<p>L&#7907;i nhu&#7853;n khai th&aacute;c Bitcoin gi&#7843;m m&#7841;nh &#273;&#7871;n m&#7913;c th&#7845;p k&#7927; l&#7909;c v&agrave;o cu&#7889;i n&#259;m 2025 khi t&#7927; l&#7879; b&#259;m (hash rate) gi&#7843;m xu&#7889;ng d&#432;&#7899;i 35 per petahash m&#7895;i gi&acirc;y, trong khi chi ph&iacute; s&#7843;n xu&#7845;t t&#259;ng l&ecirc;n &#273;&#7871;n 44.8 USD per petahash. &#272;i&#7873;u n&agrave;y bu&#7897;c ng&#432;&#7901;i khai th&aacute;c ph&#7843;i ho&agrave;n v&#7889;n trong h&#417;n 1,200 ng&agrave;y v&agrave; d&#7851;n &#273;&#7871;n s&#7921; thay &#273;&#7893;i l&#7899;n trong ng&agrave;nh, v&#7899;i 70% c&aacute;c c&ocirc;ng ty khai th&aacute;c h&agrave;ng &#273;&#7847;u hi&#7879;n nay ki&#7871;m doanh thu t&#7915; h&#7841; t&#7847;ng tr&iacute; tu&#7879; nh&acirc;n t&#7841;o.</p>
<p><a href="https://finance.sina.com.cn/blockchain/roll/2025-12-05/doc-infztcei0008249.shtml" target="_blank" rel="noreferrer noopener">Th&aacute;ng 11/2025</a> &#273;&aacute;nh d&#7845;u m&#7897;t b&#432;&#7899;c ngo&#7863;t cho ng&agrave;nh khai th&aacute;c Bitcoin to&agrave;n c&#7847;u. S&#7921; k&#7871;t h&#7907;p c&#7911;a l&#7907;i nhu&#7853;n thu h&#7865;p, &aacute;p l&#7921;c t&#7915; quy &#273;&#7883;nh v&agrave; c&aacute;c chi&#7871;n l&#432;&#7907;c xoay chuy&#7875;n &#273;&atilde; &#273;&#7883;nh h&igrave;nh l&#7841;i c&#7843;nh quan c&#7911;a ng&agrave;nh n&agrave;y. D&#432;&#7899;i &#273;&acirc;y l&agrave; n&#259;m xu h&#432;&#7899;ng ch&iacute;nh &#273;&atilde; &#273;&#7883;nh ngh&#297;a th&aacute;ng n&agrave;y.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-profitability-hits-historic-lows">L&#7907;i nhu&#7853;n &#273;&#7841;t m&#7913;c th&#7845;p k&#7927; l&#7909;c</h2>

<p><a href="https://hashrateindex.com/blog/hashrate-index-roundup-november-17-2025-2/" target="_blank" rel="noreferrer noopener">Hashrate m&#7841;ng</a> &#273;&atilde; t&#259;ng v&#7885;t l&ecirc;n m&#7913;c k&#7927; l&#7909;c 1.1 ZH/s v&agrave;o th&aacute;ng 10, l&agrave;m gia t&#259;ng s&#7921; c&#7841;nh tranh. Trong khi &#273;&oacute;, gi&aacute; Bitcoin gi&#7843;m xu&#7889;ng kho&#7843;ng 81,000 USD, l&agrave;m s&#7909;p &#273;&#7893; l&#7907;i nhu&#7853;n tr&ecirc;n to&agrave;n ng&agrave;nh. Th&#7901;i gian ho&agrave;n v&#7889;n c&#7911;a m&aacute;y &#273;&atilde; k&eacute;o d&agrave;i v&#432;&#7907;t qua 1,200 ng&agrave;y.</p>
