The merafong ea li-crypto indasteri ka 2025 e shebahala e fapane haholo le eo e neng e le eona lilemong tse peli tse fetileng. Liphefo tsa taolo, moruo o fetohang oa matla, mekhoa e tsoelang pele ea tumellano ea marang-rang, le ho fetola maemo a lipolotiki, kaofela li fetotse se neng se le peisong ea matla a hash hore e be ketso e rarahaneng ea ho leka-lekanya lipakeng tsa botsitso, phaello, le ho latela melao.
Bakeng sa libapali tsa mekhatlo, merafo ha e sa sebetsa feela ka matla a komporo - e mabapi le sebaka se nepahetseng, likonteraka tsa motlakase, ho tsamaisana le ESG, le ho tsamaisa tikoloho e ntseng e hola ea lichelete.
Ho tloha ho Bopaki-ba-Mosebetsi ho ea ho Bopaki-ba-bokhoni
The Ethereum Kopana ka 2022 tšoauoa phetoho ea bohlokoa ka ho fetisisa indastering ka transitioning Ethereum ho tloha Bopaki-of-Work (PoW) ho Bopaki-of-Stake (PoS) tumellanong mochine, ka katleho ho felisa meepo setso bakeng sa e 'ngoe ea cryptocurrencies kholo ka ho fetisisa. Phetoho ena e ile ea fokotsa haholo tšebeliso ea matla 'me ea etsa hore li-altcoins tse ngata li nke mehlala e tšoanang, kahoo li fokotsa palo ea menyetla e sebetsang ea merafo.
Ho arabela, basebetsi ba merafong ba behile ts'ebetso e ntle ka pele ho feta matla a mangata a khomphutha. Hona joale basebetsi ba tsepamisitse maikutlo tabeng ea ho buisana ka litumellano tsa nako e telele tsa theko ea matla (PPAs), ba sebelisa bohlale ba maiketsetso ho ntlafatsa ts'ebetso, le ho kopanya mekhoa e tsoetseng pele ea ho pholisa ho fokotsa litšenyehelo le ho hohela matsete a mekhatlo.
Ka ho hlakileng, ka 2025:
- Likhatelo-pele ho Katleho ea ASIC: Lisebelisoa tsa Application-Specific Integrated Circuit (ASIC) li fihletse katleho e fetang 30 joules ka terahash (J/TH), e etsang hore mefuta ea khale ea hardware e se ke ea sebetsa.
- Ho fetola lebitso bocha ha Likhamphani tsa Merafo: Lifeme tse kholo tsa merafo li na le hlakoloa e le "bafani ba mekhoa ea mekhoa ea digital," ho hokahanya mesebetsi ea bona haufi-ufi le tsamaiso ea setsi sa data ho feta meepo ea khale ea cryptocurrency. Ka mohlala, lik'hamphani tse kang Riot Platforms (eo pele e neng e le Riot Blockchain) li fetotse mabitso a tsona ho bontša mefuta-futa ho feta meepo ea cryptocurrency. Ka mohlala, Riot Platforms e atolohile ho ba lits'ebeletso tsa setsi sa data tse sebelisang matla, e sebelisa lisebelisoa tsa eona bakeng sa lits'ebetso tse pharalletseng joalo ka AI le likhomphutha tse sebetsang hantle haholo. Applied Digital Corporation e boetse e lahlile "blockchain" ho tloha lebitsong la eona ho hatisa litsi tsa eona tsa meloko e latelang, tse tšehetsang likopo tse fetang Web3, tse kang ho ithuta mochine.
- Khatello ea Taolo ea Tšusumetso ea Tikoloho: Libaka tse 'maloa hona joale li laela hore ho be le tlaleho ea likhase le matsapa a khabone bakeng sa ts'ebetso ea merafo e meholo, e bonts'ang ts'ebetso ea lefats'e ea boikarabello ba tikoloho. Ka mohlala, Australia Litokiso tsa NGER e hloka ho ntša lithōle > 100 kt CO2e ho tlaleha tlhahiso ea litšila e seng ea lefa, le CCER ea Chaena e khothaletsa ho ts'oaroa ha methane ka ho etsa chelete ka offset.
