<p>Khai th&aacute;c Bitcoin &#273;&atilde; v&#432;&#7907;t qua m&#7897;t c&#7897;t m&#7889;c l&#7883;ch s&#7917; v&agrave;o cu&#7889;i n&#259;m 2025. Theo b&aacute;o c&aacute;o m&#7899;i nh&#7845;t t&#7915; GoMining, m&#7841;ng l&#432;&#7899;i &#273;&atilde; b&#432;&#7899;c v&agrave;o k&#7927; nguy&ecirc;n zetahash khi c&ocirc;ng su&#7845;t t&iacute;nh to&aacute;n v&#432;&#7907;t m&#7889;c 1 zetahash m&#7895;i gi&acirc;y.</p>
<p>Tuy nhi&ecirc;n, d&ugrave; hashrate t&#259;ng l&ecirc;n m&#7913;c k&#7927; l&#7909;c, l&#7907;i nhu&#7853;n c&#7911;a th&#7907; &#273;&agrave;o l&#7841;i &#273;i xu&#7889;ng. Ng&agrave;nh khai th&aacute;c Bitcoin gi&#7901; &#273;&acirc;y l&#7899;n h&#417;n, c&ocirc;ng nghi&#7879;p h&oacute;a nhi&#7873;u h&#417;n &mdash; nh&#432;ng c&#361;ng &#273;&#7889;i m&#7863;t v&#7899;i r&#7911;i ro gi&aacute; m&#7841;nh h&#417;n b&#7845;t c&#7913; th&#7901;i &#273;i&#7875;m n&agrave;o trong chu k&#7923; n&agrave;y.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-hashrate-reaches-record-highs-as-mining-scales-up">Hashrate &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c khi ho&#7841;t &#273;&#7897;ng &#273;&agrave;o m&#7903; r&#7897;ng quy m&ocirc;</h2>

<p>B&aacute;o c&aacute;o <a href="https://institutional.gomining.com/docs/institutional-gomining_q4-2025-report.pdf" target="_blank" rel="noreferrer noopener nofollow">n&agrave;y</a> cho th&#7845;y m&#7841;ng l&#432;&#7899;i Bitcoin &#273;&atilde; duy tr&igrave; h&#417;n 1 ZH/s trung b&igrave;nh trong b&#7843;y ng&agrave;y, &#273;&aacute;nh d&#7845;u m&#7897;t s&#7921; thay &#273;&#7893;i c&#7845;u tr&uacute;c ch&#7913; kh&ocirc;ng ch&#7881; l&agrave; bi&#7871;n &#273;&#7897;ng t&#7841;m th&#7901;i.</p>
<p>S&#7921; t&#259;ng tr&#432;&#7903;ng n&agrave;y xu&#7845;t ph&aacute;t t&#7915; vi&#7879;c n&acirc;ng c&#7845;p m&#7841;nh m&#7869; ph&#7847;n c&#7913;ng, x&acirc;y d&#7921;ng nhi&#7873;u trung t&acirc;m d&#7919; li&#7879;u m&#7899;i v&agrave; m&#7903; r&#7897;ng quy m&ocirc; c&ocirc;ng nghi&#7879;p. <a href="https://vn.beincrypto.com/bitcoin-mining-crisis-us-crypto-news/" target="_blank" rel="noreferrer noopener">Ho&#7841;t &#273;&#7897;ng khai th&aacute;c</a> kh&ocirc;ng c&ograve;n do c&aacute;c &#273;&#417;n v&#7883; nh&#7887; l&#7867; l&#7845;n &aacute;t n&#7919;a, m&agrave; gi&#7901; &#273;&acirc;y &#273;&atilde; gi&#7889;ng nh&#432; m&#7897;t ng&agrave;nh h&#7841; t&#7847;ng n&#259;ng l&#432;&#7907;ng th&#7921;c th&#7909;.</p>
<p>V&igrave; v&#7853;y, cu&#7897;c c&#7841;nh tranh &#273;&#7875; gi&agrave;nh ph&#7847;n th&#432;&#7903;ng t&#7915; block ng&agrave;y c&agrave;ng gay g&#7855;t h&#417;n.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/drcvVxs3nnFW8GlHgD5JFeYjHfM=/smart/179f6e2a14c446eea681f67486537e62" alt="T&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng hashrate h&agrave;ng n&#259;m c&#7911;a m&#7841;ng l&#432;&#7899;i Bitcoin" class="wp-image-799201">T&#259;ng tr&#432;&#7903;ng hashrate h&agrave;ng n&#259;m c&#7911;a m&#7841;ng l&#432;&#7899;i. Ngu&#7891;n: GoMining

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-revenue-per-miner-falls-despite-network-growth">Doanh thu m&#7895;i th&#7907; &#273;&agrave;o gi&#7843;m d&ugrave; m&#7841;ng l&#432;&#7899;i ph&aacute;t tri&#7875;n</h2>

