矿工收入下降的比特币哈希率达到1,000 EH/s

比特币的网络刚刚达到了历史悠久的哈希速率，每秒超过1000个exahashes，标志着更强的安全性和更广泛的采矿参与。

Bitcoin’s network hash rate has now surpassed 1,000 exahashes per second, a historic high reached in April 2025. This level of computing power signals stronger security for the cryptocurrency and broader participation among miners.

比特币的网络哈希速率现在超过了每秒1000张Exahashes，这是2025年4月的历史悠久的高峰。这种计算能力信号信号更强，对加密货币的安全性和更广泛的矿工参与。

However, the same period has seen miners fall into their worst environment yet, with plunging profitability, rising operational costs, and the largest miner sell-off since late 2024. Together, these trends are pushing smaller miners into a difficult position.

但是，同一时期已经使矿工陷入了最糟糕的环境，盈利能力下跌，运营成本上升以及自2024年底以来最大的矿工抛售。这些趋势共同将较小的矿工推向了一个困难的位置。

Bitcoin Hash Rate Hits 1,000 EH/s As Miner Revenue Drops 40%

矿工收入下降40％，比特币哈希率达到1,000 EH/s

Bitcoin’s hash rate crossed the 1,000 EH/s (1 ZH/s) threshold in April 2025, highlighting the vast computing power now dedicated to securing the cryptocurrency network. At this level, it takes roughly 100,000 cycles for a quantum computer to break the Bitcoin blockchain.

比特币的哈希率在2025年4月越过1,000 EH/s（1 ZH/s）阈值，突出了现在致力于确保加密货币网络的巨大计算能力。在此级别上，量子计算机大约需要100,000个周期来破坏比特币区块链。

Rising hash rate levels are usually attributed to increased participation in mining and technological advancements in creating more efficient hardware. However, at the start of April, miners faced a 40% year-over-year drop in revenue, according to data from Cloverpool.

哈希速率水平上升通常归因于增加采矿和技术进步创造更有效的硬件的参与。但是，根据Cloverpool的数据，在4月初，矿工面临40％的收入下降。

After the April 2024 Bitcoin halving, block rewards were slashed from 6.25 to 3.125 BTC. This shift was supposed to encourage higher transaction fees to compensate for the reduced coin rewards.

在2024年4月的比特币减半之后，Block Rewards从6.25削减至3.125 BTC。这种转变应该鼓励更高的交易费用来补偿减少的硬币奖励。

However, persistently low fees and a high rate of empty blocks have left miners with fewer incentives and tighter margins, especially those focused on fee revenue.

但是，持续的低费用和高股票率使矿工的激励措施和更紧密的利润率更少，尤其是那些专注于收费收入的人。

Image by Cloverpool

图片由三叶草池

Miner Sell-Offs Signify Cash Flow Issues Across Sector

矿工抛售表示跨部门的现金流量问题

The financial pressure has already led to significant Bitcoin liquidations. Data from TheMinerMag shows that in March 2025, public miners sold over 40% of their monthly BTC production—the highest sell-off rate since October 2024.

财务压力已经导致了大量的比特币清算。 Theminermag的数据表明，2025年3月，公共矿工售出了其每月BTC生产的40％以上，这是自2024年10月以来的最高售罄率。

Firms like HIVE, Bitfarms (NASDAQ:Bitfarms), and Ionic Digital (NASDAQ:IONC) reportedly sold more Bitcoin than they mined to sustain operations. This is a dramatic shift from the post-halving accumulation strategies that miners usually adopt.

据报道，诸如Hive，Bitfarms（NASDAQ：BITFARMS）和Ionic Digital（NASDAQ：IONC）之类的公司售出的比特币售出的比以维持运营的方式销售更多。这是矿工通常采用的备用后积累策略的巨大转变。

The continuous release of miner reserves into the market has applied downward pressure on prices, which dropped 2.3% in March after February’s 17.39% correction.

矿工储量不断向市场施加了向下压力，价格在2月17.39％的更正后3月下降了2.3％。

Moreover, as the largest institutional sellers, miners' actions can influence broader market sentiment, potentially compounding bearish trends.

此外，作为最大的机构卖家，矿工的行动可能会影响更广泛的市场情绪，并可能使看跌趋势更加复杂。

Tariffs And Equipment Costs May Yet Squelch U.S. Miners

关税和设备成本可能仍会挤压美国矿工

U.S.-based miners are also facing a unique set of challenges as trade tariffs on mining hardware take effect. Introduced by the Trump administration as part of broader trade policy shifts, these tariffs increase the cost of importing mining equipment from countries like China, where most manufacturers are based.

随着采矿硬件的贸易关税生效，美国的矿工也面临着一系列独特的挑战。这些关税是由特朗普政府作为更广泛的贸易政策转变的一部分提出的，增加了从大多数制造商所在的中国等国家进口采矿设备的成本。

Analysts at BullifyX estimate that these tariffs will add up to $16,000 per unit, considering the typical price of new-generation ASICs (application-specific integrated circuits) used in Bitcoin mining.

Bullifyx的分析师估计，考虑到比特币采矿中使用的新一代ASIC（特定于应用程序的集成电路）的典型价格，这些关税将总计每单位16,000美元。

With large-scale miners deploying hundreds or even thousands of ASICs in their facilities, these tariffs can significantly increase operational costs and delay hardware upgrades for many miners.

随着大型矿工在其设施中部署数百甚至数千个ASIC，这些关税可以大大提高运营成本并延迟许多矿工的硬件升级。

This rising cost structure, combined with declining mining rewards and network congestion, could push some smaller operations to shut down or consolidate. As competition intensifies, only the most efficient and well-capitalized miners may survive the current squeeze on Bitcoin mining profitability.

这种不断上升的成本结构，加上采矿奖励和网络拥堵的下降，可能会推动一些较小的操作关闭或巩固。随着竞争的加剧，只有最有效，最富裕的矿工才能在比特币采矿盈利能力的当前挤压中幸存下来。