作者：Kyrian Alex，CoinTelegraph；编译：陶朱，金色财经
2024年减半后，比特币挖矿进入第五个时代，区块奖励从6.25 BTC降至3.125 BTC。这迫使矿工重新思考运营方式，优化效率，降低能源成本，并升级硬件以保持盈利。Cointelegraph Research 在其最新报告中探讨了这一转变。该分析涵盖了ASIC效率提升、企业绩效、地域扩张和新的收入模式。随着矿工的适应，比特币将进入一个新时代，机构动力和主权采用可能会重新定义其在全球金融体系中的角色。
尽管减半带来了不利的财务影响，但比特币网络的哈希率仍在持续攀升。截至2025年5月1日，网络总算力达到831 EH/s。本月早些时候，哈希率达到峰值921 EH/s，较2024年的低点519 EH/s增长了77%。这种快速复苏凸显了行业对效率的不懈追求，大型挖矿公司正在重新投资于矿机升级和能源优化，以保持盈利能力。
挖矿的军备竞赛始终围绕着能效展开。随着能源成本的上升，比特大陆、比特微和嘉楠耘智的最新 ASIC 矿机正在进一步优化单位哈希值所需的能量。比特大陆的 Antminer S21+ 矿机以 16.5 J/TH 的功耗提供 216 TH/s 的算力，而比特微的 WhatsMiner M66S+ 矿机则将浸没式冷却的性能提升至 17 J/TH。与此同时，半导体巨头台积电和三星正在推动下一波创新浪潮，3 纳米芯片已投入使用，2 纳米技术也即将问世。
减半后，比特币挖矿的盈利能力显著下降。算力价格（每太赫兹/秒每日收益）从2024年4月的0.12美元降至2025年4月的约0.049美元。与此同时，网络难度飙升至123太赫兹的历史最高水平，这使得矿工的盈利能力更加难以提升。为了保持竞争力，运营必须最大限度地利用每一瓦的电力。这种转变加剧了对廉价可靠电力的追求，推动挖矿业务向能源成本较低的地区扩张。
如今，电价决定了挖矿的盈利能力。在阿曼，持牌矿工享受政府补贴，电价为每千瓦时0.05至0.07美元；而在阿联酋，半政府项目的电价甚至更低，仅为每千瓦时0.035至0.045美元。这些激励措施使该地区成为机构规模挖矿的首选目的地。与此同时，在美国，工业电力成本通常超过每千瓦时0.1美元，矿工面临利润缩水，被迫迁移到更具成本效益的地区。非洲、中东和中亚已成为这场竞赛的关键战场，为矿工提供了生存所需的能源套利机会。
2024 年的减半强化了一个残酷的事实：效率不再是可有可无的，而是必需品。整个行业正在转向更精简、更优化的运营模式，只有最节能的矿工才能蓬勃发展。人工智能计算的兴起、全球监管的变化以及持续的硬件进步将在未来 12-18 个月内继续塑造该行业的发展。
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