1、Cambridge Digital Mining Industry Report1CambridgeDigital MiningIndustry ReportApril 2025FIRST EDITIONGlobal Operations,Sentiment,and Energy UseCambridge Digital Mining Industry Report2Foreword 4 Research Team 5 Acknowledgements 6 Executive Summary 8 Part I:What is Bitcoin?12 Bitcoin Fundamentals 13

2、 Bitcoins Road to Institutional Acceptance 18 Bitcoin as an Asset Class,Market Value and Asset Correlations 24 Part II:Digital Mining Primer 31 A Summary 32 The Process of Block Assembly 33 Proof-of-Work,A Key Mechanism Behind Bitcoins Security 35 The Evolution of Network Hashrate 38 Mining Pools 40

3、 Part III:Survey Methodology 43 Survey Overview 44 Respondent Profiles 45 Geographical Distribution of Mining Activity 46 Goals and Limitations 48 Part IV:Hardware and E-Waste 49 The Evolution of Mining Hardware 50 ASIC Market Structure and Firmware Usage 53 Retirement of Mining Equipment and E-Wast

4、e 55 Part V:Electricity Consumption 57 Digital Mining and Its Energy Needs,An Ongoing Controversy 58 Efficiency of Mining Hardware 59 Electricity Consumption 63 ContentsCambridge Digital Mining Industry Report3Part VI:Energy and Environment 64 The Role of Off-Grid Power in Digital Mining 65 Electric

5、ity Mix and Environmental Implications 66 Digital Mining,A Potential Solution to Gas Flaring?70 Beyond Baseload,Can Digital Mining Help Support Power Grids?73 Climate Mitigation Efforts and Challenges 76 Part VII:Mining Economics 80 Miner Revenue:Block Reward and Transaction Fees 81 The Cost Structu

6、re of Digital Mining Firms 86 Key Revenue Metrics 88 Key Cost Metrics 91 Hash Margin,A Measure of Profitability 92 Part VIII:Miner Sentiment 94 What Keeps Miners Awake at Night?95 Navigating Uncertainty,How do Miners Manage Their Risk?97 Scaling Hurdles,What are the Key Expansion Barriers?98 Forecas