<p>D&ugrave; hashrate t&#259;ng m&#7841;nh, doanh thu tr&ecirc;n m&#7895;i &#273;&#417;n v&#7883; t&iacute;nh to&aacute;n l&#7841;i gi&#7843;m v&#7873; m&#7913;c c&#7921;c k&#7923; th&#7845;p trong l&#7883;ch s&#7917;.</p>
<p>B&aacute;o c&aacute;o nh&#7845;n m&#7841;nh thu nh&#7853;p c&#7911;a th&#7907; &#273;&agrave;o ng&agrave;y c&agrave;ng ph&#7909; thu&#7897;c v&agrave;o <a href="https://vn.beincrypto.com/how-low-will-bitcoin-price-drop-this-cycle/" target="_blank" rel="noreferrer noopener">gi&aacute; Bitcoin</a> v&agrave; &#273;&#7897; kh&oacute; khai th&aacute;c. Nh&#7919;ng y&#7871;u t&#7889; h&#7895; tr&#7907; tr&#432;&#7899;c &#273;&acirc;y nh&#432; ph&iacute; giao d&#7883;ch t&#259;ng v&#7885;t hay ph&#7847;n th&#432;&#7903;ng kh&#7889;i cao gi&#7901; kh&ocirc;ng c&ograve;n n&#7919;a, khi&#7871;n bi&ecirc;n l&#7907;i nhu&#7853;n c&#7911;a th&#7907; &#273;&agrave;o b&#7883; thu h&#7865;p.</p>
<p>&#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; th&#7907; &#273;&agrave;o gi&#7901; ph&#7843;i ho&#7841;t &#273;&#7897;ng v&#7899;i m&#7913;c l&#7907;i nhu&#7853;n m&#7887;ng, d&ugrave; ph&#7843;i &#273;&#7847;u t&#432; th&ecirc;m nhi&#7873;u v&#7889;n v&agrave; ti&ecirc;u th&#7909; &#273;i&#7879;n l&#7899;n h&#417;n.</p>
<p>Theo GoMining, t&aacute;c &#273;&#7897;ng n&agrave;y th&#7875; hi&#7879;n r&otilde; &#7903; mempool. L&#7847;n &#273;&#7847;u ti&ecirc;n k&#7875; t&#7915; th&aacute;ng 04/2023, mempool Bitcoin &#273;&atilde; &#273;&#432;&#7907;c gi&#7843;i ph&oacute;ng ho&agrave;n to&agrave;n nhi&#7873;u l&#7847;n trong n&#259;m 2025.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/-QsQVyfCV5Jhm_2qFfzDJYmfEdY=/smart/fc419fdfa4244d838851a358e42f1a29" alt="Mempool &#273;&#432;&#7907;c x&oacute;a s&#7841;ch nhi&#7873;u l&#7847;n trong n&#259;m 2025" class="wp-image-799199" style="width:1021px;height:auto">Mempool &#273;&#432;&#7907;c x&oacute;a s&#7841;ch nhi&#7873;u l&#7847;n trong n&#259;m 2025. Ngu&#7891;n: <a href="https://mempool.space/graphs/mempool#1y" target="_blank" rel="noreferrer noopener nofollow">Mempool.space</a>

<p>&#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; <a href="https://vn.beincrypto.com/bitcoin-price-microstrategy-fair-value-accounting/" target="_blank" rel="noreferrer noopener">m&#7841;ng l&#432;&#7899;i Bitcoin</a> tr&#7903; n&ecirc;n y&ecirc;n t&#297;nh &#273;&#7871;n m&#7913;c giao d&#7883;ch &#273;&#432;&#7907;c x&#7917; l&yacute; ngay l&#7853;p t&#7913;c, k&#7875; c&#7843; khi m&#7913;c ph&iacute; th&#7845;p nh&#7845;t.</p>
<p>K&#7871;t qu&#7843; l&agrave; th&#7907; &#273;&agrave;o g&#7847;n nh&#432; kh&ocirc;ng ki&#7871;m &#273;&#432;&#7907;c g&igrave; t&#7915; ph&iacute; giao d&#7883;ch, bu&#7897;c ph&#7843;i tr&ocirc;ng ch&#7901; ch&#7911; y&#7871;u v&agrave;o gi&aacute; Bitcoin v&agrave; ph&#7847;n th&#432;&#7903;ng kh&#7889;i &#273;&#7875; duy tr&igrave; doanh thu.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-transaction-fees-offer-little-relief-after-the-halving">Ph&iacute; giao d&#7883;ch kh&ocirc;ng mang l&#7841;i nhi&#7873;u c&#7843;i thi&#7879;n sau s&#7921; ki&#7879;n halving</h2>