<p>CEO c&#7911;a MARA, Fred Thiel &#273;&atilde; &#273;&#432;a ra c&#7843;nh b&aacute;o nghi&ecirc;m tr&#7885;ng v&#7873; t&#432;&#417;ng lai c&#7911;a ng&agrave;nh. Sau &#273;&#7907;t halving n&#259;m 2028 s&#7869; gi&#7843;m ph&#7847;n th&#432;&#7903;ng kh&#7889;i xu&#7889;ng c&ograve;n kho&#7843;ng 1.5 BTC, h&#7847;u h&#7871;t c&aacute;c m&ocirc; h&igrave;nh kinh doanh s&#7869; s&#7909;p &#273;&#7893;. Ch&#7881; nh&#7919;ng ng&#432;&#7901;i khai th&aacute;c c&oacute; truy c&#7853;p v&agrave;o n&#259;ng l&#432;&#7907;ng gi&aacute; r&#7867; ho&#7863;c xoay chuy&#7875;n th&agrave;nh c&ocirc;ng sang tr&iacute; tu&#7879; nh&acirc;n t&#7841;o m&#7899;i c&oacute; th&#7875; t&#7891;n t&#7841;i, &ocirc;ng n&oacute;i.</p>
<p>Chi ph&iacute; t&agrave;i ch&iacute;nh ti&#7871;p t&#7909;c t&#259;ng khi doanh thu khai th&aacute;c truy&#7873;n th&#7889;ng thu h&#7865;p l&#7841;i. Ngay c&#7843; c&aacute;c c&ocirc;ng ty chuy&#7875;n &#273;&#7893;i sang AI c&#361;ng ch&#432;a th&#7875; b&ugrave; &#273;&#7855;p s&#7921; s&#7909;t gi&#7843;m trong thu nh&#7853;p t&#7915; Bitcoin. &#272;i&#7873;u n&agrave;y bu&#7897;c c&aacute;c quy&#7871;t &#273;&#7883;nh chi&#7871;n l&#432;&#7907;c c&#7845;p b&aacute;ch tr&ecirc;n to&agrave;n ng&agrave;nh.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-ai-pivot-accelerates">Chuy&#7875;n h&#432;&#7899;ng AI t&#259;ng t&#7889;c</h2>

<p>B&#7843;y trong s&#7889; m&#432;&#7901;i c&ocirc;ng ty khai th&aacute;c h&agrave;ng &#273;&#7847;u hi&#7879;n nay t&#7841;o ra doanh thu t&#7915; <a href="https://vn.beincrypto.com/crypto-mining-stocks-ai-data-center-expansion/" target="_blank" rel="noreferrer noopener">tr&iacute; tu&#7879; nh&acirc;n t&#7841;o</a>. L&#7907;i nhu&#7853;n t&#7915; vi&#7879;c l&#432;u tr&#7919; AI &#273;&atilde; v&#432;&#7907;t qu&aacute; l&#7907;i nhu&#7853;n t&#7915; khai th&aacute;c truy&#7873;n th&#7889;ng kho&#7843;ng 50% m&#7895;i megawatt. S&#7921; thay &#273;&#7893;i n&agrave;y &#273;ang &#273;&#7883;nh h&igrave;nh l&#7841;i c&aacute;ch ng&agrave;nh c&ocirc;ng nh&acirc;n &#273;o l&#432;&#7901;ng th&agrave;nh c&ocirc;ng.</p>
<p>Bitfarms tuy&ecirc;n b&#7889; s&#7869; lo&#7841;i b&#7887; khai th&aacute;c Bitcoin ho&agrave;n to&agrave;n trong v&ograve;ng hai n&#259;m. C&#417; s&#7903; c&#7911;a h&#7885; t&#7841;i bang Washington s&#7869; &#273;&#432;&#7907;c chuy&#7875;n th&agrave;nh trung t&acirc;m d&#7919; li&#7879;u HPC v&agrave;o th&aacute;ng 12/2026. CEO Ben Gagnon n&oacute;i r&#7857;ng ti&#7873;m n&#259;ng l&#7907;i nhu&#7853;n c&oacute; th&#7875; v&#432;&#7907;t qua t&#7845;t c&#7843; thu nh&#7853;p khai th&aacute;c tr&#432;&#7899;c &#273;&oacute;.</p>
<p>IREN &#273;&atilde; k&yacute; h&#7907;p &#273;&#7891;ng &#273;i&#7879;n to&aacute;n &#273;&aacute;m m&acirc;y GPU tr&#7883; gi&aacute; 9.7 t&#7927; USD trong n&#259;m n&#259;m v&#7899;i Microsoft. Th&#7887;a thu&#7853;n n&agrave;y bao g&#7891;m m&#7897;t kho&#7843;n thanh to&aacute;n tr&#432;&#7899;c 20%. IREN s&#7869; tri&#7875;n khai c&aacute;c NVIDIA GB300 GPU t&#7841;i c&#417; s&#7903; c&#7911;a h&#7885; &#7903; Texas b&#7855;t &#273;&#7847;u t&#7915; n&#259;m 2026.</p>
