比特币挖矿盈利创历史新低，威胁网络安全

比特币挖矿盈利能力正在下降，接近 FTX 崩盘后的历史低点。 “哈希价格”（表示每 petahash 算力每日矿工收入）在减半后急剧下降，反映了矿工面临的严峻现实。由于较大的公司在基础设施和效率方面进行了大量投资以应对利润紧缩，因此较小的采矿作业可能会面临挑战。 Marathon Digital 的目标是利用收购和设备订单，到 2024 年将算力提高一倍，这表明对奖励减半后的变化进行了战略调整。

Bitcoin Mining Profitability Hits Record Lows, Posing Challenges for Network Security

比特币挖矿盈利创历史新低，给网络安全带来挑战

New data has emerged, painting a sobering picture for Bitcoin (BTC) miners. According to Bloomberg, the profitability of Bitcoin mining is nearing a historic low, not witnessed since the aftermath of FTX's collapse, raising significant concerns for those responsible for securing the Bitcoin network.

新数据的出现，为比特币（BTC）矿工描绘了一幅发人深省的图景。据彭博社报道，比特币挖矿的盈利能力正接近历史低点，这是自 FTX 崩溃以来从未见过的，这引起了那些负责保护比特币网络安全的人员的严重担忧。

Metrics indicate that the "hashprice," a measure of the daily revenue miners earn per petahash of computing power, has plunged to alarmingly low levels, nearing its all-time low. This decline comes on the heels of the recent Bitcoin halving event on April 20, which traditionally has boosted the cryptocurrency's value but has failed to offset the bearish pressures from global economic uncertainties.

指标显示，“哈希价格”（衡量矿工每 petahash 计算能力每日收入的指标）已跌至惊人的低水平，接近历史最低点。此次下跌是在 4 月 20 日比特币减半事件之后发生的，传统上减半事件推高了加密货币的价值，但未能抵消全球经济不确定性带来的利空压力。

The term "hashprice," coined by Luxor Technologies, aptly captures the harsh realities confronting miners in the aftermath of the halving. Every four years, this event reduces the block reward for miners by half, enforcing a deflationary schedule for Bitcoin's issuance.

Luxor Technologies 创造的“哈希价格”一词恰如其分地反映了矿工在减半后面临的严峻现实。每四年，这一事件都会将矿工的区块奖励减少一半，从而强制执行比特币发行的通货紧缩时间表。

Understanding Bitcoin Hashprice Dynamics

了解比特币哈希价格动态

On April 20, immediately following the halving, the Bitcoin hash price spiked to $139, but this surge was short-lived. The initial increase was largely attributed to elevated transaction fees stemming from the Rune protocol's activities on Bitcoin's blockchain.

4 月 20 日，减半后，比特币哈希价格立即飙升至 139 美元，但这种上涨是短暂的。最初的增长主要归因于 Rune 协议在比特币区块链上的活动导致交易费用上涨。

However, as these fees normalized and mining difficulty increased, hashprice values plummeted to $57, perilously close to the November 2022 low of $55. This precipitous decline reflects the stark reduction in miners' profitability, compelling them to rely more heavily on transaction fees and potential appreciation in Bitcoin's price.

然而，随着这些费用正常化和挖矿难度增加，哈希价格暴跌至 57 美元，危险地接近 2022 年 11 月的低点 55 美元。这种急剧下降反映出矿商盈利能力的大幅下降，迫使他们更加依赖交易费用和比特币价格的潜在升值。

Diminishing Profitability Concerns Raise Industry Concerns

盈利担忧减弱引发行业担忧

The decline in mining profitability signals challenging times ahead, especially for smaller mining operations. Bloomberg reports that larger mining companies, such as Marathon Digital Holdings Inc. and Riot Platforms Inc., have made substantial investments in mining infrastructure and advanced equipment to weather the profitability crunch.

