Th&aacute;ng 10/2025, c&aacute;c c&ocirc;ng ty khai th&aacute;c Bitcoin h&agrave;ng &#273;&#7847;u tr&ecirc;n th&#7871; gi&#7899;i t&#259;ng nh&#7865; s&#7843;n l&#432;&#7907;ng, chi ph&iacute; t&#7893;ng th&#7875; v&agrave; &#273;&#7897; kh&oacute; c&#7911;a m&#7841;ng l&#432;&#7899;i &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c m&#7899;i. &#272;&#7891;ng th&#7901;i, m&#7897;t s&#7889; c&ocirc;ng ty khai th&aacute;c &#273;&atilde; b&#7855;t &#273;&#7847;u chuy&#7875;n h&#432;&#7899;ng chi&#7871;n l&#432;&#7907;c t&#7853;p trung v&agrave;o h&#7841; t&#7847;ng d&#7919; li&#7879;u li&ecirc;n quan &#273;&#7871;n AI.
&#272;&#7897;ng th&aacute;i n&agrave;y nh&#7857;m &#273;a d&#7841;ng h&oacute;a c&aacute;c ngu&#7891;n thu nh&#7853;p v&agrave; gi&#7843;m s&#7921; ph&#7909; thu&#7897;c v&agrave;o s&#7921; bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-slight-drop-in-bitcoin-production-growing-trend-of-btc-sales">S&#7843;n l&#432;&#7907;ng Bitcoin gi&#7843;m nh&#7865;, xu h&#432;&#7899;ng b&aacute;n BTC gia t&#259;ng</h2>

So v&#7899;i <a href="https://vn.beincrypto.com/bitcoin-production-in-september-softens/" target="_blank" rel="noreferrer noopener">th&aacute;ng 9</a>, t&#7893;ng s&#7843;n l&#432;&#7907;ng khai th&aacute;c <a href="https://beincrypto.com/learn/what-is-bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> (BTC) gi&#7843;m nh&#7865;, ch&#7911; y&#7871;u do&nbsp;<a href="https://vn.beincrypto.com/bitcoin-miners-hit-record-difficulty/" target="_blank" rel="noopener">&#273;&#7897; kh&oacute; khai th&aacute;c cao h&#417;n</a>&nbsp;v&agrave; ngu&#7891;n cung &#273;i&#7879;n kh&ocirc;ng &#7893;n &#273;&#7883;nh t&#7841;i m&#7897;t s&#7889; khu v&#7921;c &#7903; B&#7855;c M&#7929;.
C&#7909; th&#7875;, Cango Inc. <a href="https://www.prnewswire.com/news-releases/cango-inc-announces-october-2025-bitcoin-production-and-mining-operations-update-302602312.html" target="_blank" rel="noreferrer noopener nofollow">khai th&aacute;c</a> kho&#7843;ng 602.6 BTC trong th&aacute;ng 10, n&acirc;ng t&#7893;ng s&#7889; Bitcoin n&#7855;m gi&#7919; l&ecirc;n 6,412.6 BTC. CleanSpark <a href="https://www.prnewswire.com/news-releases/cleanspark-releases-october-2025-bitcoin-mining-update-302603874.html" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a> s&#7843;n l&#432;&#7907;ng t&#432;&#417;ng t&#7921; th&aacute;ng 9, khai th&aacute;c &#273;&#432;&#7907;c 612 BTC trong th&aacute;ng n&agrave;y.
Riot Platforms <a href="https://www.globenewswire.com/news-release/2025/11/04/3180437/0/en/Riot-Announces-October-2025-Production-and-Operations-Updates.html" target="_blank" rel="noreferrer noopener nofollow">khai th&aacute;c</a> &#273;&#432;&#7907;c 437 BTC, gi&#7843;m so v&#7899;i 445 BTC trong th&aacute;ng tr&#432;&#7899;c. T&#7893;ng l&#432;&#7907;ng Bitcoin n&#7855;m gi&#7919; c&#7911;a Riot &#273;&#7841;t 19,324 BTC, t&#259;ng 37 BTC so v&#7899;i th&aacute;ng tr&#432;&#7899;c. Tuy nhi&ecirc;n, d&#7921;a v&agrave;o s&#7843;n l&#432;&#7907;ng, d&#7919; li&#7879;u cho th&#7845;y c&ocirc;ng ty c&oacute; kh&#7843; n&#259;ng &#273;&atilde; b&aacute;n m&#7897;t ph&#7847;n Bitcoin khai th&aacute;c &#273;&#432;&#7907;c &#273;&#7875; qu&#7843;n l&yacute; d&ograve;ng ti&#7873;n.
