<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2021/10/public-mining-firm-riot-blockchain-more-than-triples-its-yearly-bitcoin-production.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2021/10/public-mining-firm-riot-blockchain-more-than-triples-its-yearly-bitcoin-production.jpg"/></p>
<p>14 家美国上市比特币矿业公司的总市值在 3 月份缩水了 25%，损失了约 50 亿美元的投资者财富。</p>
<p>这标志着自摩根大通开始追踪该行业以来，该集团的第三大月度下降。</p>
<p>此次下跌是由于比特币区块奖励下降和竞争加剧，导致矿业盈利能力普遍下滑。</p>
<p>上个月，只有一家矿商——Stronghold Digital Mining（SDIG）成功超越了比特币本身的表现。</p>
<p>其他涉及高性能计算（HPC）的参与者表现甚至不如那些专注于比特币挖矿的公司，延续了两个月的趋势。</p>
<h2>每 EH/s 收入在 3 月份下降了 13%</h2>
<p>摩根大通的分析师 Reginald Smith 和 Charles Pearce 报告称，3 月份比特币矿工的日均区块奖励收入为每 EH/s 47,300 美元，较 2 月份下降了 13%。</p>
<p>盈利能力下降更为明显，日均区块奖励毛利润环比下降 22%，降至每 EH/s 23,000 美元。</p>
<p>收入下降和利润空间收窄反映出矿工面临的压力加大，随着减半事件的临近，减少了推动其商业模式的激励。</p>
<p>挖矿难度也略有上升，3 月份平均网络哈希率上升至 816 EH/s。</p>
<p>更高的哈希率意味着比特币网络竞争加剧，进一步压缩了现有矿工的利润空间。</p>
<h2>Stronghold Digital 领涨，Cipher Mining 下跌 45%</h2>
<p>在 14 只被追踪的矿业股票中，Stronghold Digital Mining 是唯一在 3 月份超越比特币表现的公司，录得相对温和的 2% 下跌。</p>
<p>相比之下，Cipher Mining（CIFR）遭遇了最严重的损失，月内暴跌 45%。</p>
<p>报告指出，涉及 HPC 的矿工——那些多元化经营 AI、机器学习或数据中心计算的公司——连续第二个月落后于纯比特币矿工。</p>
<p>这种表现不佳引发了人们对在比特币价格和网络难度仍然主导市场的情况下，多元化战略韧性的质疑。</p>
<h2>估值接近 FTX 崩盘后的低点</h2>
<p>摩根大通的分析师强调，该行业目前的估值相对于区块奖励处于自 2023 年 FTX 崩盘以来的最低水平。</p>
<p>这表明投资者普遍谨慎，对矿业运营的长期盈利能力信心减弱。</p>
<p>3 月份比特币的价格表现对该行业支持有限。</p>
<p>尽管该加密货币的跌幅小于矿业股票，但奖励的下降和运营成本的增加对上市公司造成了影响。</p>
<h2>减半压力迫在眉睫</h2>
<p>即将到来的比特币减半——预计在 4 月份——将把区块奖励减半，进一步影响矿工的收入。</p>
<p>这可能会给已经面临盈利能力下降和网络难度上升的公司带来更多压力。</p>
<p>如果比特币价格没有显著上涨或电力成本没有降低，矿工可能会面临持续的利润压力。</p>
<p>因此，市场参与者密切关注行业整合或运营重组的迹象，特别是在高杠杆的公司中。</p>
<p>美国上市比特币矿工在收入下降 13% 之际，市值蒸发 50 亿美元，相关报道首发于 Invezz。</p>

SDIG

<p>14 家在美国上市的比特币矿业公司的市场价值在 3 月份下降了 25%，导致投资者财富损失了 50 亿美元。这一下降归因于每个 EH/s 的收入下降了 13% 以及竞争加剧，只有 Stronghold Digital Mining 的表现超过了比特币。该行业的估值已降至自 FTX 崩溃以来的最低水平，这引发了对长期盈利能力的担忧，因为即将到来的比特币减半预计将进一步减少矿工的收入</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2021/10/public-mining-firm-riot-blockchain-more-than-triples-its-yearly-bitcoin-production.jpg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2021/10/public-mining-firm-riot-blockchain-more-than-triples-its-yearly-bitcoin-production.jpg"/></p>
<p>The combined market value of 14 US-listed bitcoin mining firms shrank by 25% in March, wiping out around $5 billion in investor wealth.</p>
<div class="lb-trans"><p>14 家美国上市比特币矿业公司的总市值在 3 月份缩水了 25%，损失了约 50 亿美元的投资者财富。</p>
</div><p>This marks the third-worst monthly decline for the group since JP Morgan began tracking the sector.</p>
<div class="lb-trans"><p>这标志着自摩根大通开始追踪该行业以来，该集团的第三大月度下降。</p>
