Средние майнеры наращивают влияние в добыче биткоина после халвинга

cryptonews.ruPublicado em 2025-07-26Última atualização em 2025-10-27

Индустрия майнинга биткоина становится все более конкурентной. Так называемые операторы второго эшелона сокращают отставание от признанных лидеров по показателю реализованного хешрейта. Это свидетельствует о выравнивании условий игры после халвинга 2024 года.

Согласно данным The Miner Mag, такие компании, как Cipher Mining, Bitdeer и HIVE Digital, быстро нарастили свою реализованную хешрейту после нескольких лет роста инфраструктуры. Это позволило им приблизиться к ведущим игрокам, таким как MARA Holdings, CleanSpark и Cango.

«Их восхождение подчеркивает, как средний эшелон публичных майнеров, когда-то сильно отстававший, быстро нарастил производственные мощности после халвинга 2024 года», — говорится в последнем еженедельном обзоре издания.

В то время как MARA, CleanSpark и Cango сохранили свои позиции трех крупнейших публичных майнеров, их конкуренты, включая IREN, Cipher, Bitdeer и HIVE Digital, показали значительный рост реализованного хешрейта в годовом исчислении.

В общей сложности крупнейшие публичные майнеры достигли в сентябре показателя реализованного хешрейта в 326 EH/s. Это более чем вдвое превышает уровень, зафиксированный годом ранее. На их коллективную долю теперь приходится почти треть общего хешрейта сети Биткоин.


Рост реализованного хешрейта в годовом исчислении. Источник: The Miner Mag

Хешрейт представляет собой общую вычислительную мощность, которую майнеры вносят для защиты блокчейна биткоина. В то же время реализованный хешрейт измеряет фактическую производительность в блокчейне, то есть скорость, с которой успешно майнятся действительные блоки.

Для публичных майнеров этот показатель также служит более точным индикатором операционной эффективности и потенциала выручки, что делает его ключевой метрикой накануне сезона отчетности за третий квартал.

Майнеры биткоина наращивают хешрейт-гонку

В борьбе за долю рынка компании, занимающиеся майнингом биткоина, берут на себя рекордные уровни долга. Эти средства направляются на расширение парка майнингового оборудования, развитие инфраструктуры для искусственного интеллекта и другие капиталоемкие проекты.

Совокупный долг в секторе резко вырос до 12,7 миллиарда долларов. Для сравнения, двенадцать месяцев назад он составлял 2,1 миллиарда долларов, согласно исследованию VanEck. Исследователи отметили, что майнеры должны постоянно инвестировать в оборудование нового поколения, чтобы сохранить свою долю в общем хешрейте биткоина и не отстать от конкурентов.


Растущая задолженность биткоин-майнеров. Источник: VanEck

Некоторые майнинговые компании обратились к рабочим нагрузкам искусственного интеллекта и высокопроизводительным вычислениям для диверсификации потоков выручки. Это позволяет компенсировать сокращение маржи после халвинга биткоина в 2024 году, который снизил вознаграждение за блок до 3,125 BTC.

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