比特币（BTC）采矿网络Hashrate每秒达到8.5亿Terahashes的新历史高（ATH）（TH/S）

随着网络的哈希拉特（Hashrate

March 2025 saw Bitcoin’s hashrate reach a new all-time high (ATH) of 850 million terahashes per second (TH/s). This surge in the network’s computing power, used to validate transactions and secure the blockchain, is significant. A high hashrate makes Bitcoin more secure, harder to attack, and ultimately more valuable.

2025年3月，比特币的哈希拉特（Hashrate）达到了新的历史最高（ATH），即每秒8.5亿Terahashes（TH/S）。网络计算能力的这种激增，用于验证交易并确保区块链确保区块链非常重要。高哈希酸盐使比特币更加安全，更难攻击，并最终更有价值。

However, despite the narrative of a booming crypto market in early 2025, Bitcoin miners are now facing difficulties with rising operational costs and tariffs on hardware imports, which could limit the industry’s growth.

然而，尽管在2025年初的加密市场蓬勃发展，但比特币矿工现在面临着不断上涨的运营成本和硬件进口的关税的困难，这可能会限制行业的增长。

Hashrate Surge and Its Implications

哈希拉特激增及其含义

Bitcoin’s hashrate determines the speed at which the network can solve complex hashes to validate transactions and add new blocks to the blockchain. As more miners join the network, the hashrate increases, making the network more secure and robust against attempts to disrupt it.

比特币的哈希拉特决定网络可以求解复杂哈希以验证交易并在区块链中添加新区块的速度。随着越来越多的矿工加入该网络，哈希拉特增加，使网络更加安全和强大，以尝试破坏该网络。

Earlier this year, the hashrate crossed the milestone of 800 million TH/s for the first time, showcasing the significant growth in the network’s computing power. By March 2025, this figure had further risen to 850 million TH/s, highlighting the ongoing influx of miners and their contribution to securing the Bitcoin network.

今年早些时候，Hashrate首次跨越了8亿美元的里程碑，展示了网络计算能力的显着增长。到2025年3月，这一数字进一步增加到了8.5亿TH/s，突出了矿工的持续涌入及其对确保比特币网络的贡献。

Thomas Jeegers, CFO & COO of Relai, noted the importance of a high hashrate in deterring attackers. “Each time the network gets stronger, Bitcoin becomes harder to attack, harder to ignore, and more justified in commanding a higher valuation.”

Relai的CFO＆COO Thomas Jeegers指出，高哈希底龙在阻止攻击者方面的重要性。 “每次网络变得更强大时，比特币都会变得更难攻击，难以忽视，并且在指挥更高估值方面有理由。”

Rising Operational Costs

运营成本上升

While a high hashrate is crucial for the health of the Bitcoin network, the increased operational costs are posing challenges for miners, especially in the US. The cost of mining one Bitcoin has doubled since early 2024, now reaching approximately $87,000.

尽管高哈希岩对于比特币网络的健康至关重要，但增加的运营成本却给矿工带来了挑战，尤其是在美国。自2024年初以来，开采一个比特币的成本已翻了一番，现在达到了约87,000美元。

This surge in costs is due to several factors, including higher electricity prices and the rising cost of Application-Specific Integrated Circuits (ASICs), the specialized hardware used in Bitcoin mining. Smaller miners are also at a disadvantage compared to larger firms, which often have access to cheaper electricity and enjoy greater scale advantages in their operations.

成本激增归因于几个因素，包括更高的电价和特定于应用集成电路（ASIC）的成本上升，这是比特币采矿中使用的专门硬件。与较大的公司相比，较小的矿工也处于不利地位，这些公司通常可以使用便宜的电力并在其运营中享有更大的规模优势。

As mining becomes less profitable due to rising costs, smaller and less efficient miners may struggle to stay afloat, while larger miners with optimized operations and lower costs are better positioned to withstand the changing economic landscape.

由于成本上涨，矿业的盈利降低了，较小且效率较低的矿工可能难以维持生计，而具有优化运营和较低成本的较大的矿工可以更好地承受不断变化的经济环境。

Tariffs on Chinese Hardware

中国硬件的关税

Another challenge for Bitcoin miners is the concentration of hardware production with Chinese mining chip manufacturer Bitmain. As the leading producer of ASIC hardware, Bitmain controls a significant portion of the market share, with estimates ranging from 59% to 76%.