<p>Di&#7877;n bi&#7871;n sau khi halving c&agrave;ng l&agrave;m &aacute;p l&#7921;c th&ecirc;m n&#7863;ng n&#7873;.</p>
<p>Khi ph&#7847;n th&#432;&#7903;ng kh&#7889;i gi&#7843;m c&ograve;n 3.125 BTC, ph&iacute; giao d&#7883;ch kh&ocirc;ng &#273;&#7911; b&ugrave; &#273;&#7855;p ph&#7847;n doanh thu b&#7883; m&#7845;t. B&aacute;o c&aacute;o ch&#7881; ra r&#7857;ng ph&iacute; ch&#7881; chi&#7871;m ch&#432;a &#273;&#7871;n 1% t&#7893;ng ph&#7847;n th&#432;&#7903;ng kh&#7889;i trong ph&#7847;n l&#7899;n n&#259;m 2025.</p>
<p>V&igrave; v&#7853;y, t&igrave;nh h&igrave;nh t&agrave;i ch&iacute;nh c&#7911;a th&#7907; &#273;&agrave;o ho&agrave;n to&agrave;n ph&#7909; thu&#7897;c v&agrave;o bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin, h&#7847;u nh&#432; kh&ocirc;ng c&ograve;n y&#7871;u t&#7889; &#7893;n &#273;&#7883;nh n&#7897;i t&#7841;i n&agrave;o.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/fc8g8wirGPe_GhC_8WBzw-OC7eU=/smart/b732fcd721064be0a112f7e0b27d63c8" alt="Trong n&#259;m 2025, ph&iacute; giao d&#7883;ch chi&#7871;m ch&#432;a &#273;&#7871;n 1% t&#7893;ng ph&#7847;n th&#432;&#7903;ng block" class="wp-image-799202">Trong su&#7889;t n&#259;m 2025, ph&iacute; giao d&#7883;ch chi&#7871;m ch&#432;a &#273;&#7871;n 1% t&#7893;ng ph&#7847;n th&#432;&#7903;ng block. Ngu&#7891;n: GoMining

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-hashprice-hits-lows-as-margins-stay-under-pressure">Hashprice ch&#7841;m &#273;&aacute;y khi bi&ecirc;n l&#7907;i nhu&#7853;n ti&#7871;p t&#7909;c ch&#7883;u &aacute;p l&#7921;c</h2>

<p>S&#7913;c &eacute;p n&agrave;y th&#7875; hi&#7879;n r&otilde; qua hashprice &mdash; t&#7913;c doanh thu m&#7895;i ng&agrave;y tr&ecirc;n m&#7895;i &#273;&#417;n v&#7883; hashrate.</p>
<p>Theo b&aacute;o c&aacute;o, hashprice &#273;&atilde; gi&#7843;m xu&#7889;ng m&#7913;c th&#7845;p k&#7927; l&#7909;c, ch&#7881; c&ograve;n kho&#7843;ng 35 USD m&#7895;i PH m&#7895;i ng&agrave;y v&agrave;o th&aacute;ng 11 v&agrave; ti&#7871;p t&#7909;c &#7843;m &#273;&#7841;m cho &#273;&#7871;n cu&#7889;i n&#259;m. K&#7871;t th&uacute;c qu&yacute;, con s&#7889; n&agrave;y ch&#7881; kho&#7843;ng 38 USD, th&#7845;p h&#417;n nhi&#7873;u so v&#7899;i m&#7913;c trung b&igrave;nh l&#7883;ch s&#7917;.</p>
<p>B&#7903;i v&#7853;y, c&aacute;c th&#7907; &#273;&agrave;o g&#7847;n nh&#432; kh&ocirc;ng c&oacute; nhi&#7873;u &ldquo;kh&ocirc;ng gian&rdquo; &#273;&#7875; m&#7855;c l&#7895;i trong v&#7853;n h&agrave;nh.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/tKOyWxhCt9-nds7R22pQGjaMRYw=/smart/e016b27b4cb745e09619db4a1fd06fac" alt="Hashprice Bitcoin ti&#7871;p t&#7909;c gi&#7843;m trong n&#259;m v&#7915;a r&#7891;i" class="wp-image-799203">Hashprice Bitcoin ti&#7871;p t&#7909;c gi&#7843;m trong n&#259;m v&#7915;a qua. Ngu&#7891;n: GoMining

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-shutdown-prices-turn-price-levels-into-economic-triggers">Gi&aacute; shutdown bi&#7871;n c&aacute;c m&#7913;c gi&aacute; th&agrave;nh c&aacute;c y&#7871;u t&#7889; k&iacute;ch ho&#7841;t kinh t&#7871;</h2>

