减半推动比特币矿机大规模撤离美国

由于四月下旬的减半事件，美国过剩的比特币矿机正在被转移到国外成本较低的地区。由于减半减少了挖矿奖励，旧机器在美国的利润下降，促使矿工升级到更高效的型号。买家寻求将这些旧机器用于电力较便宜的地区，包括非洲和南美洲，在那里他们仍然可以产生利润。虽然一些矿工出售他们的硬件，但其他矿工选择将其转移到拥有第三方数据中心的低成本地点，以最大限度地减少电费并延长机器的使用寿命。

Mass Exodus of Bitcoin Mining Machines from the US: Halving Triggers Global Migration

比特币矿机大规模撤离美国：减半引发全球迁移

May 2024

2024年5月

Approximately 6,000 obsolete Bitcoin (BTC) mining machines are poised to be decommissioned in the United States and shipped to a 35,000-square-foot facility in Colorado Springs, where they will undergo refurbishment before being resold to international buyers seeking to capitalize on lower-cost mining environments.

大约 6,000 台过时的比特币 (BTC) 矿机准备在美国退役，并运往科罗拉多斯普林斯的一个 35,000 平方英尺的设施，在那里进行翻新，然后转售给寻求较低成本的国际买家采矿环境。

The Halving's Impact

减半的影响

This impending relocation signifies a broader trend driven by the upcoming Bitcoin halving, an event scheduled for late April that will witness a 50% reduction in the mining reward. This halving, occurring every four years, is designed to maintain the digital asset's supply cap at 21 million BTC.

这次即将到来的搬迁标志着即将到来的比特币减半所驱动的更广泛的趋势，比特币减半定于 4 月底举行，届时挖矿奖励将减少 50%。每四年减半一次，旨在将数字资产的供应上限维持在 2100 万比特币。

In response to the halving's anticipated impact on revenue, miners are scrambling to upgrade their equipment to the most efficient and advanced models. The influx of outdated machines from the US is a testament to the economic imperatives shaping the industry.

为了应对减半对收入的预期影响，矿商们正争先恐后地将其设备升级为最高效、最先进的型号。来自美国的过时机器的涌入证明了塑造该行业的经济需求。

Global Migration

全球移民

According to estimates from Luxor Technology, a Seattle-based provider of crypto-mining services, approximately 600,000 S19 series machines, representing a significant portion of current mining infrastructure, are being exported from the US, predominantly to Africa and South America.

根据总部位于西雅图的加密货币挖矿服务提供商 Luxor Technology 的估计，大约 60 万台 S19 系列机器（占当前挖矿基础设施的很大一部分）正在从美国出口，主要出口到非洲和南美洲。

Taras Kulyk, CEO of SunnySide Digital, which operates the Colorado Springs facility, attributes this migration to the significantly lower electricity costs in these regions. "It's a natural shift for buyers to seek out areas where power is cheaper," he explains.

运营科罗拉多斯普林斯工厂的 SunnySide Digital 首席执行官塔拉斯·库利克 (Taras Kulyk) 将此次迁移归因于这些地区电力成本的大幅降低。 “对于买家来说，寻找电力更便宜的地区是一种自然的转变，”他解释道。

Seeking Profitability

寻求盈利

While S19 series machines may cease to be economically viable in the US after the halving, they "can still generate decent profits and extend their lifespan if hosted" in countries with lower electricity costs, asserts Jaran Mellerud, CEO of Dubai-based Hashlabs Mining.

总部位于迪拜的 Hashlabs Mining 首席执行官贾兰·梅勒鲁德 (Jaran Mellerud) 表示，虽然减半后 S19 系列机器在美国可能不再具有经济可行性，但如果托管在电力成本较低的国家，它们“仍然可以产生可观的利润并延长使用寿命”。

Price Decline

价格下跌

Anticipating a price drop for used mining equipment post-halving, some buyers are postponing purchases. Luxor's trading desk for used machines reports that the price of used S19 models has plunged from $7,030 in March 2022 to an estimated $356 in May 2024.

由于预计二手采矿设备价格会在减半后下降，一些买家推迟了购买。 Luxor 的二手机器交易台报告称，二手 S19 型号的价格已从 2022 年 3 月的 7,030 美元暴跌至 2024 年 5 月的估计 356 美元。

Relocation Considerations

搬迁注意事项

Despite the lower energy costs, not all US-based miners are willing to relocate their hardware. Publicly traded companies face heightened risk aversion from shareholders, while transportation costs, breakage, and security concerns present additional obstacles.

尽管能源成本较低，但并非所有美国矿商都愿意重新安置其硬件。上市公司面临着股东日益高涨的风险厌恶情绪，而运输成本、破损和安全问题则构成了额外的障碍。

However, miners with their own facilities are actively seeking out locations with favorable electricity rates. Nuo Xu, who operates two sites in Texas, is exploring options in Ethiopia, Nigeria, and elsewhere to house approximately 6,000 older machines.

然而，拥有自己设施的矿工正在积极寻找电价优惠的地点。 Nuo Xu 在德克萨斯州经营着两个工厂，正在探索在埃塞俄比亚、尼日利亚和其他地方安置大约 6,000 台旧机器的选择。

Hosting Fees and Electricity Costs

托管费和电费

Hosting fees for miners lacking their own facilities typically include electricity, labor, and third-party operators. Estimates suggest that these fees average around 7 cents per kilowatt hour (kWh) in the US, while in Ethiopia, where crypto mining regulations have been relaxed and power generation has increased, the rate is closer to 5 cents per kWh.

缺乏自己设施的矿工的托管费通常包括电费、人工费和第三方运营商费用。据估计，在美国，这些费用平均约为每千瓦时 (kWh) 7 美分，而在埃塞俄比亚，加密采矿法规已经放宽，发电量也有所增加，该费率接近每千瓦时 5 美分。

The substantial difference in hosting fees and the lower electricity costs in countries like Ethiopia have made them attractive destinations for miners.

埃塞俄比亚等国家托管费的巨大差异和较低的电力成本使它们成为对矿工有吸引力的目的地。

Big Investments and Funding

大投资和资金

Major public Bitcoin mining companies have been investing heavily in new hardware to prepare for the halving. TheMinerMag, a crypto-mining research firm, estimates that 13 leading companies have placed orders for over $1 billion worth of machines since February 2023.

主要的公共比特币挖矿公司一直在大力投资新硬件，为减半做准备。加密货币挖矿研究公司 TheMinerMag 估计，自 2023 年 2 月以来，已有 13 家领先公司下了价值超过 10 亿美元的机器订单。

Five of the largest miners have raised more than $2.7 billion through share sales in the two years leading up to December 2023, with an additional $840 million secured since the start of 2024.

截至 2023 年 12 月的两年里，五家最大的矿商已通过股票销售筹集了超过 27 亿美元，自 2024 年初以来又筹集了 8.4 亿美元。