中型比特幣礦工崛起，重塑減半後的競爭格局
隨著比特幣礦業競爭日益激烈，所謂的二級礦工正在縮小與行業領導者之間的差距，這顯示出在2024年減半後，市場競爭的公平性正在提升。
根據《The Miner Mag》的報導，像Cipher Mining、Bitdeer和HIVE Digital等公司在經過幾年的基礎設施增長後，迅速擴大了其實際算力，縮短了與MARA Holdings、CleanSpark和Cango等頂尖玩家之間的距離。
《The Miner Mag》在其最新的《Miner Weekly》通訊中指出：「他們的崛起突顯了公共礦工中間層的快速增長，這些公司曾經遠遠落後，卻在2024年減半後迅速擴大了產量。」
儘管[MARA](https://cointelegraph.com/news/mara-mining-firm-q2-results-beat-estimates-as-stock-jumps-xx)、[CleanSpark](https://cointelegraph.com/news/cleanspark-soar-13-bitcoin-miner-ai-expansion)和[Cango](https://cointelegraph.com/news/better-cango-produced-100m-of-bitcoin-in-first-two-months-after-mining-pivot)仍然保持著三大公共礦工的地位，但包括[IREN](https://cointelegraph.com/news/btc-miner-iren-rises-12-percent-record-year)、[Cipher](https://cointelegraph.com/news/google-acquires-5-4-stake-in-bitcoin-mining-company-cipher-mining-in-ai-deal)、[Bitdeer](https://cointelegraph.com/news/bitdeer-bitcoin-self-mining-expansion-2025)和[HIVE Digital](https://cointelegraph.com/news/hive-digital-bitcoin-rally-ai-pivot)等競爭對手則在實際算力上實現了顯著的年增長。
截至九月，頂級公共礦工的總實際算力達到326 EH/s，這是去年同期的兩倍多。這些公司現在合計佔據了比特幣總網絡算力的近三分之一。
比特幣礦工加劇算力競爭
在市場份額的競爭中，比特幣礦業公司正在承擔創紀錄的債務，以擴展到新的礦機、人工智能基礎設施和其他資本密集型項目。
根據VanEck的研究，整個行業的總債務已經飆升至127億美元，較一年前的21億美元大幅上升。研究人員指出，礦工必須不斷投資於下一代硬件，以維持其在比特幣總算力中的份額，避免落後於競爭對手。
一些礦業公司已經開始轉向人工智能和高性能計算工作負載，以多元化收入來源，並抵消在2024年比特幣減半後利潤下降的影響，因為這次減半將區塊獎勵減少至3.125 BTC。
這一變化不僅顯示出比特幣礦業的競爭格局正在發生變化，還反映了行業內部對於未來發展的不同策略。中型礦工的崛起意味著市場將不再由少數幾家大型企業主導，這將促進整個行業的創新和效率提升。
在未來的日子裡，隨著技術的進步和市場的變化，這些中型礦工可能會帶來新的商業模式和機會，為整個比特幣生態系統注入新的活力。這樣的發展不僅有助於提高行業的競爭性，還可能使比特幣的價值和影響力進一步增強。
以上文章由特價GPT API KEY所翻譯及撰寫。而圖片則由FLUX根據內容自動生成。
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"macro_environment": "An intimate royal bathing chamber within Cleopatra’s palace, designed as a sacred beauty sanctuary.",
"midground_details": "Soft linen curtains, glowing oil lamps, tall candles, and subtle steam rising from the bath, creating a warm and sensual atmosphere.",
"micro_elements": "Milk ripples around her skin, floating petals touching her shoulders, tiny droplets of moisture on her collarbones, reflections of candle flames on gold jewelry, visible stone texture on the tub, and delicate fabric translucency—every detail sharply rendered with zero blur."
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