ChainCatcher 消息，据 The Block 报道，摩根大通分析师表示，其估算的比特币生产成本——历来被视为“软性价格支撑”——已从年初的 90,000 美元降至 77,000 美元，主因近期网络算力及挖矿难度下降。
分析师指出，近期比特币网络算力下降引发了自 2021 年中国挖矿禁令以来最大幅度的挖矿难度下调，今年迄今累计降幅约 15%。难度下降为仍在运营的矿工提供喘息空间，高效矿工正抢占被迫关停的高成本矿工流失的市场份额。分析师称已观察到算力回升，预计下次难度调整时生产成本或将反弹。
报告将难度下降归因于两点：一是比特币价格下跌使高成本矿工无利可图；二是美国冬季暴风雪导致得州等地大型矿场暂时停摆。部分高成本矿工通过抛售比特币维持运营或转型 AI，加剧了年初以来的价格压力。分析师认为高成本矿工退出已趋稳定，对 2026 年加密货币整体仍持“积极”看法。
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