随着网络哈希雷特（Hashrate）达到历史高度，比特币（BTC）采矿业达到了新的高度

随着网络的哈希拉特（Hashrate）达到历史最高水平（ATH），比特币采矿业越来越有竞争力。在2025年3月底，比特币的哈希拉特（Hashrate）达到了8.5亿次/s。

The Bitcoin mining industry is becoming increasingly competitive as the network’s hashrate reaches an all-time high (ATH).

随着网络的哈希拉特（Hashrate）达到历史最高水平（ATH），比特币采矿业越来越有竞争力。

At the end of March 2025, Bitcoin’s hashrate hit 850 million TH/s. However, alongside this impressive growth, the industry is struggling with rising production costs and new tariff barriers, particularly in the US.

在2025年3月底，比特币的哈希拉特（Hashrate）达到了8.5亿次/s。但是，除了这种令人印象深刻的增长之外，该行业正在努力争取生产成本上升和新的关税障碍，尤其是在美国。

These factors are putting significant pressure on mining companies and could reshape the sector’s future.

这些因素对采矿公司施加了巨大的压力，并可以重塑该行业的未来。

Hashrate Surges, Mining Costs Soar

哈希拉特飙升，采矿成本飙升

Bitcoin’s hashrate measures the total computing power used by miners to secure the network and validate transactions. It is expressed in terahashes per second (TH/s), indicating the number of hash calculations performed by the network every second.

比特币的Hashrate测量矿工用于确保网络和验证交易的总计算能力。它以每秒（th/s）的terahashes表示，表明每秒每秒执行的哈希计算数量。

According to Blockchain.com, Bitcoin’s hashrate surpassed 850 million TH/s in March. This increase reflects more miners joining the network and growing confidence in Bitcoin’s value and security.

根据Blockchain.com的数据，3月份比特币的哈希拉特（Hashrate）超过了8.5亿TH/s。这种增加反映了更多的矿工加入网络，并对比特币的价值和安全性有信心。

“Each time the network gets stronger, Bitcoin becomes harder to attack, harder to ignore, and more justified in commanding a higher valuation. This isn’t just code. It’s economic gravity. Bitcoin has become the most secure monetary network humanity has ever seen. And it’s only getting stronger.” — Thomas Jeegers, CFO & COO of Relai commented.

“每次网络变得更强大时，比特币变得更难攻击，难以忽视，并且更有正当的估值。这不仅仅是代码。它是经济重力。比特币已成为人类最安全的货币网络已经看到的。它只是变得更强大。” - Relai的CFO＆COO的Thomas Jeegers评论说。

Despite this surge in hashrate, mining profits are not increasing proportionally. As per a report from Macromicro, the cost of mining one Bitcoin has doubled since early 2024, now reaching $87,000.

尽管哈希酸盐激增，但采矿利润并未按比例增加。根据Macromicro的报告，自2024年初以来，开采一个比特币的成本已翻了一番，现在达到87,000美元。

The main drivers behind this increase are surging electricity prices and the high operational costs of specialized mining hardware (ASICs).

这种增长背后的主要驱动因素是飙升的电价和专业采矿硬件（ASIC）的高运营成本。

With Bitcoin’s price remaining in the $50,000 range throughout 2025, many mining companies could be operating at a loss unless they optimize their efficiency. This challenge is particularly acute for smaller miners, who lack the scale advantages or access to cheap electricity that larger firms enjoy.

在整个2025年，比特币的价格仍保持在50,000美元之间，许多矿业公司可能会亏本运营，除非它们优化其效率。对于缺乏规模优势或获得较大公司享受的廉价电力的较小矿工而言，这一挑战尤其急切。

Tariff Challenges and Dependence on Chinese Hardware

关税挑战和对中国硬件的依赖

Another major hurdle for Bitcoin miners is trade restrictions, particularly in the US. According to CoinMetrics, ASIC miners produced by Bitmain, a Chinese company, constitute about 59%–76% of Bitcoin’s total hashrate.

比特币矿工的另一个主要障碍是贸易限制，尤其是在美国。根据Coinmetrics的说法，中国公司Bitmain生产的ASIC矿工占比特币总哈希岩的59％–76％。

Bitmain is a dominant player in mining hardware, with its Antminer S19 and S21 models known for their high efficiency and hash rate. However, in early 2025, some US mining companies experienced delays in receiving Bitmain shipments due to tighter customs controls and new tariffs on Chinese imports.

Bitmain是采矿硬件的主要参与者，其Antminer S19和S21型号以其高效率和哈希速率而闻名。但是，在2025年初，由于更严格的海关控制和中国进口的新关税，一些美国矿业公司在接收Bitmain货物方面经历了延误。

“With Bitmain catering to a majority of Bitcoin’s network hashrate, reliance on a single manufacturer, despite having distributed supply chains, presents a potential risk. Since Bitmain is primarily based in China, its dominance highlights how geopolitical dependencies can affect the stability of mining operations,” CoinMetrics stated.

“随着Bitmain迎合大多数比特币网络的桥梁，尽管有分布式供应链，但对单个制造商的依赖依赖于单个制造商，因此存在潜在的风险。由于Bitmain主要位于中国，其优势强调了地缘政治依赖性如何影响采矿业务的稳定性，” Colmetrics说道。

These tariffs are not new. As per SCMP, the US has been levying duties of up to 27.6% on imported mining equipment from China since 2018.

这些关税并不新鲜。根据SCMP，自2018年以来，美国一直在向中国进口采矿设备征收高达27.6％的职责。

However, recent measures indicate increasing regulatory scrutiny and trade pressures, further inflating import costs for mining hardware. This in turn inflates operational expenses for US-based miners and disrupts their ability to scale as global hashrate surges.

但是，最近的措施表明监管审查和贸易压力增加，进一步膨胀了采矿硬件的进口成本。反过来，这又为美国矿工筹集了运营费用，并破坏了他们作为全球桥梁潮流的扩展能力。

Recently, Hut 8 Corp., a Bitcoin mining and high-performance computing infrastructure firm, partnered with Eric Trump and Donald Trump Jr. to establish American Bitcoin Corp.

最近，与埃里克·特朗普（Eric Trump）和小唐纳德·特朗普（Donald Trump Jr.）合作，建立了美国比特币公司。

The company aims to become the largest and most efficient pure-play Bitcoin mining operation globally while building a strong strategic Bitcoin reserve. This move highlights the increasing interest from US institutional investors in the competitive mining industry.

该公司的目标是成为全球最大，最有效的纯比特币采矿业务，同时建立强大的战略比特币储备。这一举动强调了美国机构投资者在竞争性采矿行业中的兴趣日益增加。