<p>Hut 8 &#273;&atilde; b&aacute;n b&#7889;n nh&agrave; m&aacute;y &#273;i&#7879;n kh&iacute; &#273;&#7889;t t&#7921; nhi&ecirc;n c&#7911;a Canada v&#7899;i t&#7893;ng c&ocirc;ng su&#7845;t 310 MW cho TransAlta. &#272;&#7897;ng th&aacute;i n&agrave;y ph&ugrave; h&#7907;p v&#7899;i chi&#7871;n l&#432;&#7907;c chuy&#7875;n &#273;&#7893;i c&#7911;a c&ocirc;ng ty sang khai th&aacute;c Bitcoin c&#7897;ng v&#7899;i c&#417; s&#7903; h&#7841; t&#7847;ng HPC. CleanSpark nh&#7855;m &#273;&#7871;n vi&#7879;c tr&#7903; th&agrave;nh m&#7897;t n&#7873;n t&#7843;ng t&iacute;nh to&aacute;n to&agrave;n di&#7879;n ph&#7909;c v&#7909; c&#7843; AI v&agrave; BTC.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">T&aacute;i c&#7845;u tr&uacute;c v&#7889;n quy m&ocirc; l&#7899;n</h2>

<p>M&#7897;t l&agrave;n s&oacute;ng ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u chuy&#7875;n &#273;&#7893;i &#273;ang qu&eacute;t qua ng&agrave;nh c&ocirc;ng nghi&#7879;p n&agrave;y. <a href="https://www.cleanspark.com/blog/bloomberg-cleanspark-shares-surge-after-bitcoin-miner-joins-pivot-to-ai/?pid=17529" target="_blank" rel="noreferrer noopener">CleanSpark &#273;&atilde; huy &#273;&#7897;ng</a> &#273;&#432;&#7907;c 1.15 t&#7927; USD v&#7899;i l&atilde;i su&#7845;t 0%. TeraWulf &#273;&atilde; ho&agrave;n th&agrave;nh vi&#7879;c ch&agrave;o b&aacute;n v&#7899;i gi&aacute; tr&#7883; 1.025 t&#7927; USD, c&#361;ng v&#7899;i l&atilde;i su&#7845;t b&#7857;ng kh&ocirc;ng.</p>
<p>Cipher Mining ph&aacute;t h&agrave;nh 1.4 t&#7927; USD b&#7857;ng tr&aacute;i phi&#7871;u c&oacute; b&#7843;o l&atilde;nh cao c&#7845;p v&#7899;i l&#7907;i su&#7845;t 7.125%. IREN c&oacute; k&#7871; ho&#7841;ch huy &#273;&#7897;ng 2 t&#7927; USD th&ocirc;ng qua hai &#273;&#7907;t ch&agrave;o b&aacute;n tr&aacute;i phi&#7871;u chuy&#7875;n &#273;&#7893;i ri&ecirc;ng bi&#7879;t. Bitfarms &#273;&atilde; ho&agrave;n th&agrave;nh ph&aacute;t h&agrave;nh n&#7907; chuy&#7875;n &#273;&#7893;i tr&#7883; gi&aacute; 588 tri&#7879;u USD.</p>
<p>C&aacute;c cam k&#7871;t v&#7873; thi&#7871;t b&#7883; c&#361;ng r&#7845;t l&#7899;n. IREN &#273;&atilde; k&yacute; h&#7907;p &#273;&#7891;ng tr&#7883; gi&aacute; 5.8 t&#7927; USD v&#7899;i Dell &#273;&#7875; mua c&aacute;c NVIDIA GB300 GPU. Cipher m&#7903; r&#7897;ng th&#7887;a thu&#7853;n Fluidstack c&#7911;a m&igrave;nh, v&#7899;i Google cung c&#7845;p 1.73 t&#7927; USD b&#7843;o l&atilde;nh.</p>
