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數據:比特幣礦工利潤率持續承壓,收入跌破生產成本

2026-06-25 06:25:50

ChainCatcher 消息,比特幣礦工收入過去一年持續下滑,目前 7 日移動平均日收入約 3,000 萬美元,明顯低於去年夏季超過 5,000 萬美元的水平。其中,交易手續費貢獻已降至每日不足 25 萬美元,相比區塊補貼幾乎可以忽略不計。

與此同時,比特幣價格約在 62,500 美元附近,低於摩根大通估算的約 78,000 美元生產成本。該價格低於生產成本的狀態已持續五個月,為本週期最長時間。歷史上,生產成本通常被視為比特幣價格的軟性底部區域。目前估計約 20% 的礦工在當前價格下已處於虧損狀態,壓力也開始反映在網絡層面。

過去六個月,挖礦難度對比特幣價格的敏感度升至 0.62,說明高成本礦工越來越傾向於根據價格波動開關礦機,而不是持續虧損挖礦。6 月第二週,比特幣挖礦難度下降 10%,這是今年第二次出現類似幅度下調。此前一季度也曾出現同等規模調整,兩次都發生在價格持續低於生產成本的階段,顯示礦工端壓力正在加深。

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