<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 家美國上市比特幣礦業公司的總市值在 3 月份縮水了 25%，損失了約 50 億美元的投資者財富。</p>
<p>這標誌着自摩根大通開始追蹤該行業以來，該集團的第三大月度下降。</p>
<p>此次下跌是由於比特幣區塊獎勵下降和競爭加劇，導致礦業盈利能力普遍下滑。</p>
<p>上個月，只有一家礦商——Stronghold Digital Mining（SDIG）成功超越了比特幣本身的表現。</p>
<p>其他涉及高性能計算（HPC）的參與者表現甚至不如那些專注於比特幣挖礦的公司，延續了兩個月的趨勢。</p>
<h2>每 EH/s 收入在 3 月份下降了 13%</h2>
<p>摩根大通的分析師 Reginald Smith 和 Charles Pearce 報告稱，3 月份比特幣礦工的日均區塊獎勵收入為每 EH/s 47,300 美元，較 2 月份下降了 13%。</p>
<p>盈利能力下降更為明顯，日均區塊獎勵毛利潤環比下降 22%，降至每 EH/s 23,000 美元。</p>
<p>收入下降和利潤空間收窄反映出礦工面臨的壓力加大，隨着減半事件的臨近，減少了推動其商業模式的激勵。</p>
<p>挖礦難度也略有上升，3 月份平均網絡哈希率上升至 816 EH/s。</p>
<p>更高的哈希率意味着比特幣網絡競爭加劇，進一步壓縮了現有礦工的利潤空間。</p>
<h2>Stronghold Digital 領漲，Cipher Mining 下跌 45%</h2>
<p>在 14 只被追蹤的礦業股票中，Stronghold Digital Mining 是唯一在 3 月份超越比特幣表現的公司，錄得相對温和的 2% 下跌。</p>
<p>相比之下，Cipher Mining（CIFR）遭遇了最嚴重的損失，月內暴跌 45%。</p>
<p>報告指出，涉及 HPC 的礦工——那些多元化經營 AI、機器學習或數據中心計算的公司——連續第二個月落後於純比特幣礦工。</p>
<p>這種表現不佳引發了人們對在比特幣價格和網絡難度仍然主導市場的情況下，多元化戰略韌性的質疑。</p>
<h2>估值接近 FTX 崩盤後的低點</h2>
<p>摩根大通的分析師強調，該行業目前的估值相對於區塊獎勵處於自 2023 年 FTX 崩盤以來的最低水平。</p>
<p>這表明投資者普遍謹慎，對礦業運營的長期盈利能力信心減弱。</p>
<p>3 月份比特幣的價格表現對該行業支持有限。</p>
<p>儘管該加密貨幣的跌幅小於礦業股票，但獎勵的下降和運營成本的增加對上市公司造成了影響。</p>
<h2>減半壓力迫在眉睫</h2>
<p>即將到來的比特幣減半——預計在 4 月份——將把區塊獎勵減半，進一步影響礦工的收入。</p>
<p>這可能會給已經面臨盈利能力下降和網絡難度上升的公司帶來更多壓力。</p>
<p>如果比特幣價格沒有顯著上漲或電力成本沒有降低，礦工可能會面臨持續的利潤壓力。</p>
<p>因此，市場參與者密切關注行業整合或運營重組的跡象，特別是在高槓杆的公司中。</p>
<p>美國上市比特幣礦工在收入下降 13% 之際，市值蒸發 50 億美元，相關報道首發於 Invezz。</p>

SDIG

<p>14 家在美國上市的比特幣礦業公司的市場價值在 3 月份下降了 25%，導致投資者財富損失了 50 億美元。這一下降歸因於每個 EH/s 的收入下降了 13% 以及競爭加劇，只有 Stronghold Digital Mining 的表現超過了比特幣。該行業的估值已降至自 FTX 崩潰以來的最低水平，這引發了對長期盈利能力的擔憂，因為即將到來的比特幣減半預計將進一步減少礦工的收入</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 家美國上市比特幣礦業公司的總市值在 3 月份縮水了 25%，損失了約 50 億美元的投資者財富。</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>這標誌着自摩根大通開始追蹤該行業以來，該集團的第三大月度下降。</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>此次下跌是由於比特幣區塊獎勵下降和競爭加劇，導致礦業盈利能力普遍下滑。</p>
</div><p>Only one miner, Stronghold Digital Mining (SDIG), managed to outperform bitcoin itself last month.</p>
<div class="lb-trans"><p>上個月，只有一家礦商——Stronghold Digital Mining（SDIG）成功超越了比特幣本身的表現。</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>其他涉及高性能計算（HPC）的參與者表現甚至不如那些專注於比特幣挖礦的公司，延續了兩個月的趨勢。</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>摩根大通的分析師 Reginald Smith 和 Charles Pearce 報告稱，3 月份比特幣礦工的日均區塊獎勵收入為每 EH/s 47,300 美元，較 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>盈利能力下降更為明顯，日均區塊獎勵毛利潤環比下降 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>收入下降和利潤空間收窄反映出礦工面臨的壓力加大，隨着減半事件的臨近，減少了推動其商業模式的激勵。</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>挖礦難度也略有上升，3 月份平均網絡哈希率上升至 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幣網絡競爭加劇，進一步壓縮了現有礦工的利潤空間。</p>
</div><h2>Stronghold Digital led, Cipher Mining fell 45%</h2>
<div class="lb-trans"><h2>Stronghold Digital 領漲，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 只被追蹤的礦業股票中，Stronghold Digital Mining 是唯一在 3 月份超越比特幣表現的公司，錄得相對温和的 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）遭遇了最嚴重的損失，月內暴跌 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>報告指出，涉及 HPC 的礦工——那些多元化經營 AI、機器學習或數據中心計算的公司——連續第二個月落後於純比特幣礦工。</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>這種表現不佳引發了人們對在比特幣價格和網絡難度仍然主導市場的情況下，多元化戰略韌性的質疑。</p>
</div><h2>Valuations near post-FTX lows</h2>
<div class="lb-trans"><h2>估值接近 FTX 崩盤後的低點</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>摩根大通的分析師強調，該行業目前的估值相對於區塊獎勵處於自 2023 年 FTX 崩盤以來的最低水平。</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>這表明投資者普遍謹慎，對礦業運營的長期盈利能力信心減弱。</p>
</div><p>Bitcoin’s price performance in March did little to support the sector.</p>
<div class="lb-trans"><p>3 月份比特幣的價格表現對該行業支持有限。</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>儘管該加密貨幣的跌幅小於礦業股票，但獎勵的下降和運營成本的增加對上市公司造成了影響。</p>
</div><h2>Halving pressure looms for miners</h2>
<div class="lb-trans"><h2>減半壓力迫在眉睫</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>即將到來的比特幣減半——預計在 4 月份——將把區塊獎勵減半，進一步影響礦工的收入。</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>這可能會給已經面臨盈利能力下降和網絡難度上升的公司帶來更多壓力。</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>如果比特幣價格沒有顯著上漲或電力成本沒有降低，礦工可能會面臨持續的利潤壓力。</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，市場參與者密切關注行業整合或運營重組的跡象，特別是在高槓杆的公司中。</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>美國上市比特幣礦工在收入下降 13% 之際，市值蒸發 50 億美元，相關報道首發於 Invezz。</p>
</div>

在美國上市的比特幣礦工市值縮水 50 億美元，收入下降 13%