{"id":1465,"date":"2025-07-27T00:15:29","date_gmt":"2025-07-26T16:15:29","guid":{"rendered":"http:\/\/www.design-suit.com\/?p=1465"},"modified":"2025-07-27T00:15:29","modified_gmt":"2025-07-26T16:15:29","slug":"%e6%88%90%e6%9c%ac%e4%b8%8e%e4%be%9b%e5%ba%94%e9%93%be%e6%89%b0%e5%8a%a8%ef%bc%8c%e6%b7%b1%e5%ba%a6%e8%a7%a3%e8%af%bb%e5%85%b3%e7%a8%8e%e6%94%bf%e7%ad%96%e5%af%b9%e6%af%94%e7%89%b9%e5%b8%81%e7%9f%bf","status":"publish","type":"post","link":"http:\/\/www.wancg.com\/?p=1465","title":{"rendered":"\u6210\u672c\u4e0e\u4f9b\u5e94\u94fe\u6270\u52a8\uff0c\u6df1\u5ea6\u89e3\u8bfb\u5173\u7a0e\u653f\u7b56\u5bf9\u6bd4\u7279\u5e01\u77ff\u4e1a\u7684\u5f71\u54cd | PANews"},"content":{"rendered":"

\u6458\u8981<\/h3>\n

\u25cf2025 \u5e74 4 \u6708\uff0c\u7279\u6717\u666e\u653f\u5e9c\u5ba3\u5e03\u542f\u52a8\u300c\u5bf9\u7b49\u5173\u7a0e\u300d\u653f\u7b56\uff0c\u5bf9\u5168\u7403\u8d38\u6613\u4f19\u4f34\u7edf\u4e00\u5f81\u6536 10% \u7684\u300c\u6700\u4f4e\u57fa\u51c6\u5173\u7a0e\u300d\uff0c\u8be5\u653f\u7b56\u5f15\u53d1\u5168\u7403\u98ce\u9669\u8d44\u4ea7\u7684\u5267\u70c8\u9707\u8361\u3002<\/p>\n

\u25cf\u6bd4\u7279\u5e01\u4f5c\u4e3a\u4e3b\u8981\u91c7\u7528 PoW\uff08\u5de5\u4f5c\u91cf\u8bc1\u660e\uff09\u673a\u5236\u7684\u516c\u94fe\uff0cPoW \u673a\u5236\u4f9d\u8d56\u5b9e\u4f53\u77ff\u673a\u8fdb\u884c\u6316\u77ff\uff0c\u77ff\u673a\u5e76\u4e0d\u5728\u7f8e\u56fd\u5173\u7a0e\u8c41\u514d\u540d\u5355\uff0c\u77ff\u4e1a\u4f01\u4e1a\u56e0\u6b64\u9762\u4e34\u8f83\u5927\u7684\u6210\u672c\u538b\u529b\u3002<\/p>\n

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\u25cf\u4e91\u7b97\u529b\u77ff\u573a\u53d7\u5230\u5173\u7a0e\u653f\u7b56\u7684\u5f71\u54cd\u76f8\u5bf9\u6700\u5c0f\uff0c\u539f\u56e0\u5728\u4e8e\u4e91\u7b97\u529b\u7684\u672c\u8d28\u662f\u901a\u8fc7\u7b97\u529b\u670d\u52a1\u8d39\u5c06\u77ff\u673a\u8d2d\u7f6e\u6210\u672c\u8f6c\u5ac1\u7ed9\u5ba2\u6237\uff0c\u56e0\u6b64\u5e73\u53f0\u5229\u6da6\u7684\u4fb5\u8680\u663e\u8457\u5f31\u4e8e\u4f20\u7edf\u6316\u77ff\u6a21\u5f0f\u3002<\/p>\n

\u25cf\u867d\u7136\u5173\u7a0e\u653f\u7b56\u6253\u51fb\u4e86\u7f8e\u56fd\u7684\u6bd4\u7279\u5e01\u77ff\u4e1a\uff0c\u4f46\u4ee5\u8d1d\u83b1\u5fb7 IBIT \u4e3a\u4ee3\u8868\u7684\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u57fa\u91d1\uff0c\u548c\u4ee5 MicroStrategy \u4e3a\u4ee3\u8868\u7684\u7f8e\u80a1\u56e4\u5e01\u516c\u53f8\u4ecd\u638c\u63e1\u4e86\u6bd4\u7279\u5e01\u7684\u5b9a\u4ef7\u6743\u3002<\/p>\n

\u25cf\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0d\u518d\u662f\u552f\u4e00\u7684\u6307\u6807\uff0c\u653f\u7b56\u8d8b\u52bf\u3001\u5730\u7f18\u5b89\u5168\u3001\u80fd\u6e90\u8c03\u5ea6\u3001\u5236\u9020\u7a33\u5b9a\u6027\u624d\u662f\u77ff\u4e1a\u751f\u5b58\u7684\u771f\u6b63\u7684\u5173\u952e\u3002<\/p>\n

\u5173\u952e\u8bcd\uff1aGate Research\u3001\u5173\u7a0e\u3001\u6bd4\u7279\u5e01\u3001\u6bd4\u7279\u5e01\u77ff\u4e1a<\/p>\n

\u524d\u8a00<\/h3>\n

4 \u6708 2 \u65e5\uff0c\u7279\u6717\u666e\u653f\u5e9c\u5ba3\u5e03\u542f\u52a8\u300c\u5bf9\u7b49\u5173\u7a0e\u300d\u653f\u7b56\uff0c\u5bf9\u5168\u7403\u8d38\u6613\u4f19\u4f34\u7edf\u4e00\u5f81\u6536 10% \u7684\u300c\u6700\u4f4e\u57fa\u51c6\u5173\u7a0e\u300d\uff0c\u5e76\u5bf9\u8d38\u6613\u9006\u5dee\u663e\u8457\u56fd\u5bb6\u52a0\u5f81\u300c\u4e2a\u6027\u5316\u300d\u9ad8\u5173\u7a0e\u3002\u8be5\u653f\u7b56\u5f15\u53d1\u5168\u7403\u98ce\u9669\u8d44\u4ea7\u7684\u5267\u70c8\u9707\u8361\uff0c\u6807\u666e 500 \u4e0e\u7eb3\u65af\u8fbe\u514b\u5747\u521b\u4e0b\u81ea 2020 \u5e74 3 \u6708\u4ee5\u6765\u6700\u5927\u5355\u65e5\u8dcc\u5e45\uff1b\u52a0\u5bc6\u8d27\u5e01\u884c\u4e1a\u7684\u8d44\u4ea7\u4ea6\u5927\u5e45\u7f29\u6c34\u3002\u81ea\u7279\u6717\u666e\u516c\u5e03\u5173\u7a0e\u653f\u7b56\u540e\uff0c\u4e2d\u56fd\u5ba3\u5e03\u5bf9\u7f8e\u52a0\u5f81 84% \u62a5\u590d\u6027\u5173\u7a0e\uff0c\u6b27\u76df\u9488\u5bf9 210 \u4ebf\u6b27\u5143\u7f8e\u56fd\u5546\u54c1\u5f81\u6536 25% \u5173\u7a0e\uff0c\u5168\u7403\u80a1\u7968\u5e02\u573a\u603b\u5e02\u503c\u5355\u5468\u84b8\u53d1\u8d85\u8fc7 10 \u4e07\u4ebf\u7f8e\u5143\u3002<\/p>\n

