减半后利润减少，比特币挖矿业准备迎接艰难时期

在最近的减半事件之后，比特币挖矿的盈利能力大幅下降，来自区块奖励的收入下降了一半。尽管减半后交易费用暂时上涨，但由于补贴减少，矿商现在面临着利润压缩的问题。对上市矿业公司运营成本和利润率的分析表明，那些运营高效、电力成本较低的公司，如 CleanSpark、Riot 和 Core Scientific，毛利率最高。然而，包括 Hive 和 Hut8 在内的一些矿商的运营接近无利可图，利润率等于或低于 10%。 Riot、Cleanspark 和 Marathon 等计划对设施和车队进行扩张和升级的矿商可能会经受住当前的挑战，而那些债务高或扩张计划有限的矿商可能会面临更大的财务压力。

Bitcoin Mining Enters a Challenging Phase: Margins Shrink as Halving Impacts Profits

比特币挖矿进入挑战阶段：利润减半影响利润

Amidst the ongoing cryptocurrency market volatility, the recent halving event in the Bitcoin network has sent shockwaves through the mining industry. The quadrennial event, which reduces the number of bitcoins generated per block, has significantly reduced the economic incentives for miners.

在加密货币市场持续波动的背景下，最近比特币网络的减半事件给挖矿行业带来了冲击。四年一度的活动减少了每个区块生成的比特币数量，大大降低了矿工的经济激励。

Post-Halving Revenue Surge Stalls

减半后收入激增停滞

In the immediate aftermath of the halving, miners experienced a brief surge in revenue from transaction fees. The introduction of a new token standard on Bitcoin, known as Runes, resulted in a record-breaking $78.3 million in transaction fees on April 20, 2024. However, this boost proved short-lived as Runes activity and transaction fees have since dwindled.

减半后，矿工们的交易费收入出现了短暂的激增。比特币引入了新的代币标准（称为 Runes），导致 2024 年 4 月 20 日交易费用达到破纪录的 7830 万美元。然而，事实证明，这种增长是短暂的，因为 Runes 活动和交易费用此后不断减少。

Hashprice Plunges, Miners Face Squeeze

算力暴跌，矿工面临挤压

Hashprice, a measure of the earning potential for mining operations, has seen a sharp decline since the halving. On April 29, 2024, hashprice hit an all-time low of $49/PH/Day, severely squeezing miners' profit margins. This metric reflects the revenue that miners can generate daily based on their compute power.

哈希价格是衡量挖矿业务盈利潜力的指标，自减半以来已大幅下跌。 2024 年 4 月 29 日，哈希价格触及 49 美元/PH/天的历史低点，严重挤压了矿工的利润率。该指标反映了矿工根据其计算能力每天可以产生的收入。

Profitability Varies Significantly

盈利能力差异很大

The economic realities of the post-halving era are evident in the operating costs of publicly traded mining companies. By subtracting hashcost, or direct operating costs, from hashprice, we can derive implied daily profits and costs.

减半后时代的经济现实在上市矿业公司的运营成本中显而易见。通过从哈希价格中减去哈希成本或直接运营成本，我们可以得出隐含的每日利润和成本。

CleanSpark, Riot, and Core Scientific have emerged as the most profitable miners, boasting efficient mining fleets and lower power costs. Hive and Hut 8, on the other hand, teeter on the brink of unprofitability, with margins below 10%.

CleanSpark、Riot 和 Core Scientific 已成为最赚钱的矿商，拥有高效的矿机和较低的电力成本。另一方面，Hive 和 Hut 8 则徘徊在无利可图的边缘，利润率低于 10%。

Marginal Impact on Market Performance

对市场表现的边际影响

While the halving has impacted mining profitability, its effect on publicly traded mining stocks has been mixed. Despite reduced margins, Cleanspark remains the only miner with positive returns in 2024, largely due to its strong operational performance.

虽然减半影响了矿业盈利能力，但对公开交易的矿业股的影响却好坏参半。尽管利润率下降，Cleanspark 仍然是 2024 年唯一一家实现正回报的矿商，这主要归功于其强劲的运营业绩。

Conversely, Core Scientific's seemingly high margins are deceptive. The company emerged from Chapter 11 bankruptcy in December 2022 with a hefty $864 million debt burden, limiting its investment capacity.

相反，Core Scientific看似高的利润率是具有欺骗性的。该公司于 2022 年 12 月摆脱美国破产法第 11 章破产保护，背负着 8.64 亿美元的巨额债务负担，限制了其投资能力。

Thin Margins Raise Concerns

利润微薄引发担忧

Several mining companies, including Hut 8 and Marathon, are facing significant challenges. Hut 8's high power costs and inefficient fleet have eroded its profitability. Marathon, despite its large market capitalization, has the second-lowest profit margin among the public miners.

Hut 8 和 Marathon 等多家矿业公司正面临着重大挑战。 Hut 8 的高电力成本和低效率的机队削弱了其盈利能力。尽管Marathon的市值很大，但其利润率在公共矿商中排名第二低。

Expansion Plans Crucial for Survival

扩张计划对生存至关重要

To weather the current market conditions, mining companies are pursuing various expansion strategies. Riot and Bitfarms have significant ASIC purchase orders outstanding, which will improve their fleet efficiency and reduce operating costs.

为了应对当前的市场状况，矿业公司正在采取各种扩张战略。 Riot 和 Bitfarms 拥有大量未完成的 ASIC 采购订单，这将提高其车队效率并降低运营成本。

Cleanspark, Marathon, and Core Scientific are focusing on acquiring or building their own mining sites to gain greater control over power costs and vertical integration. Other miners, such as Bitfarms, Terawulf, and Iris, are expanding existing facilities to increase capacity.

Cleanspark、Marathon 和 Core Scientific 正专注于收购或建设自己的矿场，以更好地控制电力成本和垂直整合。 Bitfarms、Terawulf 和 Iris 等其他矿商正在扩建现有设施以提高产能。

Efficiency and Cost-Cutting Key

效率和削减成本的关键

The post-halving era is forcing miners to prioritize efficiency and cost-cutting. Miners with hedging and trading strategies for power, behind-the-meter rates, and energy-efficient ASICs are likely to outperform in the coming years.

减半后时代迫使矿商优先考虑效率和成本削减。拥有电力、用户电表费率和节能 ASIC 等对冲和交易策略的矿商在未来几年可能会表现出色。

One undervalued miner to watch is Bitfarms, which has low power costs and plans to improve its energy efficiency through strategic expansions. If successful, the company could join the ranks of Riot, Marathon, and Cleanspark in terms of hashrate size and market valuation.

Bitfarms 是值得关注的一家被低估的矿商，该公司的电力成本较低，并计划通过战略扩张来提高能源效率。如果成功，该公司在算力规模和市场估值方面可能会加入 Riot、Marathon 和 Cleanspark 的行列。

Conclusion

结论

The Bitcoin mining industry is facing a challenging period as the post-halving environment compresses margins. Efficient miners with proven expansion strategies are best positioned to navigate this downturn. Those prioritizing cost-cutting and adopting innovative power management techniques will emerge as the leaders of the next Bitcoin mining epoch.

由于减半后的环境压缩了利润率，比特币挖矿行业正面临着一个充满挑战的时期。拥有经过验证的扩张策略的高效矿商最有能力渡过这次低迷时期。那些优先考虑削减成本和采用创新电源管理技术的人将成为下一个比特币挖矿时代的领导者。