比特币矿工，在弃「矿」从「云」

Under the dual pressure of declining Bitcoin prices and increasing overall mining capacity, miners are facing rapidly shrinking profit margins. Many small and medium-sized mining companies are nearing breaking even. Recent industry data shows that financial pressures in the mining sector are spreading to upstream players, forcing miners to seek alternative ways to make a living beyond mining operations. In this context, turning over mining capacity and facilities to AI data centers has become a new option for miners seeking self-rescue. This also brings traditional mining companies into contact with AI infrastructure.

Key points summary

● Unstable revenue and rising costs of Bitcoin mining make the core mining business highly unstable.

● Therefore, mining companies are considering transformation, using their existing mines to lease space to large technology companies.

● This reduces competitive pressure, making the industry more stable.

I. Core operational risks faced by mining companies

In previous reports, we analyzed the financial risks posed by falling Bitcoin prices to decision-makers. However, DAT companies are not the only ones facing challenges. Bitcoin mining companies that operate directly also face significant risks.

The vulnerability of mining companies stems from their simple business model. Revenue depends almost entirely on Bitcoin prices, which are inherently unpredictable. In contrast, costs tend to increase over time.

● Unpredictable revenue: Company revenue depends entirely on Bitcoin market prices.

● Structural cost increases:采矿难度持续增加，电力价格上涨，硬件需要定期更换。

这种结构在比特币价格下跌期间尤其成问题。收入立即下降，而成本却持续上升。矿业公司陷入了双重困境。

监管风险又增添了一层不确定性。纽约州已提出一项提案 ，拟提高矿业公司的消费税。目前大多数大型矿业公司都位于德克萨斯州等监管相对宽松的地区，因此短期内影响有限。尽管如此，更广泛的监管压力带来的风险仍不容忽视。

在此背景下，矿业公司面临着一个根本性的问题：这种商业模式能否长期保持可行性?

二、成本倒挂：盈利结构日益脆弱

根据CoinShares的数据，目前开采一枚比特币的平均成本已升至约7.46万美元。若计入设备折旧等成本，总生产成本接近13万美元/枚。

然而，比特币现价约在9.1万美元。这意味着，每产出一枚比特币，矿企账面上就面临约4.6万美元的亏损。挖矿难度提升、能源政策收紧，进一步恶化了成本结构，导致行业的整体盈利基础日益脆弱。

三、转型之路：为何是AI数据中心?

AI competitions are becoming increasingly intense, leading to a surge in demand for data centers from tech giants. Building own data centers takes time, and market opportunities can disappear quickly. Therefore, renting ready-made facilities that can be quickly converted into usable resources is the preferred option.

Mining companies’ existing assets perfectly meet this need:

● Computing hardware: Companies should have a large number of high-performance GPUs (such as NVIDIA chips) that can be used for AI computing purposes.

● Power resources: Access to hundreds of megawatt-level power grids is a scarce resource in today’s energy market.

● Heat dissipation capabilities: Experience gained from operating high-power mining machines can be directly applied to managing AI servers like H100/H200.

A typical example is Core Scientific, which once faced bankruptcy. By transitioning to renting AI data centers, it now operates with a capacity of about 200 megawatts and plans to expand to 500 megawatts, successfully turning losses into profits. Companies like IREN and TeraWulf are also exploring similar diversification strategies. This isn’t just about pursuing growth; it’s a necessity for survival.

Fourth, diversified evolution: Renting out data centers isn’t the only way forward. It’s essentially a rational choice for mining companies to reallocate their capital to more efficient areas. Stable data center revenues provide financial cushion, allowing companies to strategically hold onto Bitcoin assets without being forced to sell during market downturns.

同时，部分矿企如Bitmine、Cathedra Bitcoin等，正在探索向更广泛的数字资产技术(DAT)商业模式拓展。这些多元化尝试共同指向一个趋势：竞争力弱的纯挖矿者被淘汰或转型，头部企业向综合服务商演进，整个加密货币矿业正走向一个更成熟、更具韧性的新阶段。