2025年区块链挖矿机行业白皮书

Content ◆Chapter I:Overview of Global Blockchain andCryptocurrency Industry ◆Introduction of Blockchain◆Analysis of Blockchain Industry◆Introduction of Cryptocurrency◆Analysis of Cryptocurrency Industry ◆Chapter II: Overview of Global Blockchain MiningMachine Industry ◆Introduction of Blockchain Hardware Industry◆Analysis of Blockchain Hardware Industry◆Introduction of Blockchain Mining Machine◆Analysis of Blockchain Mining Machine Chapter 1——Overview of Global Blockchain andCryptocurrency Industry Chap1.1 Introduction of Blockchain Brief Explanation of Blockchain BlockchainisadecentralizeddatamanagementandvaluetransfersystembuiltuponDistributedLedgerTechnology(DLT).Its core mechanism lies in the use of cryptographic algorithms toencapsulatedataintosequential“blocks,”whicharethenlinkedthroughhashfunctionstoformacontinuousandtamper-resistant“chain”ofinformation.Thisstructureensurestheintegrity,security,andchronologicalorderofdataduringitscreationandtransmission.Withinablockchainnetwork,allnodesoperatewithoutreliance on a centralauthority,achievingconsensusthrough algorithmicprotocolsthatverifyandsynchronizetransactionrecordsacrossthedistributedledger.Thisenablesasystemcharacterizedbydecentralizedstorage,immutability,traceability,andtransparentinformationsharing.Fundamentally,blockchainrepresentsaninstitutionalinnovationthatreplacestraditionaltrustintermediarieswithalgorithmictrust.Itestablishesareliablefoundationformulti-partycollaborationandprovidesthetechnologicalinfrastructureforsecurevalueexchange,digitalidentityverification, Chap1.2 Analysis of Blockchain Industry Value chain Analysis of Blockchain Industry Theupstreamoftheblockchainindustryprovidesthetechnical foundation,including hardware,cryptographicalgorithms,mechanisms.Themidstreambuildsplatformsanddevelopmentenvironments,enabling blockchainnetworksand smart contract deployment.Thedownstreamfocuses on industry applications,drivingthe commercialization of blockchaintechnologyinareassuchasfinance,supplychain, Thedownstreamoftheblockchainindustryencompassesdiverseindustryandscenario-basedapplications.Itincludesfinancialservicessuchascryptotrading,payments,decentralizedfinance(DeFi),andcross-bordersettlements;industrialandsupplychainapplicationsliketraceability,energyandcarbontrading,andIoT-basedassetverification;digitalassetsandmediaincludingNFTs,digitalcopyrightprotection,andWeb3contentplatforms;andpublicandgovernance applications covering government services,healthcare and educationcredentialing,voting,and secure data sharing.These applications translate blockchaintechnologyintoreal-worldbusinessvalueanduser-facingservices. ValueChain of Blockchain Industry Chap1.3 Introduction of Cryptocurrency Brief Explanation of Cryptocurrency Cryptocurrencyisaformofdigitalassetbuiltuponblockchaintechnologyandcryptographicprinciples.Itsfundamental characteristicliesindecentralizedissuanceandmanagement,meaningitoperateswithoutrelianceoncentralbanksortraditionalfinancialinstitutions.Instead,transactions are verified and recorded through a distributed ledger maintainedcollectivelybynetworknodesunderaconsensusmechanism.Eachtransactionissecuredbyencryptionalgorithms,ensuring data integrity,anonymity,and immutability.Beyondfunctioningasamediumofexchangeandstoreofvalue,cryptocurrenciesalsoserveasincentiveand governance instruments within applications such as smart contracts anddecentralizedfinance(DeFi).RepresentativeexamplesincludeBitcoinandEthereum,whichtogetherformthetrustless valuetransfer infrastructure underpinning thebroader digitaleconomy. Classification of Cryptocurrencies Cryptocurrenciescanbeclassifiedbasedontheirprimaryfunctionandapplicationwithintheblockchainecosystem,formingsixmajorcategories:PaymentTokens,InfrastructureTokens,GovernanceTokens,FinancialTokens,MediaandEntertainmentCryptocurrencies,andOtherTokens. Chap1.4 Analysis of Cryptocurrency Industry Price of Bitcoin Bitcoinistheworld’sfirstdecentralizeddigitalcurrency,introducedin2009.Itscoreinnovationliesintheuseofblockchaintechnology,whichrecordstransactionsonadistributedledgerandremovesrelianceoncentralizedauthorities,therebyenablingpeer-to-peervaluetransfer.Thetotalsupplyof Bitcoiniscappedat21million,endowingitwiththecharacteristicsof“digitalgold”andpositioningitasbothastoreofvalueandahedgeagainstinflation.Sinceitsinception,Bitcoin’spricehasexhibitedsignificantvolatility,influencedbymacroeconomicconditions,monetarypolicyshifts,regulatorydevelopments,andevolvingmarketperceptionsofitslong-termvalueandtechnologicalpotential. Bitcoin’spricestartedatarelativelylowlevel in early2020 andsurgedsharplythroughout2021,reachingitsfirstmajor peak by the endof thatyear.Itthenunderwentasignificantcorrectionduring 2022,reflectingcoolingmarketsentimentandtightermacroeconomicconditions.Startingin2023,Bitcoin began to recovergradually,entering a strong upwardphasein2024andsurpassingprevioushighs.BTCrosedto$110KinMay, 2025,marking a record level.ThistrajectoryhighlightsBitcoin’scyclical