<p>Nh&#7919;ng ph&aacute;t hi&#7879;n n&agrave;y ho&agrave;n to&agrave;n tr&ugrave;ng kh&#7899;p v&#7899;i d&#7919; li&#7879;u m&#7899;i nh&#7845;t v&#7873; <a href="https://vn.beincrypto.com/bitcoin-miners-shutdown-risk-price-crash/" target="_blank" rel="noreferrer noopener">gi&aacute; t&#7855;t m&aacute;y c&#7911;a th&#7907; &#273;&agrave;o</a>.</p>
<p>V&#7899;i &#273;&#7897; kh&oacute; hi&#7879;n t&#7841;i v&agrave; gi&aacute; ti&#7873;n &#273;i&#7879;n v&agrave;o kho&#7843;ng 0.08 USD m&#7895;i kWh, c&aacute;c m&aacute;y &#273;&agrave;o d&ograve;ng S21-series &ndash; lo&#7841;i ph&#7893; bi&#7871;n nh&#7845;t hi&#7879;n nay &ndash; ch&#7881; h&ograve;a v&#7889;n khi gi&aacute; BTC t&#7915; 69,000 USD &#273;&#7871;n 74,000 USD. N&#7871;u th&#7845;p h&#417;n m&#7913;c n&agrave;y, nhi&#7873;u c&#417; s&#7903; khai th&aacute;c s&#7869; kh&ocirc;ng c&ograve;n l&atilde;i v&#7853;n h&agrave;nh.</p>
<p>C&aacute;c m&aacute;y th&#7871; h&#7879; m&#7899;i, hi&#7879;u su&#7845;t cao v&#7851;n c&oacute; th&#7875; duy tr&igrave; ho&#7841;t &#273;&#7897;ng ngay c&#7843; khi gi&aacute; Bitcoin th&#7845;p, nh&#432;ng nh&#7919;ng th&#7907; &#273;&agrave;o v&#7899;i m&aacute;y t&#7847;m trung &#273;ang ch&#7883;u s&#7913;c &eacute;p c&#7921;c l&#7899;n ngay l&#7853;p t&#7913;c.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/nmCO4EaZITuMz_QlfiY5V7wDRjo=/smart/94da4bca789243aea3e086616e331a3d" alt="H&#7847;u h&#7871;t c&aacute;c th&#7907; &#273;&agrave;o Bitcoin c&oacute; m&#7913;c gi&aacute; t&#7855;t m&aacute;y d&#432;&#7899;i 70,000 USD" class="wp-image-799200">H&#7847;u h&#7871;t c&aacute;c th&#7907; &#273;&agrave;o Bitcoin c&oacute; m&#7913;c gi&aacute; t&#7855;t m&aacute;y d&#432;&#7899;i 70,000 USD. Ngu&#7891;n: <a href="https://www.antpool.com/minerIncomeRank" target="_blank" rel="noreferrer noopener nofollow">Antpool</a>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-this-matters-for-bitcoin-price-now">T&#7841;i sao &#273;i&#7873;u n&agrave;y quan tr&#7885;ng v&#7899;i gi&aacute; Bitcoin hi&#7879;n t&#7841;i</h2>

<p>&#272;i&#7873;u n&agrave;y kh&ocirc;ng t&#7841;o ra m&#7897;t m&#7913;c gi&aacute; s&agrave;n cho th&#7883; tr&#432;&#7901;ng. Th&#7883; tr&#432;&#7901;ng v&#7851;n c&oacute; th&#7875; giao d&#7883;ch d&#432;&#7899;i m&#7913;c h&ograve;a v&#7889;n c&#7911;a vi&#7879;c &#273;&agrave;o Bitcoin.</p>
<p>Tuy nhi&ecirc;n, n&oacute; t&#7841;o ra m&#7897;t ng&#432;&#7905;ng t&acirc;m l&yacute; quan tr&#7885;ng. N&#7871;u gi&aacute; Bitcoin duy tr&igrave; d&#432;&#7899;i c&aacute;c m&#7913;c t&#7855;t m&aacute;y quan tr&#7885;ng, nh&#7919;ng th&#7907; &#273;&agrave;o y&#7871;u h&#417;n c&oacute; th&#7875; ph&#7843;i b&aacute;n l&#432;&#7907;ng d&#7921; tr&#7919;, t&#7855;t m&aacute;y &#273;&agrave;o ho&#7863;c gi&#7843;m quy m&ocirc; ho&#7841;t &#273;&#7897;ng.</p>
<p>Trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng &#273;ang thi&#7871;u thanh kho&#7843;n, nh&#7919;ng &#273;&#7897;ng th&aacute;i n&agrave;y c&oacute; th&#7875; khi&#7871;n bi&#7871;n &#273;&#7897;ng gi&aacute; tr&#7903; n&ecirc;n m&#7841;nh h&#417;n.</p>
<p>Ng&agrave;nh &#273;&agrave;o Bitcoin hi&#7879;n nay ng&agrave;y c&agrave;ng ph&aacute;t tri&#7875;n v&agrave; mang t&iacute;nh c&ocirc;ng nghi&#7879;p h&#417;n. Tuy nhi&ecirc;n, quy m&ocirc; l&#7899;n c&#361;ng &#273;i k&egrave;m v&#7899;i &#273;&#7897; nh&#7841;y cao. Khi hashrate t&#259;ng c&ograve;n ph&iacute; giao d&#7883;ch gi&#7843;m, gi&aacute; l&#7841;i c&agrave;ng &#273;&oacute;ng vai tr&ograve; quan tr&#7885;ng h&#417;n &#273;&#7889;i v&#7899;i s&#7921; &#7893;n &#273;&#7883;nh c&#7911;a c&aacute;c th&#7907; &#273;&agrave;o.</p>
<p>V&igrave; th&#7871;, nh&#7919;ng m&#7889;c gi&aacute; nh&#432; 70,000 USD c&oacute; &yacute; ngh&#297;a v&#7873; m&#7863;t kinh t&#7871; &mdash; kh&ocirc;ng ph&#7843;i v&igrave; bi&#7875;u &#273;&#7891; k&#7929; thu&#7853;t ch&#7881; ra, m&agrave; b&#7903;i chi ph&iacute; v&#7853;n h&agrave;nh c&#7911;a c&#7843; m&#7841;ng l&#432;&#7899;i quy&#7871;t &#273;&#7883;nh &#273;i&#7873;u &#273;&oacute;.</p>