BitFuFu <a href="https://www.globenewswire.com/news-release/2025/11/05/3181389/0/en/BitFuFu-Announces-October-2025-Bitcoin-Production-and-Operational-Updates.html" target="_blank" rel="noreferrer noopener nofollow">s&#7843;n xu&#7845;t</a> &#273;&#432;&#7907;c 253 BTC, n&acirc;ng t&#7893;ng s&#7889; n&#7855;m gi&#7919; l&ecirc;n 1,953 BTC, cho th&#7845;y kh&#7843; n&#259;ng thanh l&yacute; BTC &#273;&#7875; t&#7889;i &#432;u h&oacute;a v&#7889;n.&nbsp;
Trong s&#7889; c&aacute;c nh&agrave; khai th&aacute;c nh&#7887; h&#417;n, DMG Blockchain <a href="https://www.globenewswire.com/news-release/2025/11/04/3179991/0/en/DMG-Blockchain-Solutions-Announces-Asset-Purchase-to-Establish-its-First-US-based-Data-Center-October-Preliminary-Operational-Results.html" target="_blank" rel="noreferrer noopener nofollow">khai th&aacute;c</a> &#273;&#432;&#7907;c 23 BTC, n&acirc;ng t&#7893;ng s&#7889; n&#7855;m gi&#7919; l&ecirc;n 359 BTC, trong khi LM Funding America <a href="https://www.globenewswire.com/news-release/2025/11/05/3181384/0/en/LM-Funding-America-Announces-October-2025-Production-and-Operational-Update.html" target="_blank" rel="noreferrer noopener nofollow">duy tr&igrave;</a> m&#7913;c s&#7843;n xu&#7845;t &#7893;n &#273;&#7883;nh. D&ugrave; v&#7899;i quy m&ocirc; nh&#7887;, nh&#7919;ng th&#7921;c th&#7875; n&agrave;y v&#7851;n gi&uacute;p duy tr&igrave; s&#7921; phi t&#7853;p trung c&#7911;a Bitcoin b&#7857;ng c&aacute;ch ph&acirc;n ph&#7889;i s&#7913;c m&#7841;nh khai th&aacute;c (hashrate) to&agrave;n c&#7847;u &#273;&#7891;ng &#273;&#7873;u h&#417;n.
<img style="height:400px;width:640px;" decoding="async" alt="S&#7843;n l&#432;&#7907;ng khai th&aacute;c Bitcoin th&aacute;ng 10 c&#7911;a m&#7897;t s&#7889; c&ocirc;ng ty &#273;&#7841;i ch&uacute;ng. Ngu&#7891;n: BeInCrypto" class="wp-image-770704 lazy" loading="lazy" src="https://assets.beincrypto.com/img/K1p-5-zGKxQjegvmdTEI6DLqfAs=/smart/e9168c22423740e5ac3d9e86057659b9">S&#7843;n l&#432;&#7907;ng khai th&aacute;c Bitcoin th&aacute;ng 10 c&#7911;a m&#7897;t s&#7889; c&ocirc;ng ty &#273;&#7841;i ch&uacute;ng. Ngu&#7891;n: BeInCrypto

Marathon Digital Holdings (MARA) v&agrave; Cipher Mining ch&#432;a ti&#7871;t l&#7897; d&#7919; li&#7879;u s&#7843;n xu&#7845;t Bitcoin th&aacute;ng 10 c&#7911;a h&#7885;. Tuy nhi&ecirc;n, c&#7843; hai c&ocirc;ng ty &#273;&atilde; c&ocirc;ng b&#7889; k&#7871;t qu&#7843; t&agrave;i ch&iacute;nh qu&yacute; 3/2025 t&iacute;ch c&#7921;c, cho th&#7845;y s&#7921; b&#7873;n v&#7919;ng trong ho&#7841;t &#273;&#7897;ng m&#7863;c d&ugrave; th&aacute;ng 9 y&#7871;u h&#417;n.&nbsp;
Marathon duy tr&igrave; v&#7883; th&#7871; d&#7851;n &#273;&#7847;u ng&agrave;nh v&#7899;i l&#7907;i nhu&#7853;n k&#7927; l&#7909;c 123 tri&#7879;u USD trong qu&yacute; ba n&#259;m 2025. D&#7919; li&#7879;u tr&ecirc;n chu&#7895;i <a href="https://intel.arkm.com/explorer/entity/mara-pool" target="_blank" rel="noreferrer noopener nofollow">cho th&#7845;y</a> &#273;&#7883;a ch&#7881; khai th&aacute;c c&#7911;a MARA &#273;&atilde; chuy&#7875;n 2,348 BTC (kho&#7843;ng 236 tri&#7879;u USD) trong v&ograve;ng 12 gi&#7901;, c&oacute; kh&#7843; n&#259;ng l&agrave; &#273;&#7875; ch&#7889;t l&#7901;i sau &#273;&#7907;t t&#259;ng gi&aacute; g&#7847;n &#273;&acirc;y c&#7911;a Bitcoin.
