比特币矿工面临新的财务压力，因为降低和交易费用干燥

根据Theminermag的2025年2月的报告，比特币矿工正面临着新的财务压力，并提高了投资费用的下降，并提高了运营成本的下降。

Bitcoin miners are facing increasing financial pressure as transaction fees continue to decline and a hashprice drop pushes up operational costs, according to TheMinerMag’s February 2025 report.

根据Theminermag的2025年2月的报告，随着交易费用继续下降，比特币矿工正面临着日益增加的财务压力，而Hashprice下降会推动运营成本。

Bitcoin’s hashrate, a measure of network participation, climbed 3.8% in February to 810 EH/s, indicating a slowdown in mining competition growth. However, the hashprice, or the revenue that miners earn per unit of computing power, slipped to $45/PH/s.

比特币的哈希拉特（Hashrate）是一项网络参与度的量度，在2月份上升了3.8％，达到810 EH/s，表明采矿竞争增长的放缓。但是，HashPrice或矿工每单位计算能力赚取的收入，跌至$ 45/p/s。

This wiped out gains from the U.S. election-driven price surge that pushed the hashprice above $50/PH/s in December 2024. At this level, some less-efficient miners at the margin are likely feeling the strain.

这消除了美国大选驱动的价格上涨的收益，在2024年12月，将Hashprice推高了50美元/p的$ 50。

Transaction fees, which form a secondary income stream for miners, contributed just 1.3% to total block rewards in February, reaching their lowest share since the last bear market bottom in 2022. March is trending even lower, with an average of 1.12% so far.

矿工构成二级收入流的交易费用仅贡献了1.3％的二月份总奖励，自2022年上一个熊市最低点以来，其份额达到了最低的份额。三月趋势越来越低，到目前为止平均为1.12％。

These factors — alongside increased competition from artificial intelligence (AI) data centers for energy and capital at higher prices may add further pressure on bitcoin mining.

这些因素 - 除了人工智能（AI）数据中心的竞争增加，价格和资本以较高的价格可能会增加对比特币采矿的进一步压力。

Those operators who rely on bulk hosting agreements and asset-light strategies appear to be bearing the brunt of the crypto winter.

那些依靠批量托管协议和资产策略的运营商似乎是加密冬季的首当其冲。

Reporting a 6% increase in hashrate, MARA remains the industry leader with 44 EH/s. CleanSpark follows closely with a 12% rise to 39 EH/s.

玛拉（Mara）报告说，哈希拉特（Hashrate）增加了6％，仍然是行业领导者44 eh/s。 CleanSpark紧随其后，增长12％，至39 EH/s。

Despite some firms like HIVE Digital and Cipher Mining selling a portion of their bitcoin output to fund expansion and new hardware purchases, total bitcoin holdings among miners surpassed 100,000 BTC for the first time.

尽管一些公司像Hive Digital和Cipher Mining这样的公司出售其比特币产量的一部分以资助扩展和新硬件购买，但矿工的总比特币持有量首次超过100,000 BTC。

However, March saw a downturn for mining stocks. The combined market capitalization of 15 major firms dropped from $36 billion in January to $22 billion.

但是，三月的采矿股票下滑。 15家主要公司的总市值从1月份的360亿美元降至220亿美元。

Cipher, Canaan, Hut 8, HIVE, and Bitdeer all saw losses exceeding 40% as investors reacted to the macroeconomic climate and crypto price trends.

当投资者对宏观经济气候和加密价格趋势做出反应时，密码，迦南，小屋8，Hut和Bitder的损失都超过40％。

With network growth slowing and energy costs remaining elevated, sustained bitcoin price gains may be crucial for miners to avoid further financial stress.

随着网络增长的放缓和能源成本的较高，持续的比特币价格上涨对于矿工来说可能至关重要，以避免进一步的财务压力。