4 \u6708 9 \u65e5\uff0c\u5173\u7a0e\u653f\u7b56\u51fa\u73b0\u53cd\u8f6c\uff0c\u7279\u6717\u666e\u5ba3\u5e03\u6682\u505c\u5bf9\u9664\u4e2d\u56fd\u5916\u7684 75 \u56fd\u52a0\u5f81\u5173\u7a0e 90 \u5929\uff0c\u6b27\u76df\u540c\u6b65\u6682\u505c\u52a0\u5f81\u5e76\u4e0e\u7f8e\u65b9\u5f00\u542f\u534f\u5546\u3002\u5f53\u65e5\u6807\u666e 500 \u6da8 9.51%\uff0c\u7eb3\u6307\u6da8 12.02%\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u53cd\u5f39 8.19% \u81f3 82,500 \u7f8e\u5143\uff0c\u4ee5\u592a\u574a\u4ef7\u683c\u56de\u5347\u81f3 1,650 \u7f8e\u5143\u3002<\/p>\n

\u5728\u52a0\u5bc6\u8d44\u4ea7\u4f17\u591a\u8d5b\u9053\u4e2d\uff0c\u6bd4\u7279\u5e01\u77ff\u4e1a\u56e0\u5176\u5bf9\u786c\u4ef6\u8bbe\u5907\u4f9d\u8d56\u5f3a\u3001\u5168\u7403\u4f9b\u5e94\u94fe\u8de8\u5ea6\u5e7f\u3001\u8d44\u672c\u5bc6\u96c6\u5ea6\u9ad8\uff0c\u6210\u4e3a\u5173\u7a0e\u653f\u7b56\u6700\u76f4\u63a5\u53d7\u5f71\u54cd\u7684\u94fe\u4e0a\u7ecf\u6d4e\u6a21\u5757\u4e4b\u4e00\u3002\u7f8e\u56fd\u5bf9\u7b49\u5173\u7a0e\u5f15\u53d1\u7684\u5168\u7403\u8d38\u6613\u6469\u64e6\u5bf9\u52a0\u5bc6\u77ff\u4e1a\u6784\u6210\u591a\u91cd\u51b2\u51fb\u3002\u7531\u4e8e\u5168\u7403\u5927\u90e8\u5206\u6bd4\u7279\u5e01\u77ff\u673a\u5728\u4e2d\u56fd\u5236\u9020\uff0c\u4e2d\u7f8e\u5173\u7a0e\u6218\u4f1a\u63a8\u9ad8\u77ff\u673a\u7684\u8fdb\u53e3\u6210\u672c\uff0c\u4e2d\u56fd\u5bf9\u7f8e\u51fa\u53e3\u7a0e\u7387\u5347\u81f3 145%\uff0c\u5c06\u538b\u7f29\u5317\u7f8e\u77ff\u573a\u6269\u5efa\u8ba1\u5212\uff1b\u4eba\u6c11\u5e01\u8d2c\u503c\u52a0\u5267\u4e2d\u56fd\u77ff\u4f01\u7f8e\u5143\u503a\u538b\u529b\uff0c\u53e0\u52a0\u7535\u529b\u4e0e\u80fd\u6e90\u4ef7\u683c\u6ce2\u52a8\uff0c\u8fd0\u8425\u6210\u672c\u6301\u7eed\u4e0a\u5347\u3002\u540c\u65f6\uff0c\u5e01\u4ef7\u7684\u6ce2\u52a8\u5bfc\u81f4\u77ff\u5de5\u6536\u5165\u4ea6\u5bf9\u77ff\u5de5\u4ea7\u751f\u5f71\u54cd\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u4ece\u5173\u7a0e\u516c\u5e03\u524d\u7684 82,500 \u7f8e\u5143\u4e00\u5ea6\u56de\u64a4\u81f3 75,000 \u7f8e\u5143\u4ee5\u4e0b\u3002<\/p>\n

\u5b8f\u89c2\u5c42\u9762\uff0c\u7f8e\u8054\u50a8\u6ede\u80c0\u5fe7\u8651\u4e0e\u907f\u9669\u60c5\u7eea\u53e0\u52a0\uff0c10 \u5e74\u671f\u7f8e\u503a\u6536\u76ca\u7387\u9ad8\u4f01\u6291\u5236\u98ce\u9669\u504f\u597d\uff0c\u878d\u8d44\u73af\u5883\u8d8b\u7d27\uff0c\u77ff\u4f01\u80a1\u4ef7\u968f\u79d1\u6280\u677f\u5757\u540c\u6b65\u4e0b\u632b\u3002\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u80cc\u666f\u4e0b\uff0c\u5168\u7403\u77ff\u4e1a\u5e03\u5c40\u9762\u4e34\u91cd\u6784\uff0c\u4f01\u4e1a\u6216\u52a0\u901f\u5411\u4e1c\u5357\u4e9a\u3001\u4e2d\u4e1c\u7b49\u5173\u7a0e\u53cb\u597d\u5730\u533a\u8f6c\u79fb\u3002\u77ed\u671f\u5185\uff0c\u653f\u7b56\u4e0d\u786e\u5b9a\u6027\u5c06\u6301\u7eed\u653e\u5927\u6bd4\u7279\u5e01\u77ff\u4e1a\u98ce\u9669\uff0c\u884c\u4e1a\u6216\u8fdb\u5165\u65b0\u4e00\u8f6e\u6d17\u724c\u671f\u3002<\/p>\n

1. \u6bd4\u7279\u5e01\u77ff\u4e1a\u906d\u9047\u5173\u7a0e\u653f\u7b56\u76f4\u63a5\u51b2\u51fb\uff0c\u591a\u6570\u76f8\u5173\u516c\u53f8\u80a1\u4ef7\u4e0b\u8dcc\u5e45\u5ea6\u8d85\u8fc7 NASDAQ 100 \u6307\u6570<\/h3>\n

\u6bd4\u7279\u5e01\u4f5c\u4e3a\u4e3b\u8981\u91c7\u7528 PoW\uff08\u5de5\u4f5c\u91cf\u8bc1\u660e\uff09\u673a\u5236\u7684\u516c\u94fe\uff0c\u540c\u65f6\u4e5f\u662f\u5e02\u503c\u6700\u9ad8\u7684\u52a0\u5bc6\u8d44\u4ea7\uff0c\u88ab\u5e7f\u6cdb\u89c6\u4e3a\u300c\u6570\u5b57\u9ec4\u91d1\u300d\u3002\u7531\u4e8e PoW \u673a\u5236\u4f9d\u8d56\u5b9e\u4f53\u77ff\u673a\u8fdb\u884c\u6316\u77ff\uff0c\u800c\u77ff\u673a\u53ca\u5176\u4e0a\u6e38\u5173\u952e\u90e8\u4ef6\u5982\u534a\u5bfc\u4f53\u5e76\u4e0d\u5728\u5173\u7a0e\u8c41\u514d\u540d\u5355\u4e2d\uff0c\u76f8\u5173\u77ff\u4e1a\u4f01\u4e1a\u56e0\u6b64\u9762\u4e34\u8f83\u5927\u7684\u6210\u672c\u538b\u529b\u3002\u5173\u7a0e\u653f\u7b56\u5e26\u6765\u7684\u4e0a\u6e38\u51b2\u51fb\uff0c\u6216\u5c06\u901a\u8fc7\u6210\u672c\u4f20\u5bfc\u673a\u5236\uff0c\u95f4\u63a5\u5f71\u54cd\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u4e2d\u957f\u671f\u8d70\u52bf\u3002<\/p>\n