</div><p>The drop followed a broader slump in mining profitability, driven by falling bitcoin block rewards and increased competition.</p>
<div class="lb-trans"><p>此次下跌是由于比特币区块奖励下降和竞争加剧，导致矿业盈利能力普遍下滑。</p>
</div><p>Only one miner, Stronghold Digital Mining (SDIG), managed to outperform bitcoin itself last month.</p>
<div class="lb-trans"><p>上个月，只有一家矿商——Stronghold Digital Mining（SDIG）成功超越了比特币本身的表现。</p>
</div><p>Other players with exposure to high-performance computing (HPC) fared even worse than those focused solely on bitcoin mining, continuing a two-month trend.</p>
<div class="lb-trans"><p>其他涉及高性能计算（HPC）的参与者表现甚至不如那些专注于比特币挖矿的公司，延续了两个月的趋势。</p>
</div><h2>Revenue per EH/s down 13% in March</h2>
<div class="lb-trans"><h2>每 EH/s 收入在 3 月份下降了 13%</h2>
</div><p>JPMorgan analysts Reginald Smith and Charles Pearce reported that bitcoin miners earned an average of $47,300 per exahash per second (EH/s) in daily block reward revenue in March. This marked a 13% drop from February.</p>
<div class="lb-trans"><p>摩根大通的分析师 Reginald Smith 和 Charles Pearce 报告称，3 月份比特币矿工的日均区块奖励收入为每 EH/s 47,300 美元，较 2 月份下降了 13%。</p>
</div><p>Profitability declined more sharply, with daily block reward gross profit falling 22% month-on-month to $23,000 per EH/s.</p>
<div class="lb-trans"><p>盈利能力下降更为明显，日均区块奖励毛利润环比下降 22%，降至每 EH/s 23,000 美元。</p>
</div><p>The lower revenue and tighter margins reflect increased pressure on miners as the halving event draws nearer, reducing the incentives that power their business models.</p>
<div class="lb-trans"><p>收入下降和利润空间收窄反映出矿工面临的压力加大，随着减半事件的临近，减少了推动其商业模式的激励。</p>
</div><p>Mining difficulty also edged higher, as the average network hashrate rose to 816 EH/s in March.</p>
<div class="lb-trans"><p>挖矿难度也略有上升，3 月份平均网络哈希率上升至 816 EH/s。</p>
</div><p>A higher hashrate signals increased competition across the Bitcoin network, further compressing margins for existing miners.</p>
<div class="lb-trans"><p>更高的哈希率意味着比特币网络竞争加剧，进一步压缩了现有矿工的利润空间。</p>
</div><h2>Stronghold Digital led, Cipher Mining fell 45%</h2>
<div class="lb-trans"><h2>Stronghold Digital 领涨，Cipher Mining 下跌 45%</h2>
</div><p>Among the 14 tracked mining stocks, Stronghold Digital Mining was the only one to beat Bitcoin’s performance in March, recording a relatively mild 2% decline.</p>
<div class="lb-trans"><p>在 14 只被追踪的矿业股票中，Stronghold Digital Mining 是唯一在 3 月份超越比特币表现的公司，录得相对温和的 2% 下跌。</p>
</div><p>In contrast, Cipher Mining (CIFR) suffered the steepest loss, plunging 45% over the month.</p>
<div class="lb-trans"><p>相比之下，Cipher Mining（CIFR）遭遇了最严重的损失，月内暴跌 45%。</p>
