<p>比特币挖矿行业进入了其 15 年历史上可能最严重的经济低迷期，甚至大型上市运营商在挖矿收入崩溃和债务上升的情况下也难以实现盈亏平衡，来自 TheMinerMag 的报道指出。</p>
<p>在最新报告中，TheMinerMag 表示，矿工们正处于 “有史以来最严酷的利润环境” 中，因为哈希价格——每单位计算能力所赚取的收入——已从第三季度的每秒约 55 美元每拍哈希（PH/s）下降到大约 35 美元 PH/s，出版物将这一水平视为结构性低点，而非暂时性下滑。</p>
<p>这种恶化紧随比特币（BTC）价格的急剧修正，其价格从 10 月接近 126,000 美元的历史高点跌至 11 月的 80,000 美元以下。</p>
<p>在这种情况下，每哈希成本成为矿工们一个显著的指标。它突显了矿工将电力和资本转化为原始计算输出的效率，并揭示了平均运营商与仅有的最有效存活者之间日益扩大的差距。</p>
<p>数据显示，新一代挖矿机器现在需要超过 1,000 天才能收回成本——这一点令人担忧，因为下一个比特币减半大约在 850 天后。</p>
<p>TheMinerMag 表示，“资产负债表正在对恶化的经济状况作出反应”，并指出 CleanSpark 最近决定全额偿还与 Coinbase 的比特币担保信用额度，作为行业向去杠杆化和流动性保护的更广泛转变的标志。</p>
<p><strong>比特币挖矿股票遭受重创</strong></p>
<p>比特币价格的下滑以及随之而来的哈希率压力与传统市场的广泛抛售相吻合，给上市挖矿公司带来了双重打击。</p>
<p>TheMinerMag 的第三季度报告指出，自 10 月中旬以来，挖矿股票经历了 “急剧的回撤”，该行业的损失加速。</p>
<p>MARA Holdings（MARA）是受影响最严重的公司之一，自 10 月 15 日的收盘高点以来下跌约 50%。CleanSpark（CLSK）在同一时期下降了 37%，而 Riot Platforms（RIOT）下跌了 32%。HIVE Digital Technologies（HIVE）的股价遭遇了最严重的下滑，从 10 月高点暴跌 54%。</p>
<p><em><strong>杂志：</strong></em> <em><strong>比特币的长期安全预算问题：即将到来的危机还是 FUD？</strong></em></p>

MARA

HIVE

RIOT

CLSK

<p>比特币挖矿行业面临最严峻的经济下行，哈希价格从每 PH/s 55 美元降至 35 美元，创下结构性低点。比特币价格的修正导致每哈希成本上升，影响了矿工的效率。新的挖矿机器需要超过 1000 天才能收回成本，这在下一个比特币减半前引发了担忧。像 MARA、CleanSpark、Riot Platforms 和 HIVE Digital Technologies 等上市挖矿公司在更广泛的市场抛售中经历了显著的股价下跌</p>

