随着市场逐渐接近熊市，比特币投资者正在寻找其他区块链途径来度过漫长的冬天。公共比特币矿工是在 2021 年的牛市中成长起来的途径之一。这段时间他们股票价值的增长吸引了投资者，随着市场放缓，我们来看看哪个这些公共矿工最有能力度过加密冬天。
目前有许多公司主导着公共比特币挖矿领域。其中比较热门的有 Marathon、Core Scientific、Riot 等。现在，自从比特币开始下跌以来，这些公司都受到了严重打击。然而，有些人比其他人更好地承受了利率下降。即使在其峰值损失超过 50% 之后，这在它们的市值中也很明显。
相关阅读 | 比特币盈利能力在市场挣扎后触及两年低点
为了确定其中哪些最适合熊市，我们看一下它们的能源价格。电力是加密货币挖矿的基石，通常是所有矿工的最高运营成本。所以电力成本越低越好。
在顶级公共矿业公司中，Riot 已成为电力价格最低的公司。根据最近的数据，该公司每兆瓦时仅支付 24 美元，这意味着它的电力运行成本是前 5 家公司中最低的。它还拥有相对于股权的最低债务，目前的债务股权比率为 0.1。然而，Marathon 的债务权益比率为 1.0，这意味着与 Riot 相比，它拥有更多的流动性。
BTC 收于 31,000 美元以上 |来源：TradingView.com 上的 BTCUSD
有趣的是，这些公司都没有拥有最大的市值。该头衔属于市值 13.7 亿美元的 Core Scientific。 Marathon 以 10.92 亿美元的市值位居第二，Riot 以 9.2 亿美元的市值位居第三。
从整体规模来看，Riot 是最适合度过熊市的公司。其较低的电力成本和健康的资产负债表使其处于独特的地位，与竞争对手相比，其活动支出较少，但仍能获利。
比特币矿工使用的矿机往往可以决定他们的盈利能力。来自领先比特币矿商的现金流已从峰值下降了 50% 以上，但仍处于有利位置。第一个是 Antminer S19，在去年牛市上涨的高峰期，其现金流量超过每比特币 50,000 美元。但截至 5 月底，以当前比特币 31,000 美元的价格计算，该矿工的盈利能力已降至 23,000 美元。
矿工现金流下降|来源：奥术研究
Antminer S9 也表现不佳。以当前价格计算，这台矿机每开采一个 BTC 的现金流为 8,000 美元。这表明挖矿盈利能力下降的速度有多快，引发了对该领域未来的担忧。
相关阅读 | 卡尔达诺活动表明价格可能会在隧道尽头看到曙光
如果生产成本继续上涨，矿工的现金流继续下降，那么很多比特币矿业公司将无法度过熊市。由于并购活动的增加，将导致大量企业破产。
来自 GOBankingRates 的特色图片，来自 Arcane Research 和 TradingView.com 的图表
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