Lintlafatso tsena li totobatsa phetoho ea indasteri ho litloaelo tse tšoarellang le tse sebetsang hantle, tse susumetsoang ke boqapi ba theknoloji le likhatello tsa taolo.
Phetoho ea Indasteri ea Meepo ea Crypto
E le ho arabela ho feto-fetoha ha mebaraka ea chelete ea crypto le litšenyehelo tse ntseng li eketseha tsa ts'ebetso, lik'hamphani tse ngata tsa merafo li fapanyetsana mekhoa ea bona ea khoebo.
Ho tloha ho Cryptocurrency Mining ho ea ho AI Data Centers
Mokhoa o hlokomelehang ke phetoho ea ho tloha meepong e ikhethileng ea chelete ea crypto ho ea ho theha litsi tsa data tsa sepheo se akaretsang tse fanang ka lits'ebetso tsa komporo e sebetsang hantle haholo (HPC) le li-artificial intelligence (AI). Pivot ena ea leano e lumella basebetsi ba merafong ho sebelisa lisebelisoa tse teng le boitseanape ho fihlela tlhoko e ntseng e eketseha ea AI le lits'ebeletso tsa ho ithuta ka mochini.
Mohlala, CoreWeave, eo qalong e neng e shebane le merafo ea Ethereum, e na le e fetotsoe ho ba mofani e moholo oa lisebelisoa tsa GPU tse thehiloeng marung bakeng sa bahlahisi ba AI. Ka 2025, CoreWeave e sebetsa litsi tse ngata tsa data ho pholletsa le US le Europe, e sebeletsa bareki lekaleng la AI.
Ka mokhoa o ts'oanang, Bitfarms, k'hamphani ea merafo ea Canadian Bitcoin, e ntse e hlahloba phetoho ea lisebelisoa tse ling ho finyella tlhokahalo e ntseng e eketseha ea litsi tsa data tsa AI. Khampani e sebelisane le baeletsi ho hlahloba libaka tsa eona tsa Amerika Leboea bakeng sa AI e ka bang teng le maano a komporo.
Phetoho ena e susumetsoa ke tlhokahalo ea mehloli e tsitsitseng ea chelete le monyetla oa ho sebelisa mehloli e teng bakeng sa mahlale a ntseng a hlaha. Ka ho khutlisetsa ts'ebetso ea bona, lik'hamphani tsa merafo li ikemiselitse ho fokotsa ho se tsitse ho amanang le limmaraka tsa chelete ea crypto le ho rua molemo indastering e ntseng e hola ea AI.
Phatlalatso ea Phatlalatso le Khoebo ea Limmaraka
Palo ea lik'hamphani tsa merafo ea cryptocurrency tse thathamisitsoeng phatlalatsa e eketsehile haholo. Ho tloha qalong ea 2025, ho na le Lik'hamphani tsa merafo tsa 16 tsa crypto tse thathamisitsoeng ho NASDAQ, ho tloha ho tse tšeletseng kotareng ea pele ea 2021. Mokhoa ona o bontša thahasello e eketsehileng ea mekhatlo le matsete lekaleng lena.
Har'a tsena, Marathon Digital Holdings e hlahella ka lichelete tse ngata tsa Bitcoin. Khampani e na le e bokelletse li-bitcoins tse ka bang 45,000, ea boleng bo fetang liranta tse limilione tse likete tse 4.4. Leano lena la ho bokella le tiisa kholiseho ea lifeme tse kholo tsa merafo ka boleng ba nako e telele ba lichelete tsa crypto.
Chelete e kopanetsoeng ea 'maraka ea lik'hamphani tsa blockchain tse rekisoang phatlalatsa le eona e bone kholo e hlokomelehang. Ka mohlala, Coinbase, phapanyetsano e ka sehloohong ea chelete ea crypto, e ithorisa ka Chelete ea mmaraka ea $ 71.2 billion ho tloha ka Hlakola 2025, e totobatsang boemo bo bongata ba lichelete ba likhoebo tse amanang le blockchain.
