比特币采矿行业经历了一场无声的风暴，因为其采矿难度在四个月内首次减少

比特币刚刚经历了意外的打ic：其采矿难度在四个月内首次减少。习惯永久升级的生态系统中脆弱的呼吸。然而，这个看似技术人物的背后是一个更加动荡的叙述。

Bitcoin mining difficulty just took an unexpected breath: it decreased for the first time in four months. A fragile sigh in an ecosystem used to a perpetual escalation. But behind this seemingly technical figure lies a much more turbulent narrative. Between site closures, rapid modernizations, and survival strategies, the mining sector is going through a silent storm. What if this decline is the symptom of a deeper mutation?

比特币开采困难只是意外呼吸：这是四个月来下降。生态系统中易碎的叹息，用于永久升级。但是这个看似技术人物的背后是一个更动荡的叙述。在现场封闭，快速现代化和生存策略之间，采矿部门正在经历一场无声的风暴。如果这种下降是更深的突变的症状怎么办？

Bitcoin makes the numbers dance

比特币使数字跳舞

The mining difficulty, this automatic regulator designed to balance competition, reached a dizzying peak of 110 trillion (T) in January, before dropping to 108 T.

旨在平衡竞争的自动调节器的采矿难度在一月份达到了110万亿（T）的山峰，然后降至108 t。

A modest drop, but a symbolic one. Why? Because it occurs in a context where the average hashing rate of the network still brushes against 832 EH/s, a nearly record level. As if the machine, breathless, had suddenly slowed its frantic pace.

一个适中的滴，但象征性的滴滴。为什么？因为它发生在网络的平均哈希速率仍然针对832 EH/s（几乎记录的水平）的情况下。好像机器喘不过气来，突然减慢了疯狂的速度。

Amidst the shipwrecks, Riot Platforms stands out. Its production climbed to 527 bitcoins in January, while its energy credits exploded (+250 %). Its secret? A formidable energy management and Texan facilities boosted by innovation.

在沉船中，防暴平台脱颖而出。它的产量在一月份攀升至527个比特币，而其能源信用却爆炸（+250％）。它的秘密？创新的强大能源管理和得克萨斯州的设施。

Jason Les, its CEO, speaks of a “symbiosis between hardware and energy.” An almost poetic speech for a sector in crisis. Meanwhile, Marathon Digital stumbles: -13 % production, lost blocks, and a laborious transition to S21 Pro miners. The race for efficiency comes at a cash cost.

其首席执行官杰森·莱斯（Jason Les）谈到“硬件与能源之间的共生”。危机中一个部门的几乎诗意的演讲。同时，马拉松数字化的跌跌撞撞：生产，损失的障碍以及向S21职业矿工的费力过渡。效率竞赛的现金成本有。

Hut 8 and Bitfarms, on the other hand, are playing the metamorphosis card. -27 % production for the former, -4.7 % for the latter. Their response? Modernize or disappear. Infrastructure upgrades, costly but vital, are presented as a “necessary passage” by Asher Genoot (Hut 8). A Darwinian logic sets in: only the best equipped will survive.

另一方面，小屋8和Bitfarms正在播放变态卡。前者的生产为-27％，后者为-4.7％。他们的回应？现代化或消失。 Asher Genoot（HUT 8）将基础设施升级（昂贵但至关重要）作为“必要的段落”。达尔文的逻辑集：只有配备最佳的最佳能力才能生存。

The cards are being reshuffled

卡片正在改组

The bitcoin mining sector as a whole oscillates between resilience and vulnerability. While the market capitalization has grown by 5 %, driven by Cipher Mining (+23 %) and Riot (+16 %), strategies diverge radically. Some are betting on expansion, others on diversification.

比特币采矿部门整体在弹性和脆弱性之间振荡。虽然市值增长了5％，但在密码开采（+23％）和RIOT（+16％）的驱动下，策略却差异很大。有些人押注扩展，有些则在多元化上。

Riot has revised its ambitions downward (targeting 38.4 EH/s in 2025 versus 46.7 initially) and is now exploring AI and high-performance computing at its Texan site.

Riot已将其野心向下修改（最初在2025年对38.4 EH/S的目标定为38.4 EH/s），现在正在其德克萨斯州站点探索AI和高性能计算。

An audacious reconversion to exploit its 600 MW of unused energy. Bitfarms, for its part, is liquidating an unfinished Paraguayan mine (85 million dollars) to finance its US expansion. A geostrategic shift that resembles an admission: the global South is losing ground to the United States.

大胆的重新转换，以利用其600兆瓦的未使用能量。就其本身而言，Bitfarms正在清算未完成的巴拉圭矿山（8500万美元），以资助其美国扩张。类似于录取的地理战略转变：全球南方正在失去美国。

After a rush for ASICs in 2023, orders for WhatsMiner, Avalon, or Antminer are dwindling. Institutional miners are slowing their investments, anticipating a stabilization of difficulty. Paradox: this pause could save the most fragile by reducing competitive pressure. But at what cost?

在2023年匆忙参加ASIC之后，WhatsMiner，Avalon或Antminer的命令正在减少。机构矿工正在放缓投资，预计难度会稳定。悖论：这种停顿可以通过减少竞争压力来节省最大的脆弱。但是要花多少钱？

The decrease in difficulty is not a truce, but a signal. That of a sector at a crossroads, forced to choose between technological escalation and radical reinvention. Between the giants that thrive on innovation and the outsiders in search of breathers, Bitcoin reveals its paradoxical nature: a gold rush where the pickaxe sometimes turns into a quantum computer. The current crisis is not an end, but the prelude to an era where efficiency rhymes with survival. And in this game, every percent of difficulty counts as much as a bitcoin itself.

难度下降不是停战，而是信号。十字路口的一个部门的区域，被迫在技术升级和根本性重塑之间进行选择。在创新蓬勃发展的巨人和寻找呼吸器的巨人之间，比特币揭示了其悖论性的性质：淘金热有时会变成量子计算机。当前的危机不是终点，而是一个具有生存效率的时代的前奏。在这个游戏中，每百分比的困难都与比特币本身一样多。