CoinShares报告:全球20%比特币矿工已陷亏损边缘

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Gate News 消息,资产管理公司CoinShares发布的2026年第一季度比特币挖矿报告显示,全球比特币矿工正面临显著盈利压力,约15%至20%的矿场处于亏损状态。报告指出,哈希价格在2月跌至约28美元/PH/s/天,创减半以来新低,虽随后回升至约33美元,但仍处于近五年低位。

CoinShares分析称,盈利压力主要集中在使用老旧矿机或电力成本较高的矿工身上。中代硬件矿机在典型工业电价下已接近盈亏平衡点,而最新一代矿机仍能维持较高利润。随着比特币价格下跌、网络难度上升及交易费疲软,矿工收入受到挤压。

网络数据已显现压力迹象。3月20日,比特币挖矿难度下降约7.7%,为今年最大降幅,短期缓解了仍在运营矿工的压力。CoinShares研究主管James Butterfill指出,若比特币价格在2026年剩余时间维持在8万美元以下,算力价格可能继续下滑,但随着无利矿工退出,整体算力价格有望趋于平稳。

报告强调,这轮低迷非周期性波动,而是缩小了矿工的生存空间,仅具备结构性优势的矿工(高效矿机或低成本电力)仍能保持盈利。CoinShares提醒,持续低迷可能迫使部分矿场关闭,进一步影响全球算力分布与网络稳定性。

在比特币市场承压之际,矿工需评估电力成本和硬件效率,以决定是否继续运营,同时关注算力价格和交易费变化,以保持挖矿业务可持续发展。

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