\u6bd4\u7279\u5e01\u77ff\u4e1a\u7684\u4e3b\u8981\u751f\u6001\u5305\u62ec\u77ff\u673a\u3001\u81ea\u8425\u77ff\u573a\u3001\u4e91\u7b97\u529b\u77ff\u573a\u3002\u77ff\u673a\u516c\u53f8\u5305\u62ec\u6bd4\u7279\u5927\u9646\u3001\u5609\u6960\u79d1\u6280 (NASDAQ: CAN)\u3001\u6bd4\u7279\u5fae\u3001\u4ebf\u90a6\u56fd\u9645 (NASDAQ: EBON) \u7b49\u3002\u51e0\u5bb6\u516c\u53f8\u7684\u4e3b\u8981\u5de5\u5382\u5747\u4f4d\u4e8e\u4e2d\u56fd\u5927\u9646\u3002\u5176\u4e2d\uff0c\u6bd4\u7279\u5927\u9646\u5360\u636e\u77ff\u673a\u5e02\u573a\u7684\u4e3b\u8981\u4efd\u989d\uff082018 \u5e74\u62db\u80a1\u4e66\u62ab\u9732\u5176\u5e02\u573a\u4efd\u989d\u8d85\u8fc7 70%\uff09\u3002<\/p>\n

\u81ea\u8425\u77ff\u573a\u516c\u53f8\u5305\u62ec Marathon Digital (NASDAQ: MARA)\uff0cRiot Platform (NASDAQ: RIOT)\uff0cCleanspark (NASDAQ:CLSK) \u7b49\u591a\u5bb6\u516c\u53f8\u3002\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u7684\u81ea\u8425\u77ff\u573a\u4f01\u4e1a\u603b\u90e8\u5747\u4f4d\u4e8e\u7f8e\u56fd\uff0c\u4f46\u5176\u77ff\u573a\u5206\u5e03\u4e8e\u7f8e\u56fd\u3001\u963f\u8054\u914b\u3001\u5df4\u62c9\u572d\u7b49\u591a\u4e2a\u56fd\u5bb6\u3002Marathon \u62e5\u6709\u76ee\u524d\u5168\u7403\u6700\u5927\u7684\u77ff\u573a\uff0c\u5176\u603b\u7b97\u529b\u8d85\u8fc7 54EH\/s\uff0c\u7ea6\u5360\u76ee\u524d\u5168\u7f51\u7b97\u529b\u7684 6% \u5de6\u53f3\u3002<\/p>\n

\u4e91\u7b97\u529b\u77ff\u573a\u7684\u4e3b\u8981\u516c\u53f8\u5305\u62ec\u8682\u8681\u77ff\u6c60\u3001Bitdeer(NASDAQ: BTDR)\uff0cBitFufu(NASDAQ:BFBF)\uff0cEcos \u7b49\u516c\u53f8\u3002\u200b\u4e0e\u81ea\u8425\u77ff\u573a\u4e0d\u540c\uff0c\u4e91\u7b97\u529b\u77ff\u573a\u901a\u8fc7\u5c06\u6316\u77ff\u6240\u9700\u7684\u7b97\u529b\u6253\u5305\u51fa\u552e\u7ed9\u4e2a\u4eba\u6216\u673a\u6784\u5ba2\u6237\uff0c\u4ece\u800c\u5c06\u6bd4\u7279\u5e01\u4ef7\u683c\u6ce2\u52a8\u7684\u98ce\u9669\u90e8\u5206\u8f6c\u5ac1\u7ed9\u5ba2\u6237\u3002\u200b\u5e73\u53f0\u672c\u8eab\u5219\u4e13\u6ce8\u4e8e\u77ff\u573a\u7684\u9009\u5740\u3001\u5efa\u8bbe\u548c\u65e5\u5e38\u8fd0\u8425\u3002\u200bBitdeer \u6709\u4e00\u90e8\u5206\u81ea\u8425\u77ff\u573a\uff0c\u548c\u4e00\u90e8\u5206\u4e91\u7b97\u529b\u77ff\u573a\u4e1a\u52a1\u3002BitFufu \u5219\u4ec5\u6709\u4e91\u7b97\u529b\u4e1a\u52a1\u3002<\/p>\n

\u53d7\u5230\u7279\u6717\u666e\u5173\u7a0e\u653f\u7b56\u7684\u51b2\u51fb\uff0c\u6bd4\u7279\u5e01\u77ff\u4e1a\u76f8\u5173\u516c\u53f8\u7684\u80a1\u7968\u4ef7\u683c\u8d70\u4f4e\u3002\u5176\u8dcc\u5e45\u5747\u8d85\u8fc7\u7eb3\u65af\u8fbe\u514b 100 \u6307\u6570\u3002\u901a\u8fc7 Yahoo \u516c\u53f8\u7684 yfinance \u6570\u636e\u5e93\uff0c\u7b14\u8005\u6293\u53d6\u4e86\u8fd1\u4e00\u4e2a\u6708\u4ee5\u6765 8 \u5bb6\u6bd4\u7279\u5e01\u77ff\u4e1a\u76f8\u5173\u516c\u53f8\u7684\u6536\u76d8\u4ef7\uff0c\u4ee5\u53ca\u4f5c\u4e3a\u53c2\u7167\u6807\u51c6\u7684 NASDAQ 100 \u6307\u6570\u3002\u5728 4 \u6708 2 \u65e5\u7279\u6717\u666e\u5ba3\u5e03\u5173\u7a0e\u653f\u7b56\u65f6\uff0c\u6bd4\u7279\u5e01\u77ff\u4e1a\u76f8\u5173\u516c\u53f8\u80a1\u4ef7\u5747\u5927\u5e45\u4e0b\u8dcc\uff0c\u800c\u5728 4 \u6708 9 \u65e5\u7279\u6717\u666e\u5ba3\u5e03\u5173\u7a0e\u653f\u7b56\u5ef6\u540e 90 \u5929\u6267\u884c\u540e\uff0c\u6bd4\u7279\u5e01\u77ff\u4e1a\u76f8\u5173\u516c\u53f8\u80a1\u4ef7\u51fa\u73b0\u660e\u663e\u7684\u53cd\u5f39\u3002<\/p>\n

\u6570\u636e\u7ecf\u8fc7\u6807\u51c6\u5316\u5904\u7406\u540e\uff0c\u81ea 4 \u6708 2 \u65e5\u5173\u7a0e\u653f\u7b56\u9881\u5e03\u4ee5\u6765\uff0c\u77ff\u673a\u662f\u6bd4\u7279\u5e01\u77ff\u4e1a\u4e2d\u4e0b\u8dcc\u6700\u660e\u663e\u7684\u677f\u5757\uff0c\u5609\u6960\u79d1\u6280\u4e0b\u8dcc\u8d85 17%\uff0c\u4ebf\u90a6\u56fd\u9645\u4e0b\u8dcc\u8d85 11%\u3002\u5176\u6b21\u662f\u81ea\u8425\u77ff\u573a\u677f\u5757\uff0cCore Scientific \u9886\u8dcc\uff0c\u8fd1\u4e00\u6708\u8dcc\u5e45\u8d85 10%\uff1bMarathon \u8dcc\u5e45\u4ec5\u6709 0.8%\uff0c\u662f\u8be5\u677f\u5757\u6700\u4f4e\u3002\u6700\u540e\uff0c\u4e91\u7b97\u529b\u77ff\u573a\u53d7\u6b64\u5f71\u54cd\u8f83\u5c0f\uff0cBitFufu \u4ec5\u4e0b\u8dcc 5.9%\u3002\u4f5c\u4e3a\u53c2\u7167\u6807\u51c6\u7684 NASDAQ100 \u6307\u6570\u4e0b\u8dcc 2.2%<\/p>\n

