MARA Holdings（纳斯达克股票代码：MARA）成为 11 月份顶级比特币矿商，凸显了比特币挖矿行业的弹性和适应性

比特币 11 月份的上涨推动其价格上涨 31%，而网络哈希率（衡量专用于挖矿的总计算能力）

Bitcoin’s strong rally in November saw its price surge by 31%, outpacing the network’s hashrate, which increased by only 4%. This favorable ratio between Bitcoin’s price and mining difficulty led to improved economics for the sector.

比特币在 11 月份的强劲反弹导致其价格飙升 31%，超过了网络算力（仅增长了 4%）。比特币价格与挖矿难度之间的有利比率改善了该行业的经济效益。

The hashrate serves as a proxy for industry competition and mining difficulty. When Bitcoin prices rise faster than the hashrate, miners typically enjoy higher margins. In November, U.S.-listed miners accounted for 24.7% of the total network, mining fewer bitcoins overall compared to October but securing a larger share of the network’s output. Improved operational uptime, attributed in part to cooler temperatures as winter set in, further boosted efficiency.

算力可以作为行业竞争和挖矿难度的指标。当比特币价格上涨速度快于算力上涨时，矿工通常会享受更高的利润。 11 月份，在美国上市的矿商占整个网络的 24.7%，与 10 月份相比，整体开采的比特币较少，但在网络产出中占据了更大的份额。冬季来临，气温降低，正常运行时间得到改善，进一步提高了效率。

Source: Brave New Coin Bitcoin Liquid Index

资料来源：Brave New Coin 比特币流动性指数

MARA Holdings Leads the Pack

玛拉控股领跑

MARA Holdings (NASDAQ: MARA) emerged as the top-performing miner, producing 907 bitcoins in November, followed by CleanSpark (NASDAQ: CLSK) with 622 bitcoins. MARA maintained its position as the sector leader with an installed hashrate of 46.1 exahashes per second (EH/s), significantly ahead of CleanSpark’s 33.7 EH/s.

MARA Holdings（纳斯达克股票代码：MARA）成为表现最好的矿商，11 月份生产了 907 比特币，其次是 CleanSpark（纳斯达克股票代码：CLSK），生产了 622 比特币。 MARA 保持了行业领导者的地位，安装的算力为每秒 46.1 exahashes (EH/s)，明显领先于 CleanSpark 的 33.7 EH/s。

The report underscores MARA’s dominance in the sector, pointing to its expansive hashrate as a key advantage in capturing network rewards. CleanSpark’s continued growth also signals healthy competition among top-tier mining operations.

该报告强调了 MARA 在该领域的主导地位，指出其庞大的算力是获取网络奖励的关键优势。 CleanSpark 的持续增长也标志着顶级挖矿业务之间的良性竞争。

MARA also continued its strategy of following the MicroStrategy playbook. MARA raised $1.925 billion from 0% convertible notes in November and December. Using the proceeds from its zero-coupon convertible notes offerings, MARA purchased 15,574 BTC for ~$1.53 billion at ~$98,529 per BTC and repurchased ~$263 million in aggregate principal amount of its existing convertible notes due 2026, and expects to use the remaining proceeds to acquire additional bitcoin.

MARA 还继续遵循 MicroStrategy 策略。 MARA 在 11 月和 12 月通过 0% 可转换票据筹集了 19.25 亿美元。 MARA 利用其零息可转换票据发行的收益，以约 15.3 亿美元的价格购买了 15,574 比特币，每比特币约 98,529 美元，并回购了 2026 年到期的现有可转换票据本金总额约 2.63 亿美元，并预计将剩余收益用于获得额外的比特币。

Source: X

来源：X

December Outlook: Profitability to Persist

12 月展望：盈利能力将持续

Bitcoin’s recent surge to new record highs is expected to sustain miners’ profitability into December. The combination of rising Bitcoin prices and manageable increases in mining difficulty paints a favorable picture for the industry as the year draws to a close.

比特币近期飙升至历史新高，预计将维持矿商的盈利能力直至 12 月。随着年底的到来，比特币价格的上涨和挖矿难度的可控增加为该行业描绘了一幅有利的图景。

Broader Implications for the Mining Sector

对采矿业的更广泛影响

The profitability streak highlights the resilience and adaptability of the Bitcoin mining industry. With the halving event anticipated in 2024—an occurrence that will cut mining rewards in half—miners are likely to use this period of profitability to bolster their operations and prepare for potential challenges ahead.

连续盈利凸显了比特币挖矿业的弹性和适应性。预计 2024 年将发生减半事件，届时挖矿奖励将减少一半，矿工可能会利用这段盈利时期来加强运营，并为未来的潜在挑战做好准备。

For U.S.-based miners, who already represent nearly a quarter of the global network, this period of growth reinforces their critical role in Bitcoin’s decentralized ecosystem. The focus now shifts to operational efficiency, energy management, and scaling hashrates to maintain competitiveness in an evolving market.

对于已经占全球网络近四分之一的美国矿工来说，这一时期的增长加强了他们在比特币去中心化生态系统中的关键作用。现在的重点转向运营效率、能源管理和扩展算力，以在不断发展的市场中保持竞争力。

As the year closes, miners’ performance in December will provide insights into how the sector is positioned for 2024, a year expected to bring both opportunities and heightened challenges with Bitcoin’s next halving cycle.

随着年底，矿商 12 月份的表现将有助于了解该行业在 2024 年的定位，预计这一年将在比特币的下一个减半周期中带来机遇和严峻的挑战。