Khai thác Bitcoin bước vào kỷ nguyên Zetahash khi lợi nhuận bị thu hẹp

<p>Khai th&aacute;c Bitcoin &#273;&atilde; v&#432;&#7907;t qua m&#7897;t c&#7897;t m&#7889;c l&#7883;ch s&#7917; v&agrave;o cu&#7889;i n&#259;m 2025. Theo b&aacute;o c&aacute;o m&#7899;i nh&#7845;t t&#7915; GoMining, m&#7841;ng l&#432;&#7899;i &#273;&atilde; b&#432;&#7899;c v&agrave;o k&#7927; nguy&ecirc;n zetahash khi c&ocirc;ng su&#7845;t t&iacute;nh to&aacute;n v&#432;&#7907;t m&#7889;c 1 zetahash m&#7895;i gi&acirc;y.</p>
<p>Tuy nhi&ecirc;n, d&ugrave; hashrate t&#259;ng l&ecirc;n m&#7913;c k&#7927; l&#7909;c, l&#7907;i nhu&#7853;n c&#7911;a th&#7907; &#273;&agrave;o l&#7841;i &#273;i xu&#7889;ng. Ng&agrave;nh khai th&aacute;c Bitcoin gi&#7901; &#273;&acirc;y l&#7899;n h&#417;n, c&ocirc;ng nghi&#7879;p h&oacute;a nhi&#7873;u h&#417;n &mdash; nh&#432;ng c&#361;ng &#273;&#7889;i m&#7863;t v&#7899;i r&#7911;i ro gi&aacute; m&#7841;nh h&#417;n b&#7845;t c&#7913; th&#7901;i &#273;i&#7875;m n&agrave;o trong chu k&#7923; n&agrave;y.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-hashrate-reaches-record-highs-as-mining-scales-up">Hashrate &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c khi ho&#7841;t &#273;&#7897;ng &#273;&agrave;o m&#7903; r&#7897;ng quy m&ocirc;</h2>

<p>B&aacute;o c&aacute;o <a href="https://institutional.gomining.com/docs/institutional-gomining_q4-2025-report.pdf" target="_blank" rel="noreferrer noopener nofollow">n&agrave;y</a> cho th&#7845;y m&#7841;ng l&#432;&#7899;i Bitcoin &#273;&atilde; duy tr&igrave; h&#417;n 1 ZH/s trung b&igrave;nh trong b&#7843;y ng&agrave;y, &#273;&aacute;nh d&#7845;u m&#7897;t s&#7921; thay &#273;&#7893;i c&#7845;u tr&uacute;c ch&#7913; kh&ocirc;ng ch&#7881; l&agrave; bi&#7871;n &#273;&#7897;ng t&#7841;m th&#7901;i.</p>
<p>S&#7921; t&#259;ng tr&#432;&#7903;ng n&agrave;y xu&#7845;t ph&aacute;t t&#7915; vi&#7879;c n&acirc;ng c&#7845;p m&#7841;nh m&#7869; ph&#7847;n c&#7913;ng, x&acirc;y d&#7921;ng nhi&#7873;u trung t&acirc;m d&#7919; li&#7879;u m&#7899;i v&agrave; m&#7903; r&#7897;ng quy m&ocirc; c&ocirc;ng nghi&#7879;p. <a href="https://vn.beincrypto.com/bitcoin-mining-crisis-us-crypto-news/" target="_blank" rel="noreferrer noopener">Ho&#7841;t &#273;&#7897;ng khai th&aacute;c</a> kh&ocirc;ng c&ograve;n do c&aacute;c &#273;&#417;n v&#7883; nh&#7887; l&#7867; l&#7845;n &aacute;t n&#7919;a, m&agrave; gi&#7901; &#273;&acirc;y &#273;&atilde; gi&#7889;ng nh&#432; m&#7897;t ng&agrave;nh h&#7841; t&#7847;ng n&#259;ng l&#432;&#7907;ng th&#7921;c th&#7909;.</p>
<p>V&igrave; v&#7853;y, cu&#7897;c c&#7841;nh tranh &#273;&#7875; gi&agrave;nh ph&#7847;n th&#432;&#7903;ng t&#7915; block ng&agrave;y c&agrave;ng gay g&#7855;t h&#417;n.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/drcvVxs3nnFW8GlHgD5JFeYjHfM=/smart/179f6e2a14c446eea681f67486537e62" alt="T&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng hashrate h&agrave;ng n&#259;m c&#7911;a m&#7841;ng l&#432;&#7899;i Bitcoin" class="wp-image-799201">T&#259;ng tr&#432;&#7903;ng hashrate h&agrave;ng n&#259;m c&#7911;a m&#7841;ng l&#432;&#7899;i. Ngu&#7891;n: GoMining

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-revenue-per-miner-falls-despite-network-growth">Doanh thu m&#7895;i th&#7907; &#273;&agrave;o gi&#7843;m d&ugrave; m&#7841;ng l&#432;&#7899;i ph&aacute;t tri&#7875;n</h2>