<p>Canaan &#273;&atilde; nh&#7853;n &#273;&#7847;u t&#432; chi&#7871;n l&#432;&#7907;c tr&#7883; gi&aacute; 72 tri&#7879;u USD t&#7915; BH Digital, Galaxy Digital v&agrave; Weiss Asset Management. C&aacute;c kho&#7843;n &#273;&#7847;u t&#432; n&agrave;y s&#7869; h&#7895; tr&#7907; cho t&iacute;nh to&aacute;n hi&#7879;u su&#7845;t cao v&agrave; ph&aacute;t tri&#7875;n c&#417; s&#7903; h&#7841; t&#7847;ng n&#259;ng l&#432;&#7907;ng. C&ocirc;ng ty hy v&#7885;ng s&#7869; gi&#7843;m b&#7899;t s&#7921; pha lo&atilde;ng t&agrave;i ch&iacute;nh trong t&#432;&#417;ng lai.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">S&#7921; ph&acirc;n c&#7921;c v&#7873; quy &#273;&#7883;nh</h2>

<p>Malaysia &#273;&atilde; ph&aacute;t hi&#7879;n kho&#7843;ng <a href="https://www.binance.com/fr-AF/square/post/12-04-2025-malaysia-intensifies-crackdown-on-illegal-bitcoin-mining-activities-33238238498073" target="_blank" rel="noreferrer noopener">14,000 ho&#7841;t &#273;&#7897;ng khai th&aacute;c l&#7853;u</a> trong n&#259;m n&#259;m qua. &#272;i&#7879;n b&#7883; &#273;&aacute;nh c&#7855;p &#273;&atilde; g&acirc;y ra thi&#7879;t h&#7841;i kho&#7843;ng 1.1 t&#7927; USD cho c&ocirc;ng ty ti&#7879;n &iacute;ch nh&agrave; n&#432;&#7899;c TNB. M&#7897;t l&#7921;c l&#432;&#7907;ng &#273;&#7863;c nhi&#7879;m c&#7911;a ch&iacute;nh ph&#7911; &#273;&atilde; &#273;&#432;&#7907;c th&agrave;nh l&#7853;p v&agrave;o th&aacute;ng 11 &#273;&#7875; t&#259;ng c&#432;&#7901;ng tr&#7845;n &aacute;p.</p>
<p>Nga &#273;ang tri&#7875;n khai c&ocirc;ng ngh&#7879; AI &#273;&#7875; ch&#7889;ng l&#7841;i khai th&aacute;c tr&aacute;i ph&eacute;p. Nh&agrave; &#273;i&#7873;u h&agrave;nh l&#432;&#7899;i &#273;i&#7879;n n&#432;&#7899;c Nga Rosseti t&iacute;ch h&#7907;p ph&acirc;n t&iacute;ch AI v&agrave;o c&aacute;c &#273;&#7891;ng h&#7891; th&ocirc;ng minh &#273;&#7875; ph&aacute;t hi&#7879;n s&#7921; b&#7845;t th&#432;&#7901;ng trong ti&ecirc;u th&#7909; &#273;i&#7879;n. M&#7897;t v&#7909; b&#7855;t gi&#7919; g&#7847;n &#273;&acirc;y li&ecirc;n quan &#273;&#7871;n 1.5 tri&#7879;u USD &#273;i&#7879;n b&#7883; &#273;&aacute;nh c&#7855;p.</p>
<p>D&ugrave; v&#7853;y m&#7897;t s&#7889; ch&iacute;nh ph&#7911; &#273;ang &#7911;ng h&#7897; khai th&aacute;c. Nh&#7853;t B&#7843;n &#273;&atilde; tri&#7875;n khai d&#7921; &aacute;n &#273;&#7847;u ti&ecirc;n li&ecirc;n k&#7871;t v&#7899;i ch&iacute;nh ph&#7911; th&ocirc;ng qua m&#7897;t c&ocirc;ng ty ti&#7879;n &iacute;ch l&#7899;n trong khu v&#7921;c. Canaan s&#7869; tri&#7875;n khai thi&#7871;t b&#7883; Avalon l&agrave;m m&aacute;t b&#7857;ng n&#432;&#7899;c &#273;&#7875; c&acirc;n b&#7857;ng t&#7843;i l&#432;&#7899;i &#273;i&#7879;n tr&#432;&#7899;c cu&#7889;i n&#259;m.</p>