Cipher Mining c&#361;ng <a href="https://www.globenewswire.com/news-release/2025/11/03/3179121/0/en/Cipher-Mining-Provides-Third-Quarter-2025-Business-Update.html" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a> k&#7871;t qu&#7843; qu&yacute; &#7845;n t&#432;&#7907;ng v&#7899;i doanh thu 72 tri&#7879;u USD v&agrave; <a href="https://www.bloomberg.com/news/articles/2025-11-06/cipher-prices-1-4-billion-bond-for-google-linked-data-center" target="_blank" rel="noreferrer noopener nofollow">c&ocirc;ng b&#7889;</a> ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u 1.4 t&#7927; USD &#273;&#7875; t&agrave;i tr&#7907; cho d&#7921; &aacute;n trung t&acirc;m d&#7919; li&#7879;u li&ecirc;n k&#7871;t v&#7899;i Google.&nbsp;
T&#432;&#417;ng t&#7921;, TeraWulf d&#7921; ki&#7871;n doanh thu qu&yacute; ba n&#259;m 2025 s&#7869; t&#7915; 48 tri&#7879;u USD &#273;&#7871;n 52 tri&#7879;u USD. C&ocirc;ng ty <a href="https://investors.terawulf.com/news-events/press-releases/detail/120/terawulf-reports-preliminary-third-quarter-2025-financial" target="_blank" rel="noreferrer noopener nofollow">huy &#273;&#7897;ng</a> 3.2 t&#7927; USD t&#7915; vi&#7879;c ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u b&#7843;o &#273;&#7843;m c&#7845;p cao &#273;&#7875; m&#7903; r&#7897;ng c&#417; s&#7903; h&#7841; t&#7847;ng t&#7841;i M&#7929;. Nh&#7919;ng &#273;&#7897;ng th&aacute;i t&agrave;i ch&iacute;nh quy m&ocirc; l&#7899;n n&agrave;y nh&#7845;n m&#7841;nh xu h&#432;&#7899;ng chung c&#7911;a ng&agrave;nh. C&aacute;c c&ocirc;ng ty khai th&aacute;c l&#7899;n &#273;ang t&aacute;i &#273;&#7883;nh v&#7883; m&igrave;nh nh&#432; nh&#7919;ng nh&agrave; cung c&#7845;p h&#7841; t&#7847;ng k&#7929; thu&#7853;t s&#7889;, k&#7871;t n&#7889;i khai th&aacute;c Bitcoin v&#7899;i c&aacute;c t&iacute;nh to&aacute;n hi&#7879;u su&#7845;t cao (HPC) d&#7921;a tr&ecirc;n AI.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-chi-phi-san-xuat-dat-muc-cao-ky-luc-lam-gia-tang-canh-tranh-nganh">Chi ph&iacute; s&#7843;n xu&#7845;t &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c, l&agrave;m gia t&#259;ng c&#7841;nh tranh ng&agrave;nh</h2>

Theo MacroMicro, chi ph&iacute; trung b&igrave;nh &#273;&#7875; khai th&aacute;c 1 BTC t&#259;ng l&ecirc;n 114,842 USD, &#273;&aacute;nh d&#7845;u m&#7913;c cao nh&#7845;t trong l&#7883;ch s&#7917;. Trong khi &#273;&oacute;, &#273;&#7897; kh&oacute; khai th&aacute;c Bitcoin <a href="https://www.blockchain.com/explorer/charts/difficulty" target="_blank" rel="noreferrer noopener nofollow">t&#259;ng</a> 6.31% l&ecirc;n 155.97T, &#273;&#7841;t k&#7927; l&#7909;c m&#7899;i cho m&#7841;ng l&#432;&#7899;i. V&#7899;i gi&aacute; th&#7883; tr&#432;&#7901;ng c&#7911;a Bitcoin dao &#273;&#7897;ng xung quanh 102,000 USD, kho&#7843;ng c&aacute;ch ng&agrave;y c&agrave;ng r&#7897;ng gi&#7919;a gi&aacute; tr&#7883; th&#7883; tr&#432;&#7901;ng v&agrave; chi ph&iacute; h&ograve;a v&#7889;n &#273;ang g&acirc;y &aacute;p l&#7921;c l&ecirc;n bi&ecirc;n l&#7907;i nhu&#7853;n, &#273;&#7863;c bi&#7879;t l&agrave; v&#7899;i c&aacute;c nh&agrave; khai th&aacute;c nh&#7887; h&#417;n.