Lintlafatso tsena li bonts'a indasteri e ntseng e hola e nang le ponaletso e ntseng e eketseha le kopanyo ho limmaraka tsa khale tsa lichelete.
Geography ea Merafo: Bahlōli le Ba Lahlehileng
Boemo ba merafo ea lefats'e ka bophara ba chelete ea crypto bo bile le liphetoho tse kholo ka 2025, tse susumetsoang ke liphetoho tsa taolo, moruo oa matla, le liphetoho tsa lipolotiki. Lintlha tsena li hlalositse ka ho hlaka “bahlōli” le “ba lahlehetsoeng” lekaleng la merafo.
Bahlōli:
- United States: US e tiisitse puso ea eona indastering ea merafo ea crypto, haholo-holo linaheng tse kang Texas, North Dakota le Georgia. Mabatooa ana a fana ka limmaraka tsa matla tse tlositsoeng taolong le menyetla ea ho sebelisa khase ea tlhaho e tsielehileng, e fanang ka litharollo tse baballang litšenyehelo bakeng sa ts'ebetso ea merafo.
Mohlala, Marathon Digital Holdings e qalile merero ea ho hlahisa matla ka ho sebelisa khase ea tlhaho e feteletseng ho tsoa libakeng tsa US shale, ho fokotsa ts'epo ea motlakase oa marang-rang le ho fokotsa litlamorao tsa tikoloho ka ho sebelisa khase e ka bang teng.
- El Salvador le Paraguay: Ka ho sebelisa mehloli e mengata ea matla a ka nchafatsoang, linaha tsena li ntse li hlaha e le libaka tse khahlang bakeng sa matsete a merafo a hlokomelang ESG. Ka mohlala, El Salvador e na le e ile ea rafa li-bitcoins tse ka bang 474 ho sebelisa matla a mocheso oa mocheso, e bontšang boitlamo ba mekhoa e tsitsitseng ea merafo.
Ho feta moo, El Salvador le Paraguay li kene litumellanong tsa ho sebelisana 'moho le maano a cryptocurrency le blockchain, ka sepheo sa ho ntlafatsa kenyelletso ea lichelete le boqapi ba mahlale sebakeng seo.
- Linaha tsa Bochabela bo Hare (UAE le Oman): Lichaba tse kang United Arab Emirates le Oman li sebelisa khase e ngata ea tlhaho ho matlafatsa ts'ebetso ea merafo ea crypto, 'me ka nepo li fetola sehlahisoa hore e be boleng ba moruo.
Oman, haholo-holo, e ikemiselitse ho nka karolo e kholo ea sekhahla sa lefats'e sa Bitcoin hash mahareng a 2025, ho bontsha boitlamo ba yona ba ho ba seabo se ka sehloohong lekaleng la merafo.
Sebaka sa ho Lahla:
- Kazakhstan: Hang ha e se e le setsi se hlahelletseng sa meepo ea li-crypto ka mor'a ho putlama ha China, Kazakhstan e bone ho fokotseha ka lebaka la tekanyo ea matla le mehato e thata ea taolo. Ka 2024, mmuso koala liphapanyetsano tse ngata tse seng molaong tsa li-crypto le ho bea melao e thata ho feta, e lebisang ho khitleleng ha indasteri ea merafo ka har'a meeli ea eona.
- Europe: Ntle le libaka tse kang Iceland le likarolo tsa Scandinavia, Europe e fetohile e sa rateheng haholo bakeng sa indasteri ea merafo ea crypto. Mathata a eneji a kontinenteng le kgatello e matla ho ya makaleng a sa senyeng mosi di entse hore ditshebetso tsa merafo di se ke tsa atleha moruong dibakeng tse ngata. Maemong a mang, linaha li nahanne kapa e kentse tšebetsong lithibelo mesebetsing ea merafo e sebelisang matla a matla ho baballa motlakase le ho beha liindasteri tsa bohlokoa ka pele.