<p>The Bitcoin mining industry has entered what may be its most severe economic downturn in its 15-year history, with even large publicly traded operators struggling to break even amid collapsing mining revenue and rising debt, according to TheMinerMag.</p>
<div class="lb-trans"><p>比特币挖矿行业进入了其 15 年历史上可能最严重的经济低迷期，甚至大型上市运营商在挖矿收入崩溃和债务上升的情况下也难以实现盈亏平衡，来自 TheMinerMag 的报道指出。</p>
</div><p>In its latest report, TheMinerMag said miners are operating in the “harshest margin environment of all time,” as hashprice — the revenue earned per unit of computing power — has fallen from an average of about $55 per petahash per second (PH/s) in the third quarter to roughly $35 PH/s, a level the publication characterized as a structural low rather than a temporary dip.</p>
<div class="lb-trans"><p>在最新报告中，TheMinerMag 表示，矿工们正处于 “有史以来最严酷的利润环境” 中，因为哈希价格——每单位计算能力所赚取的收入——已从第三季度的每秒约 55 美元每拍哈希（PH/s）下降到大约 35 美元 PH/s，出版物将这一水平视为结构性低点，而非暂时性下滑。</p>
</div><p>The deterioration followed a sharp correction in the price of Bitcoin (BTC), which fell from a record high near $126,000 in October to below $80,000 in November.</p>
<div class="lb-trans"><p>这种恶化紧随比特币（BTC）价格的急剧修正，其价格从 10 月接近 126,000 美元的历史高点跌至 11 月的 80,000 美元以下。</p>
</div><p>Under these conditions, cost-per-hash has emerged as a revealing metric for miners. It highlights how efficiently miners convert electricity and capital into raw computational output and exposes a widening gap between average operators and only the most efficient survivors.</p>
<div class="lb-trans"><p>在这种情况下，每哈希成本成为矿工们一个显著的指标。它突显了矿工将电力和资本转化为原始计算输出的效率，并揭示了平均运营商与仅有的最有效存活者之间日益扩大的差距。</p>
</div><p>The data shows that new-generation mining machines now require more than 1,000 days to recoup their costs — a growing concern, given the next Bitcoin halving is roughly 850 days away.</p>
<div class="lb-trans"><p>数据显示，新一代挖矿机器现在需要超过 1,000 天才能收回成本——这一点令人担忧，因为下一个比特币减半大约在 850 天后。</p>
</div><p>“Balance sheets are reacting” to the deteriorating economics, TheMinerMag said, pointing to CleanSpark’s recent decision to fully repay its Bitcoin-backed credit line with Coinbase as a sign of the industry’s broader shift toward deleveraging and liquidity preservation.</p>
<div class="lb-trans"><p>TheMinerMag 表示，“资产负债表正在对恶化的经济状况作出反应”，并指出 CleanSpark 最近决定全额偿还与 Coinbase 的比特币担保信用额度，作为行业向去杠杆化和流动性保护的更广泛转变的标志。</p>
</div><p><strong>Bitcoin mining stocks take a beating</strong></p>
<div class="lb-trans"><p><strong>比特币挖矿股票遭受重创</strong></p>
</div><p>The slide in Bitcoin prices and the resulting pressure on hashrate have coincided with a broader sell-off across traditional markets, delivering a one-two punch to publicly listed mining companies.</p>
<div class="lb-trans"><p>比特币价格的下滑以及随之而来的哈希率压力与传统市场的广泛抛售相吻合，给上市挖矿公司带来了双重打击。</p>
</div><p>The MinerMag’s third-quarter report flagged a “sharp drawdown in mining equities since mid-October,” with losses accelerating across the sector.</p>
<div class="lb-trans"><p>TheMinerMag 的第三季度报告指出，自 10 月中旬以来，挖矿股票经历了 “急剧的回撤”，该行业的损失加速。</p>
</div><p>MARA Holdings (MARA) has been among the hardest hit, down roughly 50% from its Oct. 15 closing high. CleanSpark (CLSK) has declined 37% over the same period, while Riot Platforms (RIOT) has dropped 32%. Shares of HIVE Digital Technologies (HIVE) have suffered the steepest decline, plunging 54% from their October peak.</p>
<div class="lb-trans"><p>MARA Holdings（MARA）是受影响最严重的公司之一，自 10 月 15 日的收盘高点以来下跌约 50%。CleanSpark（CLSK）在同一时期下降了 37%，而 Riot Platforms（RIOT）下跌了 32%。HIVE Digital Technologies（HIVE）的股价遭遇了最严重的下滑，从 10 月高点暴跌 54%。</p>
</div><p><em><strong>Magazine:</strong></em> <em><strong>Bitcoin’s long-term security budget problem: Impending crisis or FUD?</strong></em></p>
<div class="lb-trans"><p><em><strong>杂志：</strong></em> <em><strong>比特币的长期安全预算问题：即将到来的危机还是 FUD？</strong></em></p>
</div>

比特币矿工进入 ‘史上最严峻的利润环境’