<img style="height:400px;width:640px;" decoding="async" alt="Chi ph&iacute; s&#7843;n xu&#7845;t trung b&igrave;nh tr&ecirc;n m&#7895;i BTC. Ngu&#7891;n: MacroMicro" class="wp-image-770705 lazy" loading="lazy" src="https://assets.beincrypto.com/img/KPL_EkEnPHW96BRgvaj71c779zY=/smart/bd9e15824d33429d99a725ad282a727f">Chi ph&iacute; s&#7843;n xu&#7845;t trung b&igrave;nh tr&ecirc;n m&#7895;i BTC. Ngu&#7891;n: <a href="https://en.macromicro.me/series/8194/bitcoin-production-total-cost" target="_blank" rel="noreferrer noopener nofollow">MacroMicro</a>
 
&#272;&#7875; &#273;&aacute;p &#7913;ng, c&aacute;c th&#7907; m&#7887; &#273;ang b&#7883; bu&#7897;c ph&#7843;i n&acirc;ng cao hi&#7879;u su&#7845;t n&#259;ng l&#432;&#7907;ng, &#273;&#7847;u t&#432; v&agrave;o ASIC th&#7871; h&#7879; m&#7899;i v&agrave; m&#7903; r&#7897;ng ho&#7841;t &#273;&#7897;ng c&#7911;a h&#7885; &#273;&#7875; b&#7843;o v&#7879; l&#7907;i nhu&#7853;n. C&aacute;c l&atilde;nh &#273;&#7841;o ng&agrave;nh nh&#432; Cipher, TeraWulf, v&agrave; CleanSpark &#273;ang th&#7917; nghi&#7879;m v&#7899;i c&aacute;c m&ocirc; h&igrave;nh lai k&#7871;t h&#7907;p khai th&aacute;c Bitcoin v&agrave; x&#7917; l&yacute; d&#7919; li&#7879;u HPC cho c&aacute;c kh&#7889;i c&ocirc;ng vi&#7879;c AI, m&#7897;t chi&#7871;n l&#432;&#7907;c ng&agrave;y c&agrave;ng &#273;&#432;&#7907;c xem l&agrave; kh&ocirc;ng th&#7875; tr&aacute;nh kh&#7887;i tr&#432;&#7899;c &aacute;p l&#7921;c chi ph&iacute; gia t&#259;ng.
