcoin trades at $95,259.14.

截至發稿時，比特幣交易價格為 95,259.14 美元。