\u8868\u4e00\uff1a\u6bd4\u7279\u5e01\u77ff\u4e1a\u516c\u53f8\u4e0e\u7eb3\u65af\u8fbe\u514b 100 \u6307\u6570\uff08NDX\uff09\u8fd1\u4e00\u4e2a\u6708\u8868\u73b0<\/strong><\/p>\n

\"\u6210\u672c\u4e0e\u4f9b\u5e94\u94fe\u6270\u52a8\uff0c\u6df1\u5ea6\u89e3\u8bfb\u5173\u7a0e\u653f\u7b56\u5bf9\u6bd4\u7279\u5e01\u77ff\u4e1a\u7684\u5f71\u54cd\"<\/p>\n

2. \u6bd4\u7279\u5e01\u77ff\u4e1a\u5404\u677f\u5757\u53d7\u5173\u7a0e\u653f\u7b56\u5f71\u54cd\u5206\u6790<\/h3>\n

\u7279\u6717\u666e\u5728\u5ba3\u5e03\u5173\u7a0e\u653f\u7b56\u540e\uff0c\u6bd4\u7279\u5e01\u77ff\u4e1a\u76f8\u5173\u516c\u53f8\u5747\u51fa\u73b0\u4e0d\u540c\u5e45\u5ea6\u7684\u4e0b\u8dcc\uff0c\u4f46\u5982\u4e0a\u6587\u6240\u8ff0\uff0c\u5404\u4e2a\u7ec6\u5206\u677f\u5757\u7684\u80a1\u4ef7\u8868\u73b0\u4e5f\u5448\u73b0\u4e00\u5b9a\u7a0b\u5ea6\u7684\u5206\u5316\u3002\u8fd9\u4e00\u6838\u5fc3\u539f\u56e0\u5728\u4e8e\u6bd4\u7279\u5e01\u77ff\u4e1a\u4f9b\u5e94\u94fe\u7684\u5404\u4e2a\u73af\u8282\u53d7\u5230\u4e0d\u540c\u7b49\u7ea7\u7684\u5173\u7a0e\u3002<\/p>\n

\u56fe\u4e00\uff1a\u6bd4\u7279\u5e01\u77ff\u4e1a\u6838\u5fc3\u4f9b\u5e94\u94fe<\/strong><\/p>\n

\"\u6210\u672c\u4e0e\u4f9b\u5e94\u94fe\u6270\u52a8\uff0c\u6df1\u5ea6\u89e3\u8bfb\u5173\u7a0e\u653f\u7b56\u5bf9\u6bd4\u7279\u5e01\u77ff\u4e1a\u7684\u5f71\u54cd\"<\/p>\n

2.1 \u77ff\u673a\u5236\u9020\u5546<\/strong><\/h4>\n

\u4ece\u80a1\u4ef7\u8868\u73b0\u6765\u770b\uff0c\u77ff\u673a\u5236\u9020\u5546\u8fd1\u4e00\u4e2a\u6708\u7684\u4e0b\u8dcc\u5e45\u5ea6\u6700\u4e3a\u660e\u663e\uff0c\u5176\u6838\u5fc3\u539f\u56e0\u5728\u4e8e\u77ff\u673a\u5236\u9020\u5728\u4f9b\u7ed9\u4fa7\u548c\u9700\u6c42\u4fa7\u5747\u906d\u9047\u4e86\u5173\u7a0e\u653f\u7b56\u7684\u6253\u51fb\u3002\u77ff\u673a\u751f\u4ea7\u7684\u4e0a\u6e38\u662f\u53f0\u79ef\u7535\u3001\u4e09\u661f\u3001\u4e2d\u82af\u56fd\u9645\u7b49\u4ee3\u5de5\u5382\u3002\u77ff\u673a\u516c\u53f8\u9996\u5148\u81ea\u4e3b\u5b8c\u6210 ASIC \u82af\u7247\u7684 IC \u8bbe\u8ba1\uff0c\u7136\u540e\u5c06\u56fe\u7eb8\u9012\u9001\u7ed9\u4ee3\u5382\u8fdb\u884c\u6d41\u7247\uff0c\u6d41\u7247\u6210\u529f\u540e\u4ee3\u5de5\u5382\u5c06\u6279\u91cf\u751f\u4ea7\u8be5 ASIC \u82af\u7247\uff0c\u77ff\u673a\u516c\u53f8\u62ff\u5230\u82af\u7247\u5e76\u5c06\u5176\u5c01\u88c5\u6210\u77ff\u673a\u3002<\/p>\n

\u53f0\u79ef\u7535\u5360\u636e\u82af\u7247\u4ee3\u5de5\u8fd9\u4e00\u9886\u57df 64.9% \u7684\u5e02\u573a\u4efd\u989d\u30101\u3011\uff0c\u7279\u6717\u666e\u653f\u5e9c\u8981\u6c42\u53f0\u79ef\u7535\u5728\u7f8e\u56fd\u5efa\u5382\uff0c\u5426\u5219\u5c06\u5bf9\u5176\u52a0\u5f81\u8d85\u8fc7 100% \u5173\u7a0e\u30102\u3011\u3002\u4e2d\u82af\u56fd\u9645\u3001\u534e\u8679\u534a\u5bfc\u4f53\u3001\u4e09\u661f\u7b49\u4ee3\u5de5\u5382\u4ea6\u53d7\u5230\u7f8e\u56fd\u7684\u9ad8\u5173\u7a0e\u538b\u529b\u3002\u4ee3\u5de5\u5382\u53ea\u6709\u7f34\u7eb3\u5173\u7a0e\u548c\u51cf\u5c11\u6765\u81ea\u7f8e\u56fd\u8ba2\u5355\u8fd9\u4e24\u79cd\u9009\u62e9\uff0c\u65e0\u8bba\u54ea\u4e00\u79cd\uff0c\u90fd\u4f1a\u8ba9\u4ee3\u5de5\u5382\u7684\u5229\u6da6\u51fa\u73b0\u4e0b\u6ed1\u3002\u8fd9\u90e8\u5206\u538b\u529b\u6216\u5c06\u8f6c\u79fb\u5230\u4e0b\u6e38\u7684\u77ff\u673a\u751f\u4ea7\u5546\uff0c\u8ba9\u751f\u4ea7\u5546\u4ed8\u51fa\u66f4\u9ad8\u7684\u4ef7\u683c\uff0c\u4ee5\u63d0\u9ad8\u4ee3\u5de5\u5382\u8ba2\u5355\u7684\u6bdb\u5229\u7387\u3002<\/p>\n

