尽管在五年内获得最艰难的利润，但在美国土壤上开采的比特币开采仍在巩固和聚集势头

华盛顿已将比特币的工作证明视为一种战略资源，州立法机关正在提供法规清晰度

Workers check crypto mining racks at an industrial mining facility. (Photo by DANIEL DUARTE/AFP via ... MoreGetty Images)Despite the harshest profit squeeze in half a decade, the business of mining bitcoin on U.S. soil is consolidating and once again gathering momentum. Washington has recognized bitcoin’s proof-of-work as a strategic resource, state legislatures are offering regulatory clarity, manufacturers are shipping more efficient machines, and entrepreneurs are inventing new revenue models that couple mining with digital collectibles and flexible-load grid services.

工人在工业采矿设施中检查加密矿架。 （丹尼尔·杜阿尔特（Daniel Duarte）/法新社（AFP）摄影。华盛顿已将比特币的工作证明视为一种战略资源，州立法机关提供了监管清晰度，制造商正在运输更有效的机器，并且企业家正在发明新的收入模型，这些新收入模型将挖掘与数字收藏品和灵活负载的网格服务相结合。

These converging forces help explain why network hashrate continues to march toward the one-zettahash era even as hashprice languishes and publicly traded miners dump inventory. As mining difficulty rises even as bitcoin’s price trades sideways, it is possible to observe an industry scaling into a deeper economic cycle.

这些融合力有助于解释为什么网络哈希拉特继续前进到一个Zettahash时代，即使HashPrice Leganishes和公开交易的矿工投资库存。即使比特币的价格交易侧面，采矿难度也会上升，可以观察到一个行业扩展到更深层次的经济周期。

The clearest inflection came on 6 March 2025, when President Trump signed an executive order creating a Strategic Bitcoin Reserve, directing Treasury to hold forfeited coins and authorizing research into budget-neutral accumulation methods. The Order states that “there is a strategic advantage to being among the first nations to create a Strategic Bitcoin Reserve” due to Bitcoin’s fixed supply, and it refers to Bitcoin as “digital gold” because of its scarcity and security.

最明显的拐点是2025年3月6日，当时特朗普总统签署了一项行政命令，制定了战略性比特币储备，指示财政部持有没收的硬币，并授权研究预算与中立的积累方法。该命令指出，“由于比特币的固定供应，成为创建战略比特币储备的第一批国家的战略优势”，由于它的稀缺性和安全性，它将比特币视为“数字黄金”。

At the state level, Arkansas had already laid groundwork with the Data Centers Act of 2023, which classifies mining as protected industrial activity and curtails local zoning interference. Oklahoma followed with a Commercial Digital Asset Mining Act in 2024 granting sales-tax relief on rigs and power contracts, while Texas’ updated HB 1666 balanced custody standards with grid-integration incentives, evidence that states view miners as high-load customers, not environmental transgressors.

在州一级，阿肯色州已经对2023年的《数据中心法》奠定了基础，该法案将采矿归类为受保护的工业活动并减少当地分区干扰。俄克拉荷马州随后在2024年进行了一项商业数字资产挖掘法，授予钻机和电力合同的销售税收减免，而德克萨斯州最新的HB 1666平衡的监护权标准则具有网格融合激励措施，证据证明矿工将矿工视为高负载客户，而不是环境犯规者。

Federal industrial policy reinforces the point. This past summer, Block’s Proto team signed an agreement to supply Core Scientific with 3 nm modular rigs and publish design files so other operators can manufacture locally. By collapsing supply-chain risk and eliminating import tariffs on Chinese hardware that might soon surpass 100 %, the deal incorporates U.S. fabrication with the mining cost stack. Such a move would have seemed far fetched by industry veterans just a few years ago.

