公开交易的比特币矿工市值接近 40B 美元，但挑战迫在眉睫

这种激增反映了加密货币领域更广泛的乐观情绪，但也带来了矿工无法忽视的挑战。

Bitcoin miners listed on public markets are closing in on a combined market capitalization of $40 billion, having doubled their total valuation in just seven months as BTC’s price flirts with six-figure highs.

公开市场上市的比特币矿商总市值接近 400 亿美元，随着 BTC 价格逼近六位数高点，其总估值在短短 7 个月内翻了一番。

This surge mirrors the broader optimism in the crypto space but comes with challenges that miners can’t ignore.

这种激增反映了加密货币领域更广泛的乐观情绪，但也带来了矿工无法忽视的挑战。

Bitcoin mining difficulty climbs as revenue stays tight

由于收入紧张，比特币挖矿难度上升

While miners stand to gain from Bitcoin’s rising price, their revenues paint a grimmer picture. The block rewards were halved in April, leaving miners with just 450 Bitcoin per day.

虽然矿商有望从比特币价格上涨中获利，但他们的收入却描绘出一幅更加严峻的景象。 4 月份区块奖励减半，矿工每天只剩下 450 个比特币。

Moreover, fees paid to miners have remained at cycle lows, averaging 10 BTC (roughly $946,000) as of Nov. 27, according to Glassnode. This pressure is set to intensify, as Bitcoin’s mining difficulty — a measure of how difficult it is to mine a block — is expected to increase by another 3%, marking its fifth consecutive rise.

此外，根据 Glassnode 的数据，截至 11 月 27 日，支付给矿工的费用仍处于周期低点，平均为 10 BTC（约合 946,000 美元）。这种压力将会加剧，因为比特币的挖矿难度（衡量开采一个区块的难度的指标）预计将再增加 3%，这是连续第五次上涨。

Bitcoin miners diversify to stay competitive

比特币矿商多元化以保持竞争力

In response to these obstacles, many miners are pivoting towards diversification. Companies like Iris Energy (IREN) are venturing into AI and high-performance computing, while MARA Holdings (MARA) is bolstering its Bitcoin reserves, having recently added 703 BTC after raising $1 billion through a convertible note.

为了应对这些障碍，许多矿商正在转向多元化。 Iris Energy (IREN) 等公司正在进军人工智能和高性能计算领域，而 MARA Holdings (MARA) 正在增加其比特币储备，在通过可转换票据筹集 10 亿美元后，最近增加了 703 BTC。

The CoinShares Valkyrie Bitcoin Miners ETF (WGMI), a benchmark for the sector, has gained 60% year-to-date but still trails behind Bitcoin’s 113% growth. As competition heats up, miners face a stark choice: adapt or risk being left behind.

该行业的基准 CoinShares Valkyrie 比特币矿工 ETF (WGMI) 今年迄今已上涨 60%，但仍落后于比特币 113% 的增长。随着竞争的加剧，矿工们面临着一个严峻的选择：要么适应，要么冒着被抛在后面的风险。

At press time, Bitcoin trades at $95,259.14.

截至发稿时，比特币交易价格为 95,259.14 美元。