\u4ece\u9700\u6c42\u4fa7\u770b\uff0c\u7531\u4e8e\u6bd4\u7279\u5927\u9646\u3001\u5609\u6960\u79d1\u6280\u3001\u6bd4\u7279\u5fae\u7b49\u516c\u53f8\u7684\u6ce8\u518c\u5730\u5747\u5728\u4e2d\u56fd\uff0c\u56e0\u6b64\u7f8e\u56fd\u77ff\u573a\u5982 Marathon\uff0cRiot\uff0cCleanspark \u5728\u8d2d\u4e70\u77ff\u673a\u65f6\u4e0d\u5f97\u4e0d\u627f\u62c5\u9ad8\u989d\u5173\u7a0e\uff0c\u4ed8\u51fa\u66f4\u9ad8\u7684\u6210\u672c\u3002\u56e0\u6b64\uff0c\u77ed\u671f\u5185\uff0c\u77ff\u673a\u7684\u8ba2\u5355\u4f1a\u51fa\u73b0\u660e\u663e\u7684\u840e\u7f29\u3002\u4ee5\u6bd4\u7279\u5927\u9646\u7684\u4e3b\u529b\u673a\u578b\u8682\u8681 S21 Pro \u548c\u5609\u6960\u79d1\u6280\u7684\u4e3b\u529b\u673a\u578b\u963f\u74e6\u9686 A15 Pro \u4e3a\u4f8b\u3002\u5173\u7a0e\u653f\u7b56\u843d\u5730\u524d\uff0c\u5728\u4e0d\u8003\u8651\u8fd0\u8425\u6210\u672c\u7684\u60c5\u51b5\u4e0b\uff0c\u5047\u8bbe\u7535\u4ef7\u6210\u672c\u4e3a $0.043\/KWH (Cleanspark \u516c\u53f8 2024 \u5e74\u7684\u7535\u4ef7\u6210\u672c\uff09\u30103\u3011\uff0c\u5168\u7f51\u7b97\u529b\u4e3a 850EH\/s\u30104\u3011\uff0c\u77ff\u673a\u7684\u6298\u65e7\u5e74\u9650\u4e3a 30 \u4e2a\u6708\u30105\u3011\uff0c\u76ee\u524d S21 Pro \u6bcf\u6316\u4e00\u679a\u6bd4\u7279\u5e01\u7684\u6210\u672c\u4e3a $68,367\uff0c A15 Pro \u6bcf\u6316\u4e00\u679a\u6bd4\u7279\u5e01\u7684\u6210\u672c\u4e3a $75,801\u3002<\/p>\n

\u8868\u4e8c\uff1a\u6bd4\u7279\u5e01\u77ff\u4e1a\u4e3b\u6d41\u77ff\u673a\u53c2\u6570<\/strong><\/p>\n

\"\u6210\u672c\u4e0e\u4f9b\u5e94\u94fe\u6270\u52a8\uff0c\u6df1\u5ea6\u89e3\u8bfb\u5173\u7a0e\u653f\u7b56\u5bf9\u6bd4\u7279\u5e01\u77ff\u4e1a\u7684\u5f71\u54cd\"<\/p>\n

\u6ce81\uff1a\u4e3b\u8981\u8ba1\u7b97\u516c\u5f0f\u5982\u4e0b\uff1a<\/p>\n

\u7d2f\u8ba1\u6316\u5e01\u6570\u91cf = \u77ff\u673a\u7b97\u529b\u00d760\u00d724\u00d7365\u00d7\u6298\u65e7\u5e74\u9650\u00d7\u51fa\u5757\u5956\u52b1 \/10\/ \u5168\u7f51\u7b97\u529b \/1000,000<\/p>\n

\u603b\u6210\u672c = \u77ff\u673a\u4ef7\u683c + \u77ff\u673a\u7b97\u529b\u00d7\u77ff\u673a\u529f\u8017\u00d7\u7535\u8d39\u00d724\u00d7365\/1,000\uff08\u672a\u8ba1\u7b97\u4eba\u5458\u53ca\u573a\u5730\u79df\u8d41\u6210\u672c\uff09<\/p>\n

\u6316\u5e01\u6210\u672c = \u603b\u6210\u672c \/ \u7d2f\u8ba1\u6316\u5e01\u6570\u91cf<\/p>\n

\u4e00\u65e6\u5173\u7a0e\u653f\u7b56\u843d\u5730\uff0c\u4e50\u89c2\u60c5\u5f62\u4e0b\uff0c\u51fa\u53e3\u77ff\u673a\u7684\u552e\u4ef7\u5728\u539f\u6709\u57fa\u7840\u4e0a\u589e\u957f 30%\uff0c\u5219 S21 Pro \u6bcf\u6316 1 \u679a\u6bd4\u7279\u5e01\u7684\u6210\u672c\u4e3a $80,105\uff0c A15 Pro \u6bcf\u6316 1 \u679a\u6bd4\u7279\u5e01\u7684\u6210\u672c\u4e3a $88,717\u3002\u60b2\u89c2\u60c5\u5f62\u4e0b\uff0c\u51fa\u53e3\u77ff\u673a\u7684\u552e\u4ef7\u5728\u539f\u6709\u57fa\u7840\u4e0a\u589e\u957f 70%\uff0c\u5219 S21 Pro \u6bcf\u6316 1 \u679a\u6bd4\u7279\u5e01\u7684\u6210\u672c\u4e3a $95,756\uff0c A15 Pro \u6bcf\u6316 1 \u679a\u6bd4\u7279\u5e01\u7684\u6210\u672c\u4e3a $105,938\u3002<\/p>\n

\u8868\u4e09\uff1a\u4e0d\u540c\u5173\u7a0e\u60c5\u5f62\u4e0b\u77ff\u673a\u7684\u6316\u5e01\u6210\u672c<\/strong><\/p>\n

\"\u6210\u672c\u4e0e\u4f9b\u5e94\u94fe\u6270\u52a8\uff0c\u6df1\u5ea6\u89e3\u8bfb\u5173\u7a0e\u653f\u7b56\u5bf9\u6bd4\u7279\u5e01\u77ff\u4e1a\u7684\u5f71\u54cd\"<\/p>\n

\u4e0a\u8ff0\u4ef7\u683c\u5c1a\u672a\u8003\u8651\u77ff\u573a\u590d\u6742\u7684\u8fd0\u8425\u6210\u672c\uff0c\u8fd0\u8425\u6210\u672c\u5305\u62ec\u573a\u5730\u79df\u8d41\u6210\u672c\u548c\u4eba\u5458\u6210\u672c\uff0c\u7b97\u5165\u8fd9\u90e8\u5206\u6210\u672c\u5219\u6316\u5e01\u6210\u672c\u5c06\u8fdb\u4e00\u6b65\u4e0a\u5347\u3002\u5173\u7a0e\u7684\u5927\u5e45\u589e\u52a0\u4f1a\u8ba9\u77ff\u573a\u627f\u62c5\u66f4\u9ad8\u6602\u7684\u6316\u5e01\u6210\u672c\uff0c\u9700\u6c42\u4fa7\u7684\u51cf\u5f31\u540c\u6837\u5bf9\u4e0a\u6e38\u77ff\u673a\u5236\u9020\u5546\u9020\u6210\u8f83\u5927\u51b2\u51fb\u3002<\/p>\n

\u4ece\u957f\u671f\u7ef4\u5ea6\u6765\u770b\uff0c\u77ff\u673a\u5236\u9020\u5546\u6216\u5c06\u4f18\u5148\u8003\u91cf\u5173\u7a0e\u653f\u7b56\u53cb\u597d\u533a\u57df\u8fdb\u884c\u4ea7\u80fd\u5e03\u5c40\uff0c\u901a\u8fc7\u5168\u7403\u5316\u4ea7\u80fd\u914d\u7f6e\u7b56\u7565\uff0c\u6709\u6548\u89c4\u907f\u6f5c\u5728\u5173\u7a0e\u653f\u7b56\u98ce\u9669\uff0c\u5b9e\u73b0\u4f9b\u5e94\u94fe\u6210\u672c\u4f18\u5316\u3002<\/p>\n