<p>D&ugrave; hashrate t&#259;ng m&#7841;nh, doanh thu tr&ecirc;n m&#7895;i &#273;&#417;n v&#7883; t&iacute;nh to&aacute;n l&#7841;i gi&#7843;m v&#7873; m&#7913;c c&#7921;c k&#7923; th&#7845;p trong l&#7883;ch s&#7917;.</p>
<p>B&aacute;o c&aacute;o nh&#7845;n m&#7841;nh thu nh&#7853;p c&#7911;a th&#7907; &#273;&agrave;o ng&agrave;y c&agrave;ng ph&#7909; thu&#7897;c v&agrave;o <a href="https://vn.beincrypto.com/how-low-will-bitcoin-price-drop-this-cycle/" target="_blank" rel="noreferrer noopener">gi&aacute; Bitcoin</a> v&agrave; &#273;&#7897; kh&oacute; khai th&aacute;c. Nh&#7919;ng y&#7871;u t&#7889; h&#7895; tr&#7907; tr&#432;&#7899;c &#273;&acirc;y nh&#432; ph&iacute; giao d&#7883;ch t&#259;ng v&#7885;t hay ph&#7847;n th&#432;&#7903;ng kh&#7889;i cao gi&#7901; kh&ocirc;ng c&ograve;n n&#7919;a, khi&#7871;n bi&ecirc;n l&#7907;i nhu&#7853;n c&#7911;a th&#7907; &#273;&agrave;o b&#7883; thu h&#7865;p.</p>
<p>&#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; th&#7907; &#273;&agrave;o gi&#7901; ph&#7843;i ho&#7841;t &#273;&#7897;ng v&#7899;i m&#7913;c l&#7907;i nhu&#7853;n m&#7887;ng, d&ugrave; ph&#7843;i &#273;&#7847;u t&#432; th&ecirc;m nhi&#7873;u v&#7889;n v&agrave; ti&ecirc;u th&#7909; &#273;i&#7879;n l&#7899;n h&#417;n.</p>
<p>Theo GoMining, t&aacute;c &#273;&#7897;ng n&agrave;y th&#7875; hi&#7879;n r&otilde; &#7903; mempool. L&#7847;n &#273;&#7847;u ti&ecirc;n k&#7875; t&#7915; th&aacute;ng 04/2023, mempool Bitcoin &#273;&atilde; &#273;&#432;&#7907;c gi&#7843;i ph&oacute;ng ho&agrave;n to&agrave;n nhi&#7873;u l&#7847;n trong n&#259;m 2025.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/-QsQVyfCV5Jhm_2qFfzDJYmfEdY=/smart/fc419fdfa4244d838851a358e42f1a29" alt="Mempool &#273;&#432;&#7907;c x&oacute;a s&#7841;ch nhi&#7873;u l&#7847;n trong n&#259;m 2025" class="wp-image-799199" style="width:1021px;height:auto">Mempool &#273;&#432;&#7907;c x&oacute;a s&#7841;ch nhi&#7873;u l&#7847;n trong n&#259;m 2025. Ngu&#7891;n: <a href="https://mempool.space/graphs/mempool#1y" target="_blank" rel="noreferrer noopener nofollow">Mempool.space</a>

<p>&#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; <a href="https://vn.beincrypto.com/bitcoin-price-microstrategy-fair-value-accounting/" target="_blank" rel="noreferrer noopener">m&#7841;ng l&#432;&#7899;i Bitcoin</a> tr&#7903; n&ecirc;n y&ecirc;n t&#297;nh &#273;&#7871;n m&#7913;c giao d&#7883;ch &#273;&#432;&#7907;c x&#7917; l&yacute; ngay l&#7853;p t&#7913;c, k&#7875; c&#7843; khi m&#7913;c ph&iacute; th&#7845;p nh&#7845;t.</p>
<p>K&#7871;t qu&#7843; l&agrave; th&#7907; &#273;&agrave;o g&#7847;n nh&#432; kh&ocirc;ng ki&#7871;m &#273;&#432;&#7907;c g&igrave; t&#7915; ph&iacute; giao d&#7883;ch, bu&#7897;c ph&#7843;i tr&ocirc;ng ch&#7901; ch&#7911; y&#7871;u v&agrave;o gi&aacute; Bitcoin v&agrave; ph&#7847;n th&#432;&#7903;ng kh&#7889;i &#273;&#7875; duy tr&igrave; doanh thu.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-transaction-fees-offer-little-relief-after-the-halving">Ph&iacute; giao d&#7883;ch kh&ocirc;ng mang l&#7841;i nhi&#7873;u c&#7843;i thi&#7879;n sau s&#7921; ki&#7879;n halving</h2>