</div><p>The report noted that miners with HPC exposure — operations that diversify into computing for AI, machine learning, or data centres — lagged behind pure-play bitcoin miners for the second month in a row.</p>
<div class="lb-trans"><p>报告指出，涉及 HPC 的矿工——那些多元化经营 AI、机器学习或数据中心计算的公司——连续第二个月落后于纯比特币矿工。</p>
</div><p>That underperformance has raised questions about the resilience of diversification strategies in a market where the bitcoin price and network difficulty remain the dominant forces.</p>
<div class="lb-trans"><p>这种表现不佳引发了人们对在比特币价格和网络难度仍然主导市场的情况下，多元化战略韧性的质疑。</p>
</div><h2>Valuations near post-FTX lows</h2>
<div class="lb-trans"><h2>估值接近 FTX 崩盘后的低点</h2>
</div><p>JPMorgan’s analysts highlighted that the sector is currently trading at its lowest valuations relative to the block reward since the collapse of FTX in late 2023.</p>
<div class="lb-trans"><p>摩根大通的分析师强调，该行业目前的估值相对于区块奖励处于自 2023 年 FTX 崩盘以来的最低水平。</p>
</div><p>This signals widespread investor caution and shrinking confidence in the long-term profitability of mining operations.</p>
<div class="lb-trans"><p>这表明投资者普遍谨慎，对矿业运营的长期盈利能力信心减弱。</p>
</div><p>Bitcoin’s price performance in March did little to support the sector.</p>
<div class="lb-trans"><p>3 月份比特币的价格表现对该行业支持有限。</p>
</div><p>Although the cryptocurrency itself dropped less than mining stocks, the downward trend in rewards and increased operating costs took a toll on publicly traded firms.</p>
<div class="lb-trans"><p>尽管该加密货币的跌幅小于矿业股票，但奖励的下降和运营成本的增加对上市公司造成了影响。</p>
</div><h2>Halving pressure looms for miners</h2>
<div class="lb-trans"><h2>减半压力迫在眉睫</h2>
</div><p>The upcoming Bitcoin halving — expected in April — will reduce block rewards by half, further impacting miner revenues.</p>
<div class="lb-trans"><p>即将到来的比特币减半——预计在 4 月份——将把区块奖励减半，进一步影响矿工的收入。</p>
</div><p>This could add more strain to firms already struggling with falling profitability and rising network difficulty.</p>
<div class="lb-trans"><p>这可能会给已经面临盈利能力下降和网络难度上升的公司带来更多压力。</p>
</div><p>Without significant increases in Bitcoin’s price or reductions in power costs, miners may face continued margin pressure.</p>
<div class="lb-trans"><p>如果比特币价格没有显著上涨或电力成本没有降低，矿工可能会面临持续的利润压力。</p>
</div><p>As a result, market participants are watching closely for signs of industry consolidation or operational restructuring, particularly among heavily leveraged firms.</p>
<div class="lb-trans"><p>因此，市场参与者密切关注行业整合或运营重组的迹象，特别是在高杠杆的公司中。</p>
</div><p>The post US-listed bitcoin miners shed $5 billion in market cap amid 13% revenue slump appeared first on Invezz</p>
<div class="lb-trans"><p>美国上市比特币矿工在收入下降 13% 之际，市值蒸发 50 亿美元，相关报道首发于 Invezz。</p>
</div>

在美国上市的比特币矿工市值缩水 50 亿美元，收入下降 13%