&#272;&#7891;ng th&#7901;i, <a href="https://vn.beincrypto.com/japan-state-backed-bitcoin-mining/" target="_blank" rel="noreferrer noopener">ch&iacute;nh ph&#7911;</a> v&agrave; c&aacute;c qu&#7929; &#273;&#7847;u t&#432; ch&#7911; quy&#7873;n &#273;ang b&#432;&#7899;c v&agrave;o l&#297;nh v&#7921;c khai th&aacute;c Bitcoin &#273;&#7875; t&#259;ng c&#432;&#7901;ng ki&#7875;m so&aacute;t c&aacute;c t&agrave;i s&#7843;n n&#259;ng l&#432;&#7907;ng v&agrave; d&#7919; li&#7879;u chi&#7871;n l&#432;&#7907;c. S&#7921; &ldquo;qu&#7889;c h&#7919;u h&oacute;a&rdquo; ng&agrave;y c&agrave;ng t&#259;ng n&agrave;y c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh l&#7841;i c&#417; c&#7845;u quy&#7873;n l&#7921;c to&agrave;n c&#7847;u, khi m&#7897;t s&#7889; qu&#7889;c gia t&#7853;n d&#7909;ng t&agrave;i nguy&ecirc;n n&#259;ng l&#432;&#7907;ng d&#432; th&#7915;a &#273;&#7875; khai th&aacute;c Bitcoin hi&#7879;u qu&#7843; h&#417;n, t&#7915; &#273;&oacute; gi&#7843;m s&#7921; ph&#7909; thu&#7897;c v&agrave;o c&aacute;c nh&agrave; &#273;i&#7873;u h&agrave;nh t&#432; nh&acirc;n.
Th&aacute;ng 10/2025 &#273;&aacute;nh d&#7845;u s&#7921; kh&#7903;i &#273;&#7847;u c&#7911;a s&#7921; chuy&#7875;n &#273;&#7893;i c&#417; c&#7845;u s&acirc;u s&#7855;c trong ng&agrave;nh c&ocirc;ng nghi&#7879;p khai th&aacute;c Bitcoin. Ch&#7881; c&oacute; nh&#7919;ng c&ocirc;ng ty c&oacute; kh&#7843; n&#259;ng c&ocirc;ng ngh&#7879; m&#7841;nh m&#7869;, s&#7921; &#7893;n &#273;&#7883;nh t&agrave;i ch&iacute;nh v&agrave; t&#7847;m nh&igrave;n d&agrave;i h&#7841;n m&#7899;i c&oacute; kh&#7843; n&#259;ng t&#7891;n t&#7841;i.
Khi chi ph&iacute; n&#259;ng l&#432;&#7907;ng v&agrave; &#273;&#7897; kh&oacute; khai th&aacute;c ti&#7871;p t&#7909;c t&#259;ng, n&#259;m 2026 c&oacute; th&#7875; ch&#7913;ng ki&#7871;n l&agrave;n s&oacute;ng s&aacute;p nh&#7853;p v&agrave; h&#7907;p nh&#7845;t l&#7899;n nh&#7845;t trong l&#7883;ch s&#7917; ng&agrave;nh, m&#7903; &#273;&#432;&#7901;ng cho m&#7897;t m&ocirc; h&igrave;nh lai to&agrave;n c&#7847;u k&#7871;t h&#7907;p khai th&aacute;c Bitcoin v&#7899;i t&iacute;nh to&aacute;n d&#7919; li&#7879;u AI.

Khai thác BTC tháng 10: Chi phí cao, biên lợi nhuận chặt chẽ và sự chuyển đổi của AI

Th&aacute;ng 10/2025, c&aacute;c c&ocirc;ng ty khai th&aacute;c Bitcoin h&agrave;ng &#273;&#7847;u tr&ecirc;n th&#7871; gi&#7899;i t&#259;ng nh&#7865; s&#7843;n l&#432;&#7907;ng, chi ph&iacute; t&#7893;ng th&#7875; v&agrave; &#273;&#7897; kh&oacute; c&#7911;a m&#7841;ng l&#432;&#7899;i &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c m&#7899;i. &#272;&#7891;ng th&#7901;i, m&#7897;t s&#7889; c&ocirc;ng ty khai th&aacute;c &#273;&atilde; b&#7855;t &#273;&#7847;u chuy&#7875;n h&#432;&#7899;ng chi&#7871;n l&#432;&#7907;c t&#7853;p trung v&agrave;o h&#7841; t&#7847;ng d&#7919; li&#7879;u li&ecirc;n quan &#273;&#7871;n AI.