<p>T&#7893;ng th&#7889;ng Belarus Lukashenko tuy&ecirc;n b&#7889; khai th&aacute;c ti&#7873;n m&atilde; h&oacute;a l&agrave; &#432;u ti&ecirc;n qu&#7889;c gia &#273;&#7889;i v&#7899;i vi&#7879;c s&#7917; d&#7909;ng &#273;i&#7879;n. &Ocirc;ng g&#7907;i &yacute; r&#7857;ng ti&#7873;n m&atilde; h&oacute;a c&oacute; th&#7875; thay th&#7871; &#273;&#432;&#7907;c s&#7921; ph&#7909; thu&#7897;c v&agrave;o &#273;&#7891;ng &#273;&ocirc; la. Kho&#7843;ng 60% th&#7907; &#273;&agrave;o Nga v&#7851;n ch&#432;a &#273;&#259;ng k&yacute;, d&#7851;n &#273;&#7871;n c&aacute;c cu&#7897;c th&#7843;o lu&#7853;n v&#7873; m&#7897;t ch&#432;&#417;ng tr&igrave;nh &acirc;n x&aacute;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">T&iacute;ch l&#361;y BTC chi&#7871;n l&#432;&#7907;c</h2>

<p>C&aacute;c th&#7907; &#273;&agrave;o h&agrave;ng &#273;&#7847;u &#273;ang d&#7921; tr&#7919; Bitcoin thay v&igrave; b&aacute;n ra th&#7883; tr&#432;&#7901;ng. MARA n&#7855;m gi&#7919; 53,250 BTC tr&#7883; gi&aacute; kho&#7843;ng 5.6 t&#7927; USD. C&ocirc;ng ty n&agrave;y x&#7871;p th&#7913; hai to&agrave;n c&#7847;u v&#7873; tr&#7919; l&#432;&#7907;ng Bitcoin c&ocirc;ng khai.</p>
<p>CleanSpark b&aacute;o c&aacute;o t&#7893;ng l&#432;&#7907;ng n&#7855;m gi&#7919; l&agrave; 13,054 BTC t&iacute;nh &#273;&#7871;n ng&agrave;y 30/11. S&#7843;n l&#432;&#7907;ng h&agrave;ng th&aacute;ng &#273;&#7841;t 587 BTC ch&#7881; trong th&aacute;ng 11 &ndash; s&#7843;n l&#432;&#7907;ng khai th&aacute;c trong n&#259;m t&iacute;nh &#273;&#7871;n hi&#7879;n t&#7841;i &#273;&#7841;t t&#7893;ng c&#7897;ng 7,124 BTC.</p>
<p>Cango n&#7855;m gi&#7919; 6,412 BTC v&#7899;i cam k&#7871;t gi&#7919; l&acirc;u d&agrave;i. Bitdeer t&#259;ng l&#432;&#7907;ng d&#7921; tr&#7919; l&ecirc;n 2,233 BTC sau khi khai th&aacute;c &#273;&#432;&#7907;c 511 BTC trong th&aacute;ng 10. Canaan &#273;&#7841;t k&#7927; l&#7909;c v&#7899;i 1,610 BTC v&agrave; 3,950 ETH.</p>
<p>Chi&#7871;n l&#432;&#7907;c t&iacute;ch l&#361;y n&agrave;y th&#7875; hi&#7879;n ni&#7873;m tin v&agrave;o gi&aacute; tr&#7883; d&agrave;i h&#7841;n c&#7911;a Bitcoin. C&aacute;c th&#7907; &#273;&agrave;o &#273;ang &#273;&#7863;t c&#432;&#7907;c r&#7857;ng vi&#7879;c v&#432;&#7907;t qua &#273;&#432;&#7907;c cu&#7897;c kh&#7911;ng ho&#7843;ng l&#7907;i nhu&#7853;n hi&#7879;n t&#7841;i s&#7869; mang l&#7841;i nhi&#7873;u th&agrave;nh qu&#7843;. Nh&#7919;ng ai gi&#7919; v&#7919;ng qua giai &#273;o&#7841;n kh&oacute; kh&#259;n n&agrave;y c&oacute; th&#7875; tr&#7903; th&agrave;nh nh&#7919;ng ng&#432;&#7901;i chi&#7871;n th&#7855;ng l&#7899;n nh&#7845;t.</p>


Cuộc khủng hoảng lợi nhuận tháng 11: 70% thợ đào hàng đầu chuyển hướng sang thị trường AI 20 tỷ USD