加密货币挖矿背后的动机

加密货币挖掘是在工作量证明区块链网络（如比特币或以太坊经典）上验证交易的过程。矿工扮演着至关重要的角色

Cryptocurrency mining is the process of validating transactions on a proof-of-work blockchain network, like Bitcoin or Ethereum Classic. In essence, miners solve complex mathematical puzzles to add new blocks of transactions to the chain. For their efforts, they are rewarded with newly minted coins.

加密货币挖掘是在工作量证明区块链网络（如比特币或以太坊经典）上验证交易的过程。本质上，矿工解决复杂的数学难题，以将新的交易块添加到链中。为了表彰他们的努力，他们获得了新铸造的硬币作为奖励。

This mining activity began in 2009 when Bitcoin’s creator, known as Satoshi Nakamoto, mined the very first block using a standard computer. At the time, it was a niche endeavor accessible to tech-savvy hobbyists. Today, it has transformed into a global industry dominated by specialized hardware, sprawling data centers and a mix of professional operations and casual enthusiasts.

这种挖矿活动始于 2009 年，当时比特币的创造者中本聪使用标准计算机开采了第一个区块。当时，这是精通技术的爱好者可以参与的一项利基活动。如今，它已转变为一个以专业硬件、庞大数据中心以及专业运营和休闲爱好者为主的全球行业。

At its heart, mining is driven by the principle of supply and demand. When demand for a cryptocurrency is high and the number of active miners is low, rewards are more attractive. But as more miners enter the network, competition intensifies. This raises mining difficulty, requires more advanced (and expensive) hardware, and increases energy consumption — often leading to shrinking profit margins.

从本质上讲，采矿是由供需原则驱动的。当对加密货币的需求较高且活跃矿工数量较低时，奖励就更具吸引力。但随着越来越多的矿工进入网络，竞争加剧。这提高了挖矿难度，需要更先进（且昂贵）的硬件，并增加能源消耗——通常会导致利润率下降。

This creates a delicate balancing act where mining remains “just profitable enough” to keep participants engaged. This idea can be illustrated using a supply and demand graph, where the entry of new miners results in lower earnings across the board. Note that values are representative and do not correspond to real-world figures.

这创造了一种微妙的平衡行为，即挖矿保持“足够的利润”以保持参与者的参与。这个想法可以用供需图来说明，其中新矿工的进入会导致整体收入下降。请注意，这些值具有代表性，并不对应于现实世界的数字。

The truth is, there’s no single “most profitable coin to mine.” Volatility, energy costs, hardware advancements, mining reward halvings and regulations all contribute to rapidly changing profits. The profitability of mining a coin like Ethereum Classic can quickly surpass Bitcoin, and vice versa.

事实是，不存在单一的“最赚钱的硬币”。波动性、能源成本、硬件进步、挖矿奖励减半和监管都会导致利润快速变化。开采像以太坊经典这样的代币的盈利能力可以很快超过比特币，反之亦然。

Let’s explore the main factors that influence mining profitability across the crypto market.

让我们探讨一下影响整个加密货币市场挖矿盈利能力的主要因素。

Volatility

挥发性

Cryptocurrencies are known for their significant price volatility. For instance, in November 2022, Bitcoin’s (BTC) 10-day volatility exceeded 100%, indicating substantial price swings within a short period. During periods of extreme price drops, mining profits can fall so low that even efficient operations struggle to remain viable.

加密货币以其巨大的价格波动而闻名。例如，2022年11月，比特币（BTC）10日波动率超过100%，表明价格在短期内大幅波动。在价格极度下跌期间，采矿利润可能会下降得如此之低，以至于即使是高效的运营也难以维持生存。

Conversely, price spikes can encourage more miners to join the network, increasing mining difficulty and competition.

相反，价格上涨会鼓励更多矿工加入网络，从而增加挖矿难度和竞争。

For example, back in January 2024, mining Kaspa with 9.2 terahashes per second (TH/s) of KHeavyHash hash power was reported to yield approximately $69 per day, making it suddenly one of the most popular coins among miners.

例如，早在 2024 年 1 月，据报道，以每秒 9.2 兆赫哈希 (TH/s) 的 KHeavyHash 算力开采 Kaspa，每天的收益约为 69 美元，使其突然成为矿工中最受欢迎的代币之一。

Energy costs

能源成本

Electricity costs are the largest ongoing expense for miners, and coins with high energy demands are only profitable in areas with cheap or renewable energy.

电力成本是矿工最大的持续支出，能源需求高的代币只有在拥有廉价或可再生能源的地区才能盈利。

Mining Bitcoin, due to its difficulty, requires an incredible amount of power, making it difficult to sustain in regions with high energy prices. On the other hand, Ethereum Classic, Monero and Ravencoin, with their more energy-efficient algorithms, are better options for miners in areas with expensive electricity.

开采比特币由于其难度，需要大量的电力，这使得在能源价格高的地区难以维持。另一方面，以太坊经典、门罗币和渡鸦币凭借其更节能的算法，对于电力昂贵地区的矿工来说是更好的选择。

Did you know? Countries such as Iran have become hotspots for Bitcoin mining due to their low electricity costs, with mining a single Bitcoin costing as little as $1,324.

你可知道？伊朗等国家由于电力成本低廉而成为比特币挖矿的热点，开采单个比特币的成本仅为 1,324 美元。

Hardware efficiency

硬件效率

The type of mining hardware plays a crucial role in determining profitability. Bitcoin mining is dominated by ASICs, which, while efficient, are costly and accessible mostly to large-scale operations. Aspects such as efficient cooling systems and housing units also ought to be considered, as they directly impact hardware performance and profitability.

采矿硬件的类型在决定盈利能力方面起着至关重要的作用。比特币挖矿以 ASIC 为主，虽然效率很高，但成本高昂，而且主要适合大规模运营。还应该考虑高效冷却系统和外壳单元等方面，因为它们直接影响硬件性能和盈利能力。

Ethereum Classic (ETC) and Ravencoin (RVN), on the other hand, can be mined with GPUs, which are more affordable and versatile.

另一方面，以太坊经典 (ETC) 和 Ravencoin (RVN) 可以使用 GPU 进行挖矿，它们更实惠且用途广泛。

The regulatory environment

监管环境

Countries regulate cryptocurrency mining in vastly different ways, with some introducing supportive policies and others imposing strict limitations.

各国以截然不同的方式监管加密货币挖矿，一些国家推出了支持性政策，另一些国家则施加了严格的限制。

For instance, under President Donald Trump’s upcoming administration, the US has adopted a more crypto-friendly stance. The administration aims to position the US as a global leader in Bitcoin mining by offering incentives such as tax breaks and access to affordable energy resources. This approach is designed to strengthen the domestic crypto industry while ensuring financial stability and security.

例如，在唐纳德·特朗普总统即将上任的政府领导下，美国采取了对加密货币更加友好的立场。政府旨在通过提供税收减免和获得负担得起的能源等激励措施，将美国定位为比特币挖矿的全球领导者。这种方法旨在加强国内加密货币行业，同时确保金融稳定和安全。

Conversely, Russia has taken a more restrictive approach. Effective Jan. 1, 2025, the Russian government banned cryptocurrency mining in 10 regions, a prohibition set to last until March 15, 2031. This decision is intended to prevent energy shortages and mitigate the environmental impact of intensive mining activities.

相反，俄罗斯则采取了更为限制性的做法。自 2025 年 1 月 1 日起，俄罗斯政府禁止在 10 个地区进行加密货币开采，禁令将持续到 2031 年 3 月 15 日。这一决定旨在防止能源短缺并减轻密集采矿活动对环境的影响。