比特币哈希率爆炸：矿工遇到麻烦了吗？

比特币采矿（BTC）正在经历前所未有的转换。最新数据表明，网络的全局哈希速率破坏了所有记录

Bitcoin mining (BTC) is undergoing an unprecedented transformation. The latest data reveals that the global hash rate of the network has shattered all records, surpassing the symbolic milestone of 1 Zetahash per second (ZH/s) for the first time.

比特币采矿（BTC）正在经历前所未有的转换。最新数据表明，该网络的全球哈希速率已经破坏了所有记录，首次超过了每秒1个Zetahash的象征性里程碑。

This computing power not only enhances the security of the blockchain but also presents American miners with a critical dilemma, exacerbated by new tariffs on their imported equipment.

这种计算能力不仅增强了区块链的安全性，而且还为美国矿工带来了严重的困境，这对进口设备的新关税加剧了。

The numbers speak for themselves. According to mempool.space, the hash rate flirted with 1,025 ZH/s, while BTC Frame and Coinwarz report respective peaks of 1.02 ZH/s and 1.1 ZH/s in early April 2025.

数字自言自语。根据mempool.space的说法，哈希速率以1,025 ZH/s调情，而BTC框架和Coinwarz报告在2025年4月初的峰值为1.02 ZH/s和1.1 ZH/s。

This escalation reflects a performance race among global miners, making block validation – and the BTC rewards that come with it – increasingly challenging. For industry players, each additional terahash complicates the profitability equation, especially in regions where energy and equipment costs are high.

这一升级反映了全球矿工之间的性能竞赛，进行了障碍验证以及随之而来的BTC奖励 - 越来越具有挑战性。对于行业参与者而言，每位额外的Terahash都使盈利能力方程式复杂化，尤其是在能源和设备成本较高的地区。

USA Dominance in the Sector

美国在该领域的优势

The United States currently dominates the mining landscape. According to Mathew Sigel, an analyst at VanEck, American publicly traded companies control 30% of the global hash rate, a share that has increased by 800 basis points since the last halving.

美国目前在采矿场所占主导地位。 Vaneck的分析师Mathew Sigel表示，美国公开交易公司控制了30％的全球哈希率，这一份额自上次减半以来已增加了800个基点。

However, this supremacy is wavering. Recent trade measures by the Trump administration impose high tariffs on ASICs, specialized machines mainly from Asia. The result is a surge in costs that undermines the margins of local operators.

但是，这种至高无上的态度正在动摇。特朗普政府最近采取的贸易措施对ASIC，主要来自亚洲的专业机器征收高关税。结果是成本激增，破坏了当地运营商的利润率。

Profitability Endangering the Bitcoin Network

盈利能力危害比特币网络

The situation is alarming. Pierre Rochard, a former executive at Riot Platforms, notes a decline in marginal revenue per megawatt-hour, dropping from $200 to $150 in 2025 for the most efficient equipment. This erosion is due to an explosive hash rate, a declining Bitcoin trading at around $77,000 after a 10% drop over 30 days, and rising import costs. American miners, already fiercely competitive, see their economic model threatened.

情况令人震惊。 Riot Platforms的前高管Pierre Rochard指出，最高效率的设备的每兆瓦时小时收入下降，在2025年下降到150美元。这种侵蚀是由于爆炸性的哈希率造成的，在30天内下降了10％后，比特币交易的下降幅度约为77,000美元，进口成本上升。美国矿工已经具有激烈的竞争力，看到他们的经济模式受到威胁。

Tariffs have MASSIVE implications for Bitcoin Miners.Except off-shore supply to get squeezed, increasing demand for on-shore miners.If this is coupled with a BTC run we could see ASIC prices rip 5 to 10x like they did in 2021.See this slide from the BlockwareTeam 2025… https://t.co/IZk6dIa3xW pic.twitter.com/Y16uEJM7i5

关税对比特币矿工具有巨大的影响。除非近海供应被挤压，从而增加了对近海矿工的需求。如果这与BTC的运行相结合，我们可以看到ASIC的价格像2021年一样上涨5至10倍。从2025年中看到这张幻灯片。 pic.twitter.com/y16Uejm7i5

To cushion the blow, some have opted for urgency by massively importing ASICs before the tariffs kick in. A short-term fix. Long-term solutions involve innovations: producing machines locally, forming partnerships with non-Chinese manufacturers, or leveraging renewable energies to reduce the electricity bill. Only the most agile will survive.

为了缓冲打击，有些人通过在关税开始之前大量进口ASIC来选择紧迫性。短期修复。长期解决方案涉及创新：当地生产机器，与非中国制造商建立合作伙伴关系，或利用可再生能源以减少电费。只有最敏捷的人才能生存。

Moreover, some miners have turned to collaboration with AI companies to share computing power from their mining farms. An innovation that could allow Bitcoin to benefit from another thriving sector.

此外，一些矿工已转向与AI公司的合作，以分享其采矿农场的计算能力。可以使比特币从另一个蓬勃发展的部门中受益的创新。

But this mix of records and constraints could reshape the Bitcoin mining landscape. While the United States took the lead after the 2021 exodus of Chinese miners, their position is now on borrowed time.

但是，记录和约束的混合物可以重塑比特币采矿景观。尽管在2021年中国矿工出埃及时，美国的职位现在已经借来了。

Experts predict consolidation, with giants like MARA Holdings (50 EH/s) ready to absorb the weaker players. Yet, miners’ enthusiasm remains unwavering. This paradox – a soaring hash rate amid a tumultuous market – illustrates the unwavering faith in Bitcoin’s potential, even at the cost of a brutal adaptation. And particularly to the detriment of small Bitcoin miners. A tough blow for the network’s decentralization.

专家预测合并，像Mara Holdings（50 EH/s）这样的巨人准备吸收较弱的球员。然而，矿工的热情仍然坚定不移。这种悖论是一个动荡的市场，这是一个飙升的哈希率，即使以残酷的适应为代价，对比特币潜力的坚定信念。特别是对小比特币矿工的损害。该网络的权力下放是艰难的打击。

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