比特币矿工市值逼近 40B 美元，面临不断上升的复杂性和弹性关键

比特币矿商正处于一个巨大里程碑的边缘，总市值接近 400 亿美元。就在 7 个月前，矿商的市值还徘徊在 200 亿美元左右，但最近的比特币

Bitcoin miners are approaching a collective market capitalization of $40 billion, a significant increase from the $20 billion market cap seven months ago. This rapid growth is largely due to the recent飙升 in bitcoin prices, which have reached all-time highs in 2024.

比特币矿商的总市值正在接近 400 亿美元，比 7 个月前的 200 亿美元市值大幅增长。这种快速增长很大程度上是由于近期比特币价格的飙升，比特币价格在 2024 年达到了历史新高。

According to Farside data, this development has not gone unnoticed by investors and industry experts, who are closely monitoring the trajectory of the mining sector. As of November 27, daily bitcoin mining yields only 450 coins, with transaction fees remaining below $946,000.

根据 Farside 的数据，这一发展并没有被投资者和行业专家忽视，他们正在密切关注采矿业的发展轨迹。截至 11 月 27 日，比特币每日开采量仅为 450 个比特币，交易费用仍低于 946,000 美元。

To maintain profitability in this challenging environment, especially after the April blockchain halving event that reduced block rewards by half, miners are exploring diverse strategies and exhibiting resilience in the face of increasing mining difficulty and decreasing rewards.

为了在这个充满挑战的环境中保持盈利能力，特别是在四月份区块链减半事件导致区块奖励减少一半之后，矿工们正在探索多样化的策略，并在面对挖矿难度增加和奖励减少的情况下表现出弹性。

Collectively, bitcoin miners are now valued at around $38.5 billion, with mining difficulty set to increase by a further 3% in the coming days. Having already surpassed the trillion mark, increasing blockchain complexity presents a continuous challenge for miners.

目前，比特币矿工的总估值约为 385 亿美元，未来几天挖矿难度将进一步增加 3%。区块链复杂性已经突破万亿大关，不断增加的复杂性给矿工带来了持续的挑战。

With each adjustment, the cost and technical difficulty of generating blocks increase substantially, testing the operational resilience of mining operations. The hashrate, a measure of the computational power used to process blockchain transactions, has remained consistently above 700 exahash per second for over a month.

每一次调整，生成区块的成本和技术难度都会大幅增加，考验着挖矿业务的运营弹性。算力（用于处理区块链交易的计算能力的衡量标准）在一个多月内一直保持在每秒 700 exahash 以上。

Currently, seven-day moving averages of the hashrate hover around 726 EH/s, indicating sustained momentum in computational power since mid-2024, ultimately contributing to more complex mining conditions.

目前，算力的 7 天移动平均值徘徊在 726 EH/s 左右，这表明自 2024 年中期以来算力持续增长，最终导致挖矿条件更加复杂。

Beyond traditional cryptocurrency mining operations, several miners are diversifying into the AI and high-performance computing industries, where they identify opportunities in hosting computing infrastructure.

除了传统的加密货币挖矿业务之外，一些矿工正在多元化进入人工智能和高性能计算行业，他们在这些行业中发现了托管计算基础设施的机会。

This strategy has garnered attention, with companies like IREN experiencing a 30% stock surge as a result of their innovative approach. Marathon Digital Holdings (MARA) is another example of a company making strategic investments.

这一策略引起了人们的关注，像 IREN 这样的公司因其创新方法而股价飙升了 30%。马拉松数字控股公司（MARA）是公司进行战略投资的另一个例子。

On November 27, researchers observed MARA adding 703 BTC to its balance sheet after securing a $1 billion convertible note. In total, they now hold 34,794 BTC, showcasing a calculated long-term investment strategy.

11 月 27 日，研究人员观察到 MARA 在获得 10 亿美元的可转换票据后，在其资产负债表中增加了 703 BTC。他们现在总共持有 34,794 BTC，展示了经过深思熟虑的长期投资策略。

Moreover, investment vehicles like the CoinShares Valkyrie Bitcoin Miners ETF (NYSE:礦工) offer broader market perspectives. YTD performance indicates a 60% increase, trailing bitcoin's exceptional 113% surge.

此外，CoinShares Valkyrie 比特币矿工 ETF（纽约证券交易所代码：矿工）等投资工具提供了更广阔的市场前景。今年迄今的表现显示增长了 60%，落后于比特币 113% 的惊人涨幅。

This narrative encompasses not just cryptocurrency mining but also a broader ecosystem of technological innovation, financial strategy, and computational evolution, where miners are expanding their roles beyond blockchain transaction processing.

这种叙述不仅涵盖加密货币挖矿，还涵盖更广泛的技术创新、金融策略和计算进化生态系统，矿工正在将其角色扩展到区块链交易处理之外。