&#272;&#7897;ng th&aacute;i n&agrave;y nh&#7857;m &#273;a d&#7841;ng h&oacute;a c&aacute;c ngu&#7891;n thu nh&#7853;p v&agrave; gi&#7843;m s&#7921; ph&#7909; thu&#7897;c v&agrave;o s&#7921; bi&#7871;n &#273;&#7897;ng gi&aacute; Bitcoin.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-slight-drop-in-bitcoin-production-growing-trend-of-btc-sales">S&#7843;n l&#432;&#7907;ng Bitcoin gi&#7843;m nh&#7865;, xu h&#432;&#7899;ng b&aacute;n BTC gia t&#259;ng</h2>

So v&#7899;i <a href="https://vn.beincrypto.com/bitcoin-production-in-september-softens/" target="_blank" rel="noreferrer noopener">th&aacute;ng 9</a>, t&#7893;ng s&#7843;n l&#432;&#7907;ng khai th&aacute;c <a href="https://beincrypto.com/learn/what-is-bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> (BTC) gi&#7843;m nh&#7865;, ch&#7911; y&#7871;u do&nbsp;<a href="https://vn.beincrypto.com/bitcoin-miners-hit-record-difficulty/" target="_blank" rel="noopener">&#273;&#7897; kh&oacute; khai th&aacute;c cao h&#417;n</a>&nbsp;v&agrave; ngu&#7891;n cung &#273;i&#7879;n kh&ocirc;ng &#7893;n &#273;&#7883;nh t&#7841;i m&#7897;t s&#7889; khu v&#7921;c &#7903; B&#7855;c M&#7929;.
C&#7909; th&#7875;, Cango Inc. <a href="https://www.prnewswire.com/news-releases/cango-inc-announces-october-2025-bitcoin-production-and-mining-operations-update-302602312.html" target="_blank" rel="noreferrer noopener nofollow">khai th&aacute;c</a> kho&#7843;ng 602.6 BTC trong th&aacute;ng 10, n&acirc;ng t&#7893;ng s&#7889; Bitcoin n&#7855;m gi&#7919; l&ecirc;n 6,412.6 BTC. CleanSpark <a href="https://www.prnewswire.com/news-releases/cleanspark-releases-october-2025-bitcoin-mining-update-302603874.html" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a> s&#7843;n l&#432;&#7907;ng t&#432;&#417;ng t&#7921; th&aacute;ng 9, khai th&aacute;c &#273;&#432;&#7907;c 612 BTC trong th&aacute;ng n&agrave;y.
Riot Platforms <a href="https://www.globenewswire.com/news-release/2025/11/04/3180437/0/en/Riot-Announces-October-2025-Production-and-Operations-Updates.html" target="_blank" rel="noreferrer noopener nofollow">khai th&aacute;c</a> &#273;&#432;&#7907;c 437 BTC, gi&#7843;m so v&#7899;i 445 BTC trong th&aacute;ng tr&#432;&#7899;c. T&#7893;ng l&#432;&#7907;ng Bitcoin n&#7855;m gi&#7919; c&#7911;a Riot &#273;&#7841;t 19,324 BTC, t&#259;ng 37 BTC so v&#7899;i th&aacute;ng tr&#432;&#7899;c. Tuy nhi&ecirc;n, d&#7921;a v&agrave;o s&#7843;n l&#432;&#7907;ng, d&#7919; li&#7879;u cho th&#7845;y c&ocirc;ng ty c&oacute; kh&#7843; n&#259;ng &#273;&atilde; b&aacute;n m&#7897;t ph&#7847;n Bitcoin khai th&aacute;c &#273;&#432;&#7907;c &#273;&#7875; qu&#7843;n l&yacute; d&ograve;ng ti&#7873;n.
BitFuFu <a href="https://www.globenewswire.com/news-release/2025/11/05/3181389/0/en/BitFuFu-Announces-October-2025-Bitcoin-Production-and-Operational-Updates.html" target="_blank" rel="noreferrer noopener nofollow">s&#7843;n xu&#7845;t</a> &#273;&#432;&#7907;c 253 BTC, n&acirc;ng t&#7893;ng s&#7889; n&#7855;m gi&#7919; l&ecirc;n 1,953 BTC, cho th&#7845;y kh&#7843; n&#259;ng thanh l&yacute; BTC &#273;&#7875; t&#7889;i &#432;u h&oacute;a v&#7889;n.&nbsp;
Trong s&#7889; c&aacute;c nh&agrave; khai th&aacute;c nh&#7887; h&#417;n, DMG Blockchain <a href="https://www.globenewswire.com/news-release/2025/11/04/3179991/0/en/DMG-Blockchain-Solutions-Announces-Asset-Purchase-