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BTC 2026年第二季度比特币挖矿成本与行业转型分析
2026年第二季度，比特币矿工面临严峻挑战。由于网络算力价格在6月跌至每PH/s/天27.7美元，上市矿企的现金成本普遍高于实际售价。据CoinShares数据显示，上市矿企在未计入税收的情况下，平均每枚比特币的现金成本约为75,500美元，而网络总算力较10月的峰值下降了27%。
在此背景下，多家运营商加速了从传统挖矿向人工智能（AI）和高性能计算（HPC）领域的业务转型。例如，IREN的AI云服务收入达到7,050万美元，TeraWulf的HPC租赁收入为3,190万美元。
上市矿企成本分化显著
不同上市矿企的成本表现差异巨大。American Bitcoin以每枚比特币43,851美元的最低税前现金成本位居首位，其次是HIVE（60,192美元）和Bitdeer（61,051美元）。IREN的税前现金成本为64,667美元，CleanSpark为71,995美元，Riot Platforms为74,955美元。
MARA的运营成本高达86,126美元，超出其70,315美元的实际收入约15,800美元。Hut 8报告的现金成本为43,103美元，但这包含了2,810万美元的递延税收优惠；若剔除该优惠，其每枚比特币的现金成本将升至73,197美元。
算力设备削减与资产减值
With the expansion of AI projects, mining companies have reduced their mining scale. Core Scientific paid US$41.9 million to cancel a 15EH/s Proto hardware order from Block's mining division. Keel (formerly known as Bitfarms) stopped mining on June 29 and sold 1,085 BTC units worth US$75 million. Cipher Digital sold $123.4 million worth of Bitcoin in the first half of the year, while IREN recorded $450.4 million in impairment losses on mining hardware.
Meanwhile, IREN's AI cloud service revenue reached US$70.5 million, exceeding its US$66.7 million mining revenue. TeraWulf reported that HPC rental revenue was US$31.9 million, or 71% of total revenue, marking a substantial shift in its business focus.
Grid restrictions increase the value of electrified sites
Increasingly stringent regulatory restrictions across the United States have further increased the value of electrified sites. Tracking data from ElectricChoice shows that there are at least 225 data center suspensions or restrictions in 30 states across the United States, of which 151 are still in effect. New York State has implemented a statewide environmental permit suspension for facilities of 50MW and above; Maine banned new data centers in April; and multiple counties in Ohio, Michigan, Georgia and Indiana have also restricted related projects.
The Lawrence Berkeley National Laboratory estimates that the U.S. grid-connected queue capacity is approximately 2,600 GW, of which data centers account for 87% of the 410GW large load queue in the ERCOT region. Although the covered mining companies have signed up for more than 4GW of AI/HPC capacity, only about 550MW have begun to be billed. The disclosed backlog of orders exceeds US$100 billion, while annualized cabinet hosting revenue is less than US$800 million, highlighting the huge gap between infrastructure supply and demand and the scarcity of electrified resources.