Lintlafatso tsena li totobatsa sebopeho se matla sa indasteri ea merafo ea crypto, moo maano a geopolitical, tikoloho ea taolo, le maano a matla a phethang karolo ea bohlokoa ho tsebahatseng katleho le katleho ea mesebetsi ea merafo lefatšeng ka bophara.
Likhatello tsa Taolo le tsa ESG Joale li Setse Sebopeho
Ka 2025, ho latela melao ea ESG ho fetohile ho tloha boithaopong ho ea ho tlhokahalo ea motheo bakeng sa ts'ebetso ea merafo ea cryptocurrency e batlang matsete a mekhatlo, tšebelisano ea libanka, le lethathamo la 'maraka oa sechaba.
- Ka Hlakubele 2025, Lekala la SEC la Lichelete la Koporasi le ile la hlakisa hore mesebetsi ea merafo ea PoW e oela o.ka ntle ho sebaka sa melao ea federal securities, ho fana ka tlhaloso e itseng ea taolo bakeng sa basebetsi ba morafong.
- FATF e tswelapele ho beha leihlo basebetsi ba merafong ba baholo, e totobatsang boikamahanyo le maemo a matjhaba a kgahlanong le tshebediso ya tjhelete (AML) le ditekanyetso tsa ditjhelete tsa kgahlanong le bokhukhuni (CTF).
- Mekhatlo ea tikoloho ea lehae e tiisa melaoana e thata, e hlokang hore basebetsi ba morafong ba khomarele mekhoa ea ts'ebetso le ho fokotsa mehato ea carbon.
- Lik'hamphani tsa merafo tse rekisetsoang phatlalatsa joale li kopanya litlaleho tsa ESG litšenolong tsa bona tsa meputso ea kotara.
- The Internal Revenue Service (IRS) le eona e tsebisitse Litlamo tse felletseng tsa tlaleho ea lekhetho bakeng sa thepa ea dijithale. Balefi ba lekhetho ba tlameha ho tlaleha litšebelisano tsohle tsa thepa ea dijithale, ho kenyeletsoa le li-cryptocurrensets tse iqapetsoeng, ho netefatsa ts'ebetso le ponaletso.
Sena se bolela hore ho fihlella sekala ha ho sa lekana. Basebelisi ba tlameha ho fihlela litekanyetso tse thata tsa ts'ebetso le ho bonts'a ts'ebeliso ea mehloli e hloekileng ea matla ho thusa mesebetsi ea katoloso le ho kopanya le ho fumana (M&A).
Mining-as-a-Service le Hashrate Financialization
E le ho arabela ho feto-fetoha ha litheko tsa li-tokens le limmaraka tsa matla, lifeme tsa merafo li sebelisa maano a ho thibela le ho hlahloba lichelete tsa hashrate ho tsitsisa meputso.
Li-platform tse kang Luxor li kentse bokamoso bo hashrate, ho nolofalletsa basebetsi ba merafong ho thibela ho eketseha ha mathata nakong e tlang kapa ho theoha ha litheko tsa matšoao. Lisebelisoa tsena li sebetsa ka mokhoa o ts'oanang le lihlahisoa tsa khale tsa thepa, li fana ka litefiso tsa chelete ho latela boleng ba hashrate.
Lik'hamphani tse kang Blockstream li ekelitse litšebeletso tsa bona tsa merafo, li fana ka litharollo tsa ho amohela batho ba maemo a holimo le lihlahisoa tsa lichelete tse tšehetsoeng ke Bitcoin ea merafo. Chelete ea morao-rao ea Blockstream e ikemiselitse ho potlakisa ho ho amoheloa ha theknoloji ea layer-2 le ho ntlafatsa mesebetsi ea eona ea merafo.