<p>Di&#7877;n bi&#7871;n sau khi halving c&agrave;ng l&agrave;m &aacute;p l&#7921;c th&ecirc;m n&#7863;ng n&#7873;.</p>
<p>Khi ph&#7847;n th&#432;&#7903;ng kh&#7889;i gi&#7843;m c&ograve;n 3.125 BTC, ph&iacute; giao d&#7883;ch kh&ocirc;ng &#273;&#7911; b&ugrave; &#273;&#7855;p ph&#7847;n doanh thu b&#7883; m&#7845;t. B&aacute;o c&aacute;o ch&#7881; ra r&#7857;ng ph&iacute; ch&#7881; chi&#7871;m ch&#432;a &#273;&#7871;n 1% t&#7893;ng ph&#7847;n th&#432;&#7903;ng kh&#7889;i trong ph&#7847;n l&#7899;n n&#259;m 2025.</p>
<p>V&igrave; v&#7853;y, t&igrave;nh h&igrave;nh t&agrave;i ch&iacute;nh c&#7911;a th&#7907; &#273;&agrave;o ho&agrave;n to&agrave;n ph&#7909; thu&#7897;c v&agrave;o bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin, h&#7847;u nh&#432; kh&ocirc;ng c&ograve;n y&#7871;u t&#7889; &#7893;n &#273;&#7883;nh n&#7897;i t&#7841;i n&agrave;o.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/fc8g8wirGPe_GhC_8WBzw-OC7eU=/smart/b732fcd721064be0a112f7e0b27d63c8" alt="Trong n&#259;m 2025, ph&iacute; giao d&#7883;ch chi&#7871;m ch&#432;a &#273;&#7871;n 1% t&#7893;ng ph&#7847;n th&#432;&#7903;ng block" class="wp-image-799202">Trong su&#7889;t n&#259;m 2025, ph&iacute; giao d&#7883;ch chi&#7871;m ch&#432;a &#273;&#7871;n 1% t&#7893;ng ph&#7847;n th&#432;&#7903;ng block. Ngu&#7891;n: GoMining

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-hashprice-hits-lows-as-margins-stay-under-pressure">Hashprice ch&#7841;m &#273;&aacute;y khi bi&ecirc;n l&#7907;i nhu&#7853;n ti&#7871;p t&#7909;c ch&#7883;u &aacute;p l&#7921;c</h2>

<p>S&#7913;c &eacute;p n&agrave;y th&#7875; hi&#7879;n r&otilde; qua hashprice &mdash; t&#7913;c doanh thu m&#7895;i ng&agrave;y tr&ecirc;n m&#7895;i &#273;&#417;n v&#7883; hashrate.</p>
<p>Theo b&aacute;o c&aacute;o, hashprice &#273;&atilde; gi&#7843;m xu&#7889;ng m&#7913;c th&#7845;p k&#7927; l&#7909;c, ch&#7881; c&ograve;n kho&#7843;ng 35 USD m&#7895;i PH m&#7895;i ng&agrave;y v&agrave;o th&aacute;ng 11 v&agrave; ti&#7871;p t&#7909;c &#7843;m &#273;&#7841;m cho &#273;&#7871;n cu&#7889;i n&#259;m. K&#7871;t th&uacute;c qu&yacute;, con s&#7889; n&agrave;y ch&#7881; kho&#7843;ng 38 USD, th&#7845;p h&#417;n nhi&#7873;u so v&#7899;i m&#7913;c trung b&igrave;nh l&#7883;ch s&#7917;.</p>
<p>B&#7903;i v&#7853;y, c&aacute;c th&#7907; &#273;&agrave;o g&#7847;n nh&#432; kh&ocirc;ng c&oacute; nhi&#7873;u &ldquo;kh&ocirc;ng gian&rdquo; &#273;&#7875; m&#7855;c l&#7895;i trong v&#7853;n h&agrave;nh.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/tKOyWxhCt9-nds7R22pQGjaMRYw=/smart/e016b27b4cb745e09619db4a1fd06fac" alt="Hashprice Bitcoin ti&#7871;p t&#7909;c gi&#7843;m trong n&#259;m v&#7915;a r&#7891;i" class="wp-image-799203">Hashprice Bitcoin ti&#7871;p t&#7909;c gi&#7843;m trong n&#259;m v&#7915;a qua. Ngu&#7891;n: GoMining

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-shutdown-prices-turn-price-levels-into-economic-triggers">Gi&aacute; shutdown bi&#7871;n c&aacute;c m&#7913;c gi&aacute; th&agrave;nh c&aacute;c y&#7871;u t&#7889; k&iacute;ch ho&#7841;t kinh t&#7871;</h2>