联邦工业政策加强了重点。去年夏天，Block的Proto团队签署了一项协议，以提供3 nm模块化钻机并发布设计文件，以便其他运营商可以在本地制造。通过崩溃的供应链风险并消除了可能很快超过100％的中国硬件的进口关税，该交易将美国的制造与采矿成本堆栈结合在一起。几年前，行业退伍军人似乎远远得到了这样的举动。

Environmental objections, long expressed by policymakers as a key reason to reject bitcoin, have been all but abandoned. And with good reason. A recent Duke University review concluded that flexible bitcoin mining loads could absorb up to 76 GW of new demand with minimal curtailment, reducing the need for peaker plants and accelerating renewable integration. The Bitcoin Policy Institute’s survey of ten North American miners found real-time curtailment rates between five and thirty-one percent, demonstrating that miners routinely shed load during price spikes. These studies rebut the claim that mining “steals” renewable energy and underpin state-level enthusiasm for dispatchable industrial customers.

政策制定者长期以来作为拒绝比特币的关键原因表达的环境异议几乎被放弃了。并有充分的理由。杜克大学最近的一项评论得出的结论是，灵活的比特币采矿负荷可以吸收多达76吉瓦的新需求，并减少了最小的缩减，从而减少了对峰值植物的需求并加速可再生的整合。比特币政策研究所对十名北美矿工的调查发现，实时削减速度在5％至31％之间，这表明矿工在价格上涨期间经常减轻负载。这些研究驳斥了以下主张，即采矿“窃取”可再生能源和对可调度工业客户的国家级别的热情。

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Network horsepower averaged 910 EH/s in mid-April, up forty-four percent year-on-year, even though bitcoin traded sideways over the same period. By some measures, the average all-in U.S. production expense sits at about $92,000 per coin, only seven percent above the market quote. This is a narrow margin but bearable for firms that are not overleveraged. The continued rise in hashrate in the face of sideways bitcoin price movement and relatively high interest rates indicates that miners are willing to part with long-term capital (including portions of their bitcoin treasuries) to continue operating, betting they will be able to benefit from a rapid increase in bitcoin’s price.

4月中旬，网络马力在同一时期的侧面交易，同比上涨了44％。从某些措施来看，美国的平均生产费用位于每枚硬币92,000美元，比市场报价高出7％。这是一个狭窄的边距，但对于不渗入过度的公司来说是可承受的。面对侧向比特币价格变动，哈希龙的持续上升和相对较高的利率表明，矿工愿意与长期资本（包括其比特币国库的一部分）继续运营，押注他们将能够从比特币价格快速上涨中受益。

Innovation is not confined to semiconductors. At least one project seeks to tie ordinal inscriptions to real megawatts and share monthly mining revenue with token holders. This would capitalize on the popularity of speculative digital collectibles to support the expansion of mining infrastructure. Blockware, which is leading the project, says the model channels proceeds into its 500 MW infrastructure pipeline, demonstrating how non-traditional capital can finance expansion without diluting shareholders.

创新不仅限于半导体。至少一个项目试图将序数铭文与真实的兆瓦式联系起来，并与代币持有人分享每月的采矿收入。这将利用投机性数字收藏品的普及，以支持采矿基础设施的扩展。领导该项目的Blockware表示，模型渠道将进入其500兆瓦的基础设施管道，这表明非传统资本如何在不稀释股东的情况下为扩张提供资金。

Tether announced in April that it would direct both existing and future hashrate to Luke Dashjr’s Ocean pool, whose open-source DATUM protocol lets individual miners construct their own block templates rather than outsource that task to a small cartel of pools. The move addresses a subtle but critical security vector: when three pools assemble nearly two-thirds of all blocks, censorship risk migrates from edge to hub. Ocean’s model restores that function to the periphery, hardening the network against regulatory capture.

Tether在4月宣布，它将将现有和未来的Hashrate引向Luke Dashjr的Ocean Pool，其开源基准协议使各个矿工可以构建自己的块模板，而不是将该任务外包给一小块泳池。此举解决了一个微妙但关键的安全向量：当三个池组装所有块的近三分之二时，审查风险从边缘到集线器迁移。 Ocean的模型将该功能恢复到周围，从而将网络与监管捕获相比。

Solo mining remains statistically improbable, yet its cultural effect is outsized. On March 10, 2025, a solo miner using a Bitaxe 204 Ultra – a compact, open-source ASIC miner priced around $150 – mined

独奏开采在统计上仍然是不可能的，但其文化效应却占据了范围。 2025年3月10日，一名使用Bitaxe 204 Ultra的独奏矿工 - 紧凑的开源ASIC矿工，价格约为150美元 - 开采