Lifeme tse ling li boetse li fapanyetsana lipotefolio tsa tsona ka ho kopanya meepo ea Bitcoin le Ethereum staking, ho theha "lisebelisoa tsa tlhahiso ea thepa ea digital". Ka mohlala, Bit Digital, e tlaleha ho boloka ho feta 21,000 ETH ho liprothokholo tsa staking, ho fumana chelete e ngata. 3.6% tlhahiso ea selemo le selemo ho tloha ka Pherekhong 2025.
Mathata a ka Sehloohong a Indasteri ea Meepo ea Crypto
- Keketseho ea Bothata ba Merafo le Khatello ea Phaello ka mor'a Halving
Ketsahalo ea halofo ea Bitcoin ka la 20 Mmesa, 2024, e fokolitse meputso ea boloko ho tloha ho 6.25 BTC ho ea ho 3.125 BTC, ka katleho e fokotsa mohloli oa lekeno oa mantlha oa basebetsi ba merafong. Phokotso ena, hammoho le ho phahama ho hoholo ha bothata ba merafo-hajoale e leng 113.76 trillion ho block 890,637-e ekelitse tlholisano le ho pepeta menyetla ea phaello, haholo-holo bakeng sa basebetsi ba merafong ba boholo bo bohareng ba sebetsang ntle le melemo e mengata ea litšenyehelo tsa matla.
- Likhatiso tsa Grid le Kopanyo ea Karabelo ea Tlhokahalo
Libaka tse nang le ts'ebetso e phahameng ea merafo, joalo ka Texas, li ntse li fokotseha ka lebaka la tlhokahalo e ntseng e eketseha ea motlakase ho tsoa litsing tsa data le litsing tsa indasteri ea meepo ea crypto. Lekhotla la Ts'epo ea Motlakase la Texas (ERCOT) le bolela esale pele ho phahama ho hoholo ha tlhokahalo ea motlakase, e leng se bakang matšoenyeho mabapi le ts'epahalo ea marang-rang. E le ho arabela, basebetsi ba merafong ba sebelisa mekhoa ea ho arabela tlhokahalo, ho fetola tšebeliso ea bona ea matla nakong ea nako ea tlhōrō ho tšehetsa botsitso ba marang-rang le ho fokotsa litšenyehelo tsa ts'ebetso.
- ASIC Hardware Supply Chain Centralization
Sebaka sa tlhahiso ea ASIC se ntse se laoloa ke libapali tse 'maloa tsa bohlokoa, haholo Bitmain, MicroBT le Kanana. Khatiso ena e baka likotsi tse amanang le tšitiso ea phepelo le tsitsipano ea lipolotiki. Liketsahalo tsa morao-rao, tse kang ho nkoa ha thepa ea merafo ea Bitmain ke US Customs le Border Protection ka lebaka la litaba tsa ho lumellana le taolo, li totobatsa bofokoli bo amanang le setsi sena.
Ke Eng e Latelang ho Cryto Mining?
Lekala la merafo ka 2025 le fetohile indasteri ea profeshenale, e laoloang, le e sebelisang chelete e ngata. Litšitiso tsa ho kena li phahame, ho hatisa tlhokahalo ea hore basebetsi ba tsepamise maikutlo ho sebetsa hantle, ho latela molao, le ho tšoarella.
Bakeng sa litsi tsa lichelete, lik'hamphani tsa matla, le batseteli ba litšebeletso tsa motheo, meepo e ntse e nkoa e le sesebelisoa sa bohlokoa sa lisebelisoa tsa marang-rang le lits'ebetso tsa lichelete tsa lefats'e.
Potso ea bohlokoa ha joale ha e mabapi le ho tšoarella ha merafo ka boeona, empa e mabapi le ho tseba hore na ke mekhatlo efe e boemong bo botle ba ho rafa ka mokhoa o tsitsitseng, o nang le phaello, le ho latela melaoana e ntseng e tsoela pele.
ChainUp balekane le litsi ho fana ka litharollo tsa maemo a khoebo ho pholletsa le staking, litlamong le meaho ea blockchain. Ikopanye le rona ho bona hore na re ka u thusa joang ho aha lits'ebetso tsa crypto tsa moloko o latelang.
