这一趋势与特朗普当选美国总统密切相关。特朗普曾承诺，比特币将在美国“开采、铸造和制造”。不过，分析认为，It is estimated that in the third quarter of last year, the Average Cost of producing Bitcoin for all miners listed in the USA was $55,950 per coin, a 13% increase from the previous quarter, with an Average Cost of $106,000 including depreciation and stock-based compensation costs. Bitcoin is currently priced at $101,439.1. This means that if the price of Bitcoin does not rise, it may lead to many miners shutting down their machines or going bankrupt.
US Bitcoin mining companies are actively hoarding Cryptos to cope with the increasing competition for resources and tightening profit margins.
On January 7, according to the Financial Times of the United Kingdom, several mining companies, including Riot Platforms and CleanSpark, have raised over $3.7 billion from investors since last November, mainly for purchasing Bitcoin. These companies typically raise funds by issuing zero-coupon or low-interest convertible Bonds.
This trend is closely related to Donald Trump's election as President of the USA. Trump promised that Bitcoin would be 'mined, minted, and manufactured' in the USA. However, analysts believe that for many mining companies, hoarding Bitcoin is more about coping with the financial pressure brought by high Energy costs. Core Scientific's Chief Development Officer Russell Cann stated:
‘The situation is not as simple as everything is fine just because Bitcoin prices are rising; there are still complex challenges regarding profitability and grid access.’
According to the investment group CoinShares, in the third quarter of last year, the Average Cost to produce one Bitcoin for all US-listed miners was $55,950, up 13% from the previous quarter. The Average Cost, including depreciation and stock-based compensation expenses, was $106,000. Bitcoin is currently priced at $101,439.1. This also means that if Bitcoin prices do not rise, it could lead to many miners shutting down operations or going bankrupt.
However, the rise in Bitcoin has not alleviated the pressures faced by mining companies. As new competitors enter the market, the total computing power (hash rate) required to secure the network continues to rise, reaching a historic high last Friday. This could offset the benefits brought by the rise in Bitcoin prices and further squeeze corporate profits. CoinShares' research director James Butterfill warned, 'The hash rate is on an astonishing upward trend, indicating that a large amount of new CNI Next-Generation Hardware Index has been brought online. If prices pull back, mining companies with higher production costs will become even more vulnerable.'
At the same time, US mining companies are also facing intense resource competition domestically. The US Energy Information Administration estimates that Bitcoin mining may have consumed 2.3% of the country's energy grid. It is predicted that by 2025, the energy demand from large miners will increase by 60%.
The greater challenge comes from large AI developers with more financial resources. Cann predicts that in the coming years, most of the Bitcoin computing power will shift overseas. Some mining companies are seeking faster paths to profitability, and firms like Hut 8, Core Scientific, and Hive have turned to leasing their datacenter capacity to large-scale AI enterprises. The CEO of the US-listed cryptocurrency miner CleanSpark, Zach Bradford, stated:
"The rise in Bitcoin prices certainly helps, but if energy prices surge tomorrow, it will still be a difficult day for Bitcoin miners."