<p>Nh&#7919;ng ph&aacute;t hi&#7879;n n&agrave;y ho&agrave;n to&agrave;n tr&ugrave;ng kh&#7899;p v&#7899;i d&#7919; li&#7879;u m&#7899;i nh&#7845;t v&#7873; <a href="https://vn.beincrypto.com/bitcoin-miners-shutdown-risk-price-crash/" target="_blank" rel="noreferrer noopener">gi&aacute; t&#7855;t m&aacute;y c&#7911;a th&#7907; &#273;&agrave;o</a>.</p>
<p>V&#7899;i &#273;&#7897; kh&oacute; hi&#7879;n t&#7841;i v&agrave; gi&aacute; ti&#7873;n &#273;i&#7879;n v&agrave;o kho&#7843;ng 0.08 USD m&#7895;i kWh, c&aacute;c m&aacute;y &#273;&agrave;o d&ograve;ng S21-series &ndash; lo&#7841;i ph&#7893; bi&#7871;n nh&#7845;t hi&#7879;n nay &ndash; ch&#7881; h&ograve;a v&#7889;n khi gi&aacute; BTC t&#7915; 69,000 USD &#273;&#7871;n 74,000 USD. N&#7871;u th&#7845;p h&#417;n m&#7913;c n&agrave;y, nhi&#7873;u c&#417; s&#7903; khai th&aacute;c s&#7869; kh&ocirc;ng c&ograve;n l&atilde;i v&#7853;n h&agrave;nh.</p>
<p>C&aacute;c m&aacute;y th&#7871; h&#7879; m&#7899;i, hi&#7879;u su&#7845;t cao v&#7851;n c&oacute; th&#7875; duy tr&igrave; ho&#7841;t &#273;&#7897;ng ngay c&#7843; khi gi&aacute; Bitcoin th&#7845;p, nh&#432;ng nh&#7919;ng th&#7907; &#273;&agrave;o v&#7899;i m&aacute;y t&#7847;m trung &#273;ang ch&#7883;u s&#7913;c &eacute;p c&#7921;c l&#7899;n ngay l&#7853;p t&#7913;c.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/nmCO4EaZITuMz_QlfiY5V7wDRjo=/smart/94da4bca789243aea3e086616e331a3d" alt="H&#7847;u h&#7871;t c&aacute;c th&#7907; &#273;&agrave;o Bitcoin c&oacute; m&#7913;c gi&aacute; t&#7855;t m&aacute;y d&#432;&#7899;i 70,000 USD" class="wp-image-799200">H&#7847;u h&#7871;t c&aacute;c th&#7907; &#273;&agrave;o Bitcoin c&oacute; m&#7913;c gi&aacute; t&#7855;t m&aacute;y d&#432;&#7899;i 70,000 USD. Ngu&#7891;n: <a href="https://www.antpool.com/minerIncomeRank" target="_blank" rel="noreferrer noopener nofollow">Antpool</a>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-this-matters-for-bitcoin-price-now">T&#7841;i sao &#273;i&#7873;u n&agrave;y quan tr&#7885;ng v&#7899;i gi&aacute; Bitcoin hi&#7879;n t&#7841;i</h2>

<p>&#272;i&#7873;u n&agrave;y kh&ocirc;ng t&#7841;o ra m&#7897;t m&#7913;c gi&aacute; s&agrave;n cho th&#7883; tr&#432;&#7901;ng. Th&#7883; tr&#432;&#7901;ng v&#7851;n c&oacute; th&#7875; giao d&#7883;ch d&#432;&#7899;i m&#7913;c h&ograve;a v&#7889;n c&#7911;a vi&#7879;c &#273;&agrave;o Bitcoin.</p>
<p>Tuy nhi&ecirc;n, n&oacute; t&#7841;o ra m&#7897;t ng&#432;&#7905;ng t&acirc;m l&yacute; quan tr&#7885;ng. N&#7871;u gi&aacute; Bitcoin duy tr&igrave; d&#432;&#7899;i c&aacute;c m&#7913;c t&#7855;t m&aacute;y quan tr&#7885;ng, nh&#7919;ng th&#7907; &#273;&agrave;o y&#7871;u h&#417;n c&oacute; th&#7875; ph&#7843;i b&aacute;n l&#432;&#7907;ng d&#7921; tr&#7919;, t&#7855;t m&aacute;y &#273;&agrave;o ho&#7863;c gi&#7843;m quy m&ocirc; ho&#7841;t &#273;&#7897;ng.</p>
<p>Trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng &#273;ang thi&#7871;u thanh kho&#7843;n, nh&#7919;ng &#273;&#7897;ng th&aacute;i n&agrave;y c&oacute; th&#7875; khi&#7871;n bi&#7871;n &#273;&#7897;ng gi&aacute; tr&#7903; n&ecirc;n m&#7841;nh h&#417;n.</p>
<p>Ng&agrave;nh &#273;&agrave;o Bitcoin hi&#7879;n nay ng&agrave;y c&agrave;ng ph&aacute;t tri&#7875;n v&agrave; mang t&iacute;nh c&ocirc;ng nghi&#7879;p h&#417;n. Tuy nhi&ecirc;n, quy m&ocirc; l&#7899;n c&#361;ng &#273;i k&egrave;m v&#7899;i &#273;&#7897; nh&#7841;y cao. Khi hashrate t&#259;ng c&ograve;n ph&iacute; giao d&#7883;ch gi&#7843;m, gi&aacute; l&#7841;i c&agrave;ng &#273;&oacute;ng vai tr&ograve; quan tr&#7885;ng h&#417;n &#273;&#7889;i v&#7899;i s&#7921; &#7893;n &#273;&#7883;nh c&#7911;a c&aacute;c th&#7907; &#273;&agrave;o.</p>
<p>V&igrave; th&#7871;, nh&#7919;ng m&#7889;c gi&aacute; nh&#432; 70,000 USD c&oacute; &yacute; ngh&#297;a v&#7873; m&#7863;t kinh t&#7871; &mdash; kh&ocirc;ng ph&#7843;i v&igrave; bi&#7875;u &#273;&#7891; k&#7929; thu&#7853;t ch&#7881; ra, m&agrave; b&#7903;i chi ph&iacute; v&#7853;n h&agrave;nh c&#7911;a c&#7843; m&#7841;ng l&#432;&#7899;i quy&#7871;t &#273;&#7883;nh &#273;i&#7873;u &#273;&oacute;.</p>
