随着挖矿难度和算力趋势上升，比特币 (BTC) 挖矿市值达到 390 亿美元

公开交易的比特币矿业公司的总市值已达到约 390.9 亿美元。 Marathon Digital Holdings 以 87.1 亿美元的市值领先该行业，其次是 Core Scientific，市值为 50.2 亿美元，Riot Blockchain 市值为 40.6 亿美元，CleanSpark 市值为 39 亿美元。

Bitcoin mining stocks have performed exceptionally well in 2024, outpacing the broader market rally. A key factor driving this stellar performance has been the substantial increase in Bitcoin's price, which has had a direct positive impact on the revenue potential of mining companies. As of November 29, 2024, the combined market cap of publicly traded Bitcoin mining companies reached approximately $39.09 billion.

比特币矿业股在 2024 年表现异常出色，超过了大盘的涨幅。推动这一出色表现的一个关键因素是比特币价格的大幅上涨，这对矿业公司的收入潜力产生了直接的积极影响。截至 2024 年 11 月 29 日，公开交易的比特币矿业公司的总市值达到约 390.9 亿美元。

Among the top-performing mining stocks, Marathon Digital (NASDAQ:MARA) led the sector with a market cap of $8.71 billion. The company's stock price surged by more than 500% year-to-date, fueled by its large-scale mining operations and a recent partnership with Compute North. Core Scientific (NASDAQ:CORZ) followed closely with a market cap of $5.02 billion, also driven by its extensive mining facilities and a focus on sustainable operations.

在表现最好的矿业股中，Marathon Digital（纳斯达克股票代码：MARA）以 87.1 亿美元的市值领跑该行业。受其大规模采矿业务以及最近与 Compute North 合作的推动，该公司股价今年迄今飙升了 500% 以上。 Core Scientific（纳斯达克股票代码：CORZ）紧随其后，其市值达到 50.2 亿美元，这也得益于其广泛的采矿设施和对可持续运营的关注。

Another standout performer was Riot Blockchain (NASDAQ:RIOT), which boasted a market cap of $4.06 billion. The company's mining operations in Texas and Oklahoma, coupled with its recent acquisition of Whinstone, contributed to its strong performance. Meanwhile, CleanSpark (NASDAQ:CLSK) rounded out the top four with a market cap of $3.90 billion, driven by its diverse renewable energy portfolio and a focus on efficient mining technologies.

另一个表现出色的公司是 Riot Blockchain（纳斯达克股票代码：RIOT），其市值达到 40.6 亿美元。该公司在德克萨斯州和俄克拉荷马州的采矿业务，加上最近收购的Whinstone，为其强劲的业绩做出了贡献。与此同时，CleanSpark（纳斯达克股票代码：CLSK）凭借其多样化的可再生能源产品组合和对高效采矿技术的关注，以 39 亿美元的市值跻身前四。

Bitcoin's mining difficulty, a measure of how challenging it is to mine a new block, has also been rising steadily throughout the year. As of November 29, the difficulty level stood at 102.29 trillion, with projections indicating a 2.04% increase in the next adjustment. This marks the fifth consecutive increase in mining difficulty, reflecting intensified competition among miners and a robust network security.

比特币的挖矿难度（衡量开采新区块的难度的指标）也在全年稳步上升。截至11月29日，难度水平为102.29万亿，预计下次调整将增加2.04%。这标志着挖矿难度连续第五次增加，反映出矿工之间的激烈竞争和强大的网络安全性。

The network hashrate, which represents the total computational power dedicated to mining, has consistently exceeded 700 exahashes per second (EH/s) for over a month. This sustained high hashrate underscores the growing commitment of resources to Bitcoin mining, contributing to the upward adjustments in mining difficulty.

网络哈希率（代表专用于挖矿的总计算能力）在一个多月内一直超过每秒 700 exahashes (EH/s)。这种持续的高算力凸显了对比特币挖矿的资源投入不断增加，从而导致挖矿难度的向上调整。

However, the combination of Bitcoin's price surge and increased mining difficulty presents a double-edged sword for miners. While higher Bitcoin prices enhance potential revenues, the escalating difficulty requires more advanced hardware and greater energy consumption, leading to increased operational costs. Miners must continually invest in efficient technologies to maintain profitability in this competitive landscape.

然而，比特币价格飙升和挖矿难度增加对矿工来说是一把双刃剑。虽然比特币价格上涨提高了潜在收入，但不断升级的难度需要更先进的硬件和更大的能源消耗，从而导致运营成本增加。矿商必须不断投资高效技术，才能在竞争激烈的环境中保持盈利能力。

One of the primary challenges for Bitcoin miners today is revenue generation. The block rewards, which miners earn for confirming transactions on the Bitcoin blockchain, were slashed by 50% during the halving event in April, at a time when their collective market capitalization hovered around $20 billion. In the current mining epoch, only 450 new bitcoins are created daily.

当今比特币矿工面临的主要挑战之一是创收。矿工通过确认比特币区块链上的交易获得的区块奖励在 4 月份减半事件期间被削减了 50%，当时他们的总市值徘徊在 200 亿美元左右。在当前的挖矿时代，每天仅创造 450 个新比特币。

Furthermore, transaction fees on the Bitcoin network have remained at cycle lows throughout 2024. On November 27, the total transaction fees collected by miners amounted to just 10 BTC (approximately $946,000), presenting a limited supplemental income compared to previous years. This dynamic highlights the challenges faced by miners in sustaining high revenue levels amidst the lower block rewards and transaction fees.

此外，比特币网络的交易费用在 2024 年一直保持在周期低位。截至 11 月 27 日，矿工收取的交易费用总额仅为 10 BTC（约 946,000 美元），与往年相比，补充收入有限。这种动态凸显了矿工在区块奖励和交易费用较低的情况下维持高收入水平所面临的挑战。

Investors who are considering investing in Bitcoin mining companies should be aware of the sector's volatility, which is closely tied to Bitcoin's market performance and the evolving mining difficulty. Additionally, regulatory developments and energy costs play pivotal roles in shaping the industry's dynamics. Miners are navigating a complex environment that demands continuous adaptation to technological advancements and market fluctuations.

考虑投资比特币挖矿公司的投资者应该意识到该行业的波动性，这与比特币的市场表现和不断变化的挖矿难度密切相关。此外，监管发展和能源成本在塑造行业动态方面发挥着关键作用。矿工正面临着复杂的环境，需要不断适应技术进步和市场波动。