2.2 \u81ea\u8425\u77ff\u573a<\/strong><\/h4>\n

\u76f8\u5bf9\u4e8e\u77ff\u673a\u5236\u9020\u5546\u53d7\u5230\u4f9b\u5e94\u548c\u9700\u6c42\u4e24\u4fa7\u7684\u6324\u538b\uff0c\u81ea\u8425\u77ff\u573a\u4e3b\u8981\u53d7\u5230\u4f9b\u7ed9\u4fa7\u7684\u5f71\u54cd\uff0c\u5411\u52a0\u5bc6\u8d27\u5e01\u4ea4\u6613\u6240\u51fa\u552e\u6bd4\u7279\u5e01\u8fd9\u4e00\u4e1a\u52a1\u6d41\u7a0b\u53d7\u5173\u7a0e\u653f\u7b56\u7684\u5f71\u54cd\u8f83\u5c0f\u3002\u6bd4\u7279\u5e01\u4ef7\u683c\u53d7\u5230\u5173\u7a0e\u653f\u7b56\u5f71\u54cd\uff0c\u8d44\u91d1\u538c\u6076\u4e0d\u786e\u5b9a\u6027\u7684\u653f\u7b56\uff0c\u56e0\u800c\u77ed\u671f\u8d44\u91d1\u9009\u62e9\u6d41\u51fa\uff0c\u6bd4\u7279\u5e01\u51fa\u73b0\u660e\u663e\u7684\u4e0b\u8dcc\u3002\u4f46\u4ee5 Marathon \u4e3a\u4ee3\u8868\u7684\u81ea\u8425\u77ff\u573a\uff0c\u5728\u73b0\u91d1\u6d41\u5145\u8db3\u7684\u60c5\u51b5\u4e0b\uff0c\u4f1a\u9009\u62e9\u56e4\u5e01\u7b56\u7565\uff0c\u800c\u4e0d\u4f1a\u5728\u6bd4\u7279\u5e01\u6316\u51fa\u540e\u5373\u523b\u5728\u4ea4\u6613\u6240\u629b\u552e\u3002\u7c7b\u4f3c\u4e8e MicroStrategy \u7684\u4e3e\u503a\u4e70\u5e01\u7b56\u7565\uff0c Marathon \u66fe\u591a\u6b21\u53d1\u884c\u53ef\u8f6c\u503a\u4ece\u800c\u76f4\u63a5\u8d2d\u5165\u6bd4\u7279\u5e01\u3002\u56e0\u6b64\uff0c\u5927\u578b\u77ff\u573a\u53d7\u5230\u6bd4\u7279\u5e01\u4ef7\u683c\u4e0b\u8dcc\u7684\u5f71\u54cd\u76f8\u5bf9\u8f83\u5c0f\u3002\u30108\u3011\u30109\u3011\u301010\u3011\u301011\u3011<\/p>\n

\u5bf9\u4e8e\u73b0\u91d1\u6d41\u7d27\u5f20\u7684\u5c0f\u578b\u77ff\u573a\u800c\u8a00\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u4e0b\u8dcc\u5bf9\u5176\u80a1\u4ef7\u5f71\u54cd\u5c24\u4e3a\u663e\u8457\u3002\u7531\u4e8e\u8d44\u91d1\u6709\u9650\uff0c\u8fd9\u4e9b\u77ff\u573a\u901a\u5e38\u65e0\u6cd5\u957f\u671f\u6301\u6709\u6240\u6316\u6bd4\u7279\u5e01\uff0c\u53ea\u80fd\u5728\u6316\u51fa\u540e\u7acb\u5373\u51fa\u552e\u4ee5\u7ef4\u6301\u8fd0\u8425\u8d44\u91d1\u3002\u5728\u5e02\u573a\u4f4e\u8ff7\u671f\u95f4\uff0c\u8fd9\u79cd\u300c\u6316\u5373\u5356\u300d\u7684\u7b56\u7565\u53ef\u80fd\u52a0\u5267\u5e02\u573a\u7684\u629b\u538b\uff0c\u8fdb\u4e00\u6b65\u5f71\u54cd\u6bd4\u7279\u5e01\u4ef7\u683c\u8d70\u52bf\u3002\u5982\u4e0b\u56fe\u6240\u793a\uff0cCipher \u548c Hive \u4e24\u5bb6\u516c\u53f8 2025 \u5e74 3 \u6708\u6301\u6709\u6bd4\u7279\u5e01\u7684\u6570\u91cf\u5206\u522b\u4e3a 1,034 \u548c 2,201\uff0c\u540c\u6bd4\u5206\u522b\u4e0b\u8dcc 40% \u548c 3%\uff1b\u800c Marathon \u548c Riot \u4e24\u5bb6\u516c\u53f8 2025 \u5e74 3 \u6708\u6301\u6709\u6bd4\u7279\u5e01\u7684\u6570\u91cf\u5206\u522b\u4e3a 47,531 \u548c 19,223\uff0c\u540c\u6bd4\u5206\u522b\u4e0a\u6da8 173% \u548c 126%\u3002<\/p>\n

\u8868\u56db\uff1a\u81ea\u8425\u77ff\u573a\u516c\u53f8\u7684\u6301\u5e01\u6570\u91cf\u53d8\u5316\uff082024 \u5e74 1 \u6708\u81f3 2025 \u5e74 3 \u6708\uff09<\/p>\n

\"\u6210\u672c\u4e0e\u4f9b\u5e94\u94fe\u6270\u52a8\uff0c\u6df1\u5ea6\u89e3\u8bfb\u5173\u7a0e\u653f\u7b56\u5bf9\u6bd4\u7279\u5e01\u77ff\u4e1a\u7684\u5f71\u54cd\"<\/p>\n

\u5728\u8fd1\u4e00\u4e2a\u6708\u7684\u65f6\u95f4\u91cc\uff0c\u4e2d\u5c0f\u578b\u81ea\u8425\u77ff\u573a Cipher\uff0cHive Digital \u81ea\u5173\u7a0e\u653f\u7b56\u516c\u5e03\u4ee5\u6765\u80a1\u4ef7\u6da8\u8dcc\u5e45\u5206\u522b\u4e3a-7.1% \u548c -5.5%\uff0c\u80a1\u4ef7\u4e0b\u8dcc\u5e45\u5ea6\u660e\u663e\u8d85\u8fc7 Marthon \u7b49\u575a\u6301\u56e4\u5e01\u7b56\u7565\u7684\u5927\u578b\u77ff\u573a\u3002<\/p>\n