采矿业盈利能力的下降预示着未来充满挑战，特别是对于规模较小的采矿作业而言。据彭博社报道，Marathon Digital Holdings Inc. 和 Riot Platforms Inc. 等大型矿业公司已对采矿基础设施和先进设备进行了大量投资，以应对盈利能力紧缩的情况。

Conversely, smaller entities may find it increasingly difficult to remain viable in an industry that is becoming more competitive and capital-intensive.

相反，规模较小的实体可能会发现在竞争日益激烈且资本密集的行业中保持生存越来越困难。

Marathon Digital's Strategic Expansion

Marathon Digital 的战略扩张

Undeterred by the challenging environment, Marathon Digital has raised its hash rate growth target for 2024, aiming to adapt to the new mining reward baseline of 3.125 BTC post-halving. The company began the year with a hash rate capacity of 24.7 exahash per second and initially planned a 46% increase.

Marathon Digital 没有被充满挑战的环境吓倒，它提高了 2024 年的算力增长目标，旨在适应减半后 3.125 BTC 的新挖矿奖励基准。该公司年初的算力容量为每秒 24.7 exahash，最初计划增加 46%。

Following strategic acquisitions and increased equipment orders, Marathon now anticipates reaching a hash rate of 50 EH/s by year's end.

经过战略收购和增加设备订单后，Marathon 目前预计到年底哈希率将达到 50 EH/s。

Fred Thiel, Marathon's chairman and CEO, expressed confidence in meeting these growth targets without additional capital infusion, citing the firm's strong liquidity position. Thiel stated:

马拉松董事长兼首席执行官 Fred Thiel 表示有信心在不额外注入资本的情况下实现这些增长目标，理由是该公司拥有强劲的流动性状况。蒂尔表示：

“Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate we have access to through current machine orders and options, we now believe it is possible for us to double the scale of Marathon’s mining operations in 2024 and achieve 50 exahash by the end of the year.”

“考虑到我们最近收购后的可用容量以及我们通过当前机器订单和选项可以获得的哈希率，我们现在相信我们有可能在 2024 年将 Marathon 挖矿业务的规模扩大一倍，并实现到今年年底将达到 50 exahash。”

Efficiency and Leadership in the Bitcoin Mining Sector

比特币挖矿行业的效率和领导力

In addition to expanding its operations, Marathon Digital is also investing in mining technology and efficiency advancements, aiming to achieve an operational efficiency of 21 joules per terahash. These efforts further solidify Marathon's position as a leader in the Bitcoin mining sector.

除了扩大业务之外，Marathon Digital 还投资于采矿技术和效率进步，旨在实现每 terahash 21 焦耳的运营效率。这些努力进一步巩固了 Marathon 作为比特币挖矿领域领导者的地位。

BTC Price Movement Amidst Mining Challenges

挖矿挑战中的比特币价格走势

Despite the challenges facing Bitcoin miners, the price of BTC has remained relatively stable on the 4-hour chart. However, the recent decline in hashprice could potentially impact the network's security if it persists, raising concerns among analysts and industry experts.

尽管比特币矿工面临挑战，但比特币价格在 4 小时图上仍保持相对稳定。然而，最近哈希价格的下跌如果持续下去，可能会影响网络的安全，引起分析师和行业专家的担忧。

The Bitcoin mining industry is an integral part of the Bitcoin network, responsible for securing transactions and verifying blocks. As such, the profitability of Bitcoin mining is a critical factor in maintaining the network's security and resilience. The ongoing challenges faced by miners highlight the need for sustainable solutions and strategic investments to ensure the long-term health of the Bitcoin ecosystem.

比特币挖矿业是比特币网络不可或缺的一部分，负责保护交易和验证区块。因此，比特币挖矿的盈利能力是维持网络安全性和弹性的关键因素。矿工面临的持续挑战凸显了对可持续解决方案和战略投资的需求，以确保比特币生态系统的长期健康。