比特币矿工的另一个挑战是中国采矿芯片制造商Bitmain的硬件生产集中。作为ASIC硬件的领先生产商，Bitmain控制着市场份额的很大一部分，估计范围从59％到76％不等。

Despite efforts to diversify hardware suppliers, Bitmain’s dominance has raised concerns about potential bottlenecks and supply chain disruptions. In the US, new tariffs on Chinese imports are adding to the operational costs for miners.

尽管努力使硬件供应商多样化，但Bitmain的主导地位引起了人们对潜在瓶颈和供应链中断的担忧。在美国，对中国进口的新关税正在增加矿工的运营成本。

Due to stricter customs controls, US-based miners are experiencing delays in receiving Bitmain shipments. Since 2018, the US has imposed duties of up to 27.6% on Chinese mining equipment. These tariffs are part of broader trade tensions between the two superpowers.

由于更严格的海关控件，美国的矿工正在接受Bitmain发货的延误。自2018年以来，美国在中国采矿设备上施加了高达27.6％的职责。这些关税是两个超级大国之间更广泛的贸易紧张局势的一部分。

Earlier this year, the US Trade Representative's office announced plans to increase tariffs on nearly all Chinese goods in response to China’s alleged economic and trade abuses. This move threatens to escalate trade tensions further and could have a significant impact on various industries.

今年早些时候，美国贸易代表办公室宣布了计划，以应对中国所谓的经济和贸易滥用，从而提高几乎所有中国商品的关税。此举可能会进一步升级贸易紧张局势，并可能对各个行业产生重大影响。

These tariffs are now a key factor in the total cost of mining one Bitcoin, especially for US-based operations. Smaller miners who rely on cost-effective equipment for optimal profitability may face difficulties if hardware costs continue to rise due to tariffs and other factors.

这些关税现在是开采一家比特币的总成本的关键因素，尤其是对于基于美国的运营而言。如果由于关税和其他因素，硬件成本继续上升，依靠具有成本效益的设备来获得最佳盈利能力的较小的矿工可能会面临困难。

Moreover, smaller miners typically have less flexibility in switching to different hardware suppliers or adjusting their operations to accommodate changing regulations and tariffs. This lack of adaptability could put them at a disadvantage in the long run.

此外，较小的矿工通常在切换到不同的硬件供应商或调整其操作以适应不断变化的法规和关税方面具有较小的灵活性。从长远来看，这种缺乏适应性可能会使他们处于不利地位。

Strategic Partnerships in the US

美国的战略伙伴关系

Amid these challenges, some US-based companies are forming strategic partnerships to enhance their operations and capitalize on opportunities in the Bitcoin mining sector.

在这些挑战中，一些美国的公司正在建立战略合作伙伴关系，以增强其运营并利用比特币采矿业的机会。

For instance, Hut 8 Corp., a major Bitcoin mining and high-performance computing firm, has partnered with Eric Trump and Donald Trump Jr. to establish American Bitcoin Corp. This venture aims to become the largest and most efficient pure-play Bitcoin mining operation globally.

例如，一家主要的比特币开采和高性能计算公司Hut 8 Corp.已与Eric Trump和Jr. Jr.合作，建立了American Bitcoin Corp.。该公司旨在成为全球最大，最有效的纯比特币采矿业务。

The partnership brings together Hut 8 Corp.’s advanced technologies and experience in Bitcoin mining with the Trump family's investment acumen and institutional ties. Together, they plan to build a self-reliant Bitcoin mining empire in the US, free from foreign hardware tariffs and regulations.

该合作伙伴关系将Hut 8 Corp.与特朗普家族的投资敏锐度和机构联系的高级技术和经验融合在一起。他们共同计划在美国建立一个自力更生的比特币矿业帝国，不受外国硬件关税和法规。

This initiative is a response to the increasing interest from US institutional investors in the mining sector and the growing need for efficient and self-reliant operations. As more institutions allocate capital to Bitcoin, there is a growing demand for a reliable and productive mining firm.

这项倡议是对美国机构投资者对采矿业的不断增长的回应以及对高效和自力更生运营的日益增长的需求。随着越来越多的机构将资本分配给比特币，对可靠和生产性采矿公司的需求不断增长。

American Bitcoin Corp. will be fully compliant with US laws and regulations, operating in a transparent manner with a strong focus on corporate governance. This partnership signifies the evolving landscape of the Bitcoin mining

美国比特币公司将完全遵守美国法律法规，以透明的方式运作，重点关注公司治理。这种伙伴关系表示比特币采矿的不断发展的景观