\u4f46\u662f\uff0c\u4ece\u957f\u671f\u6765\u770b\uff0c\u77ff\u673a\u8bbe\u5907\u7684\u6298\u65e7\u5468\u671f\u901a\u5e38\u4e3a 2.5 \u81f3 3 \u5e74\uff0c\u8fd9\u610f\u5473\u7740\u81ea\u8425\u77ff\u573a\u9700\u6301\u7eed\u8fdb\u884c\u8d44\u672c\u5f00\u652f\uff08CAPEX\uff09\uff0c\u91c7\u8d2d\u65b0\u77ff\u673a\u4ee5\u66ff\u4ee3\u8001\u65e7\u8bbe\u5907\u3002\u5c3d\u7ba1\u5404\u5bb6\u77ff\u4f01\u5728\u62ab\u9732\u7b97\u529b\u6570\u636e\u65f6\u91c7\u7528\u7684\u7edf\u8ba1\u53e3\u5f84\u4e0d\u4e00\uff08\u5982\u6708\u5747\u7b97\u529b\u3001\u901a\u7535\u7b97\u529b\u3001\u6708\u672b\u7b97\u529b\u7b49\uff09\uff0c\u4e0d\u540c\u516c\u53f8\u95f4\u7684\u7b97\u529b\u6307\u6807\u96be\u4ee5\u76f4\u63a5\u6a2a\u5411\u5bf9\u6bd4\u30022024 \u5e74 1 \u6708\u81f3 2025 \u5e74 3 \u6708\u671f\u95f4\uff0c\u4e3b\u6d41\u4e0a\u5e02\u77ff\u4f01\u62ab\u9732\u7684\u7b97\u529b\u6570\u636e\u663e\u793a\uff0c\u5176\u7b97\u529b\u589e\u901f\u666e\u904d\u8d85\u8fc7 70%\u3002\u7b97\u529b\u6301\u7eed\u589e\u957f\u7684\u6838\u5fc3\u9a71\u52a8\u5728\u4e8e\u300c\u76f8\u5bf9\u7ade\u4e89\u529b\u300d\uff1a\u5728\u5168\u7f51\u7b97\u529b\u4e0d\u65ad\u4e0a\u5347\u7684\u80cc\u666f\u4e0b\uff0c\u82e5\u77ff\u573a\u81ea\u8eab\u7b97\u529b\u4e0d\u968f\u4e4b\u63d0\u5347\uff0c\u5176\u6240\u80fd\u6316\u53d6\u7684\u6bd4\u7279\u5e01\u6570\u91cf\u5c06\u6301\u7eed\u4e0b\u6ed1\u3002\u6bd4\u7279\u5e01\u6316\u77ff\u662f\u4e00\u573a\u52a8\u6001\u535a\u5f08\uff0c\u7b97\u529b\u6269\u5f20\u5982\u9006\u6c34\u884c\u821f\uff0c\u4e0d\u8fdb\u5219\u9000\u3002<\/p>\n

\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u82e5\u77ff\u673a\u5173\u7a0e\u653f\u7b56\u6b63\u5f0f\u843d\u5730\uff0c\u4e0a\u6e38\u77ff\u673a\u5236\u9020\u5546\u7684\u6210\u672c\u4e0a\u6da8\u538b\u529b\u5c06\u4e0d\u53ef\u907f\u514d\u5730\u4f20\u5bfc\u81f3\u4e0b\u6e38\u77ff\u573a\uff0c\u8fdb\u4e00\u6b65\u63a8\u9ad8\u884c\u4e1a\u8fb9\u9645\u751f\u4ea7\u6210\u672c\uff0c\u5e76\u5bf9\u4e2d\u77ff\u573a\u7684\u76c8\u5229\u80fd\u529b\u6784\u6210\u6311\u6218\u3002<\/p>\n

2.3 \u4e91\u7b97\u529b\u77ff\u573a<\/strong><\/h4>\n

\u4e91\u7b97\u529b\u77ff\u573a\u672c\u8d28\u4e0a\u662f\u4e00\u79cd\u79df\u8d41\u6a21\u5f0f\uff0c\u5176\u4e0a\u6e38\u4e3a\u77ff\u673a\u5236\u9020\u5546\uff0c\u4e0b\u6e38\u5219\u4e3a\u4e2a\u4eba\u548c\u673a\u6784\u5ba2\u6237\u3002\u4e91\u7b97\u529b\u77ff\u573a\u5e76\u4e0d\u6301\u5e01\u6216\u5356\u5e01\uff0c\u800c\u662f\u5c06 30 \u5929\u300160 \u5929\u300190 \u5929\u7684\u7b97\u529b\u6253\u5305\u5356\u7ed9\u5ba2\u6237\uff0c\u5ba2\u6237\u4f1a\u6839\u636e\u81ea\u5df1\u7684\u5224\u65ad\u9009\u62e9\u56e4\u5e01\u6216\u5356\u5e01\u3002\u56e0\u6b64\uff0c\u4e91\u7b97\u529b\u77ff\u573a\u4e3b\u8981\u8d5a\u53d6\u5ba2\u6237\u652f\u4ed8\u7684\u670d\u52a1\u8d39\uff0c\u800c\u4e0d\u76f4\u63a5\u627f\u62c5\u6bd4\u7279\u5e01\u6da8\u8dcc\u5e26\u6765\u7684\u76c8\u5229\u6216\u4e8f\u635f\u3002<\/p>\n

\u4e91\u7b97\u529b\u77ff\u573a\u7684\u6838\u5fc3\u7ade\u4e89\u529b\u5728\u4e8e\u901a\u8fc7\u9009\u5740\u4f18\u5316\u964d\u4f4e\u79df\u8d41\u3001\u7535\u8d39\u53ca\u4eba\u529b\u6210\u672c\uff0c\u540c\u65f6\u4fdd\u6301\u7b97\u529b\u90e8\u7f72\u7684\u9ad8\u5ea6\u5f39\u6027\u4ee5\u5e94\u5bf9\u5e02\u573a\u6ce2\u52a8\u2014\u2014\u725b\u5e02\u65f6\u9700\u5feb\u901f\u6269\u5145\u77ff\u673a\u4e0e\u573a\u5730\u4ee5\u6ee1\u8db3\u5ba2\u6237\u9700\u6c42\uff0c\u718a\u5e02\u65f6\u5219\u9700\u7cbe\u7b80\u8fd0\u8425\u5e76\u5c06\u5197\u4f59\u7b97\u529b\u8f6c\u4e3a\u81ea\u6316\uff0c\u8fd9\u79cd\u52a8\u6001\u5e73\u8861\u80fd\u529b\u76f4\u63a5\u51b3\u5b9a\u4e86\u516c\u53f8\u7684\u5e02\u573a\u7ade\u4e89\u529b\u3002<\/p>\n

\u4e91\u7b97\u529b\u516c\u53f8\u7684\u6536\u5165\u4e3b\u8981\u7531\u5168\u7f51\u7b97\u529b\u9a71\u52a8\uff0c\u5168\u7f51\u7b97\u529b\u4e0a\u5347\u65f6\uff0c\u8bc1\u660e\u5927\u90e8\u5206\u77ff\u5de5\u4ecd\u7136\u770b\u597d\u6bd4\u7279\u5e01\u540e\u5e02\u7684\u4ef7\u683c\uff0c\u6216\u6709\u66f4\u591a\u7684\u5ba2\u6237\u9009\u62e9\u8d2d\u4e70\u4e91\u7b97\u529b\uff1b\u5168\u7f51\u7b97\u529b\u4e0b\u964d\u65f6\uff0c\u610f\u5473\u7740\u77ff\u5de5\u4e0d\u770b\u597d\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u8d70\u52bf\uff0c\u5168\u7f51\u7b97\u529b\u4e2d\u4e91\u7b97\u529b\u7684\u90e8\u5206\u4ea6\u4f1a\u51cf\u5c11\u3002\u4e0b\u56fe\u6570\u636e\u663e\u793a\uff0c4 \u6708 2 \u65e5\u7279\u6717\u666e\u516c\u5e03\u5173\u7a0e\u653f\u7b56\u540e\uff0c\u6bd4\u7279\u5e01\u65e5\u5747\u5168\u7f51\u7b97\u529b\u751a\u81f3\u5728 4 \u6708 5 \u65e5\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u9996\u6b21\u7a81\u7834 1 ZH\/s\u3002\u301012\u3011<\/p>\n

\u56fe\u4e8c\uff1a\u6bd4\u7279\u5e01\u5168\u7f51\u7b97\u529b\u53d8\u5316\uff082025 \u5e74 1 \u6708\u81f3 2025 \u5e74 4 \u6708\uff09<\/p>\n

\"\u6210\u672c\u4e0e\u4f9b\u5e94\u94fe\u6270\u52a8\uff0c\u6df1\u5ea6\u89e3\u8bfb\u5173\u7a0e\u653f\u7b56\u5bf9\u6bd4\u7279\u5e01\u77ff\u4e1a\u7684\u5f71\u54cd\"<\/p>\n

\u6210\u672c\u7aef\u6765\u770b\uff0c\u5c3d\u7ba1\u77ff\u673a\u4ef7\u683c\u53d7\u5173\u7a0e\u653f\u7b56\u4f20\u5bfc\u5b58\u5728\u4e0a\u884c\u538b\u529b\uff0c\u4f46\u4e91\u7b97\u529b\u77ff\u573a\u7684\u79df\u8d41\u4e1a\u52a1\u6a21\u5f0f\u5929\u7136\u5177\u5907\u98ce\u9669\u7f13\u51b2\u673a\u5236\u2014\u2014\u5176\u672c\u8d28\u901a\u8fc7\u7b97\u529b\u670d\u52a1\u8d39\u5c06\u77ff\u673a\u8d2d\u7f6e\u6210\u672c\u8f6c\u5ac1\u7ed9\u5ba2\u6237\uff0c\u4e14\u90e8\u5206\u5ba2\u6237\u901a\u8fc7\u77ff\u673a\u6258\u7ba1\u534f\u8bae\u76f4\u63a5\u5206\u62c5\u786c\u4ef6\u6295\u5165\uff0c\u4f7f\u5f97\u77ff\u673a\u6ea2\u4ef7\u5bf9\u5e73\u53f0\u5229\u6da6\u7684\u4fb5\u8680\u663e\u8457\u5f31\u4e8e\u4f20\u7edf\u6316\u77ff\u6a21\u5f0f\u3002\u8fd9\u4e00\u6210\u672c\u8f6c\u5ac1\u4e0e\u5206\u644a\u7279\u6027\uff0c\u4f7f\u4e91\u7b97\u529b\u77ff\u573a\u6210\u4e3a\u7279\u6717\u666e\u653f\u5e9c\u5173\u7a0e\u653f\u7b56\u4e0b\u53d7\u51b2\u51fb\u8f83\u5c0f\u7684\u9886\u57df\u3002<\/p>\n

3. \u6bd4\u7279\u5e01\u77ff\u4e1a\u683c\u5c40\u7684\u91cd\u5851\u5bf9\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u5f71\u54cd<\/h3>\n

\u7f8e\u56fd\u8fd1\u671f\u5bf9\u8fdb\u53e3\u81ea\u4e2d\u56fd\u7b49\u56fd\u5bb6\u7684\u6bd4\u7279\u5e01\u77ff\u673a\u8bbe\u5907\u52a0\u5f81\u5173\u7a0e\uff0c\u5bfc\u81f4\u7f8e\u56fd\u77ff\u5de5\u7684\u8fd0\u8425\u6210\u672c\u663e\u8457\u4e0a\u5347\u3002\u8fd9\u4e3a\u975e\u7f8e\u56fd\u4f01\u4e1a\u8fdb\u5165\u6bd4\u7279\u5e01\u6316\u77ff\u884c\u4e1a\u63d0\u4f9b\u4e86\u66f4\u5927\u7684\u6f5c\u5728\u673a\u4f1a\uff0c\u56e0\u4e3a\u4ed6\u4eec\u53ef\u4ee5\u4ee5\u66f4\u4f4e\u7684\u6210\u672c\u4ece\u5176\u4ed6\u56fd\u5bb6\u91c7\u8d2d\u4e2d\u56fd\u5236\u9020\u7684\u77ff\u673a\uff0c\u4ece\u800c\u83b7\u5f97\u6210\u672c\u4f18\u52bf\u3002\u5c3d\u7ba1\u7f8e\u56fd\u77ff\u573a\u53ef\u4ee5\u901a\u8fc7\u5728\u6d77\u5916\u8bbe\u7acb\u8fd0\u8425\u57fa\u5730\u6765\u89c4\u907f\u90e8\u5206\u5173\u7a0e\u5f71\u54cd\uff0c\u4f46\u4e0d\u53ef\u5426\u8ba4\u7684\u662f\uff0c\u8fd9\u4e9b\u5173\u7a0e\u653f\u7b56\u589e\u52a0\u4e86\u7f8e\u56fd\u672c\u571f\u77ff\u573a\u7684\u8fd0\u8425\u6210\u672c\u548c\u653f\u7b56\u98ce\u9669\u3002<\/p>\n

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\u8868\u4e94\uff1aMicroStrategy \u548c IBIT \u7684\u6bd4\u7279\u5e01\u6301\u4e0e\u5360\u6bd4<\/p>\n

\"\u6210\u672c\u4e0e\u4f9b\u5e94\u94fe\u6270\u52a8\uff0c\u6df1\u5ea6\u89e3\u8bfb\u5173\u7a0e\u653f\u7b56\u5bf9\u6bd4\u7279\u5e01\u77ff\u4e1a\u7684\u5f71\u54cd\"<\/p>\n

\u603b\u7ed3<\/h3>\n

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\u00a0<\/p>\n

\u6570\u636e\u6765\u6e90<\/p>\n

1. Patent PC, https:\/\/patentpc.com\/blog\/tsmc-samsung-and-intel-whos-leading-the-semiconductor-race-latest-market-share-data<\/p>\n

2.Reuters, https:\/\/www.reuters.com\/world\/us\/trump-says-he-told-tsmc-it-would-pay-100-tax-if-it-doesnt-build-us-2025-04-09\/<\/p>\n

3. Cleanspark, https:\/\/www.sec.gov\/Archives\/edgar\/data\/827876\/000095017024056324\/clsk-ex99_1.htm<\/p>\n

4.Bitinfocharts, https:\/\/bitinfocharts.com\/comparison\/bitcoin-hashrate.html<\/p>\n

5.CoinShares Research, http:\/\/www.minerupdate.com\/news\/miner-insights\/majority-of-bitcoin-miners-profitable-at-current-prices-according-to-coinshares-research<\/p>\n

6. Bitmain, https:\/\/m.bitmain.com\/cn\/product\/detail?pid=00020240402210032893O1Et7keX0682<\/p>\n

7. Canaan,https:\/\/shop.canaan.io\/products\/avalon-miner-a15pro?VariantsId=10492<\/p>\n

8. Marathon Digital,https:\/\/ir.mara.com\/news-events\/press-releases<\/p>\n

9. Riot Platform,https:\/\/www.riotplatforms.com\/overview\/news-events\/press-releases\/<\/p>\n

10. Cipher,https:\/\/investors.ciphermining.com\/news-events\/press-releases<\/p>\n

11. Hive Digitalhttps:\/\/hivedigitaltechnologies.com\/news\/<\/p>\n

12. Bitinforcharts,https:\/\/bitinfocharts.com\/comparison\/bitcoin-hashrate.html#3m<\/p>\n

13. iShares,https:\/\/www.ishares.com\/us\/products\/333011\/ishares-bitcoin-trust-etf<\/p>\n

14. Bitbo,https:\/\/treasuries.bitbo.io\/microstrategy\/<\/p>\n

15. \u8d22\u7ecf M \u5e73\u65b9https:\/\/sc.macromicro.me\/series\/8120\/bitcoin-circulating-supply\u3010\u6bd4\u7279\u5e01\u77ff\u4e1a\u6838\u5fc3\u4f9b\u5e94\u94fe https:\/\/docs.google.com\/presentation\/d\/1BjG5mUX7eeIw48ILD6VqIlnsOQY2fQhYXigXw5XxqL4\/edit?slide=id.p#slide=id.p\u3011<\/p>\n","protected":false},"excerpt":{"rendered":"

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