一段时间以来，比特币挖矿的周期性一直很突出。这遵循了该领域不同的牛市和熊市周期。这些丰富和缺乏的循环极大地影响了这些矿工的盈利能力。因此，在本报告中，我们将审视这种周期性及其驱动因素。
当市场处于牛市趋势时，比特币的价格会大幅飙升，这会转化为矿工以美元价值计算的更高回报。自从比特币在 2021 年触及多个历史新高以来，收入大幅增长，证明了比特币作为商品的性质。
相关阅读 | 比特币活跃地址的减少表明市场正在清除纸手
由于 BTC 的价格上涨，对比特币的需求增加了。作为回应，矿工试图增加产量。这意味着要为矿机等基础设施下新订单，其中一些将在未来几个月内到货。
这种对新生产基础设施的过度投资已经开始压倒市场。再加上更多玩家进入市场，挖矿利润大幅缩水。
矿工收入下降 |来源：奥术研究
利润下降，进而导致产能下降。然后利润开始再次上升，更多的参与者进入该领域，生产基础设施投资过度，盈利能力再次下降。它绕来绕去。因此比特币挖矿的周期性。
2021 年无疑是迄今为止比特币矿工最好的一年。在此期间，挖矿收入大幅增长，现金流对于公共和私人比特币矿工来说都是充足的。 2021 年的这些利润引发了各种扩张计划，大概是基于矿工预计大量挖矿利润将持续这一事实。
BTC 恢复到 20,500 美元以上 |来源：TradingView.com 上的 BTCUSD
2021 年的每日矿工收入高达 6200 万美元，平均每日收入为 4600 万美元。这使矿工全年的平均每日收入达到 4600 万美元。然而，2022 年将大不相同。
相关阅读 | 反向比特币 ETF 空头利息增加 300%
一些矿工在 2021 年开采的每个比特币的现金流量高达 30,000 美元，使公司处于令人难以置信的现金流状况。 2021 年，矿业总收入为 167 亿美元，创历史新高。然而，前一年的回报仅为 50 亿美元，预计 2022 年的回报将与 2020 年持平。
来自 Bloomberg 的特色图片，来自 Arcane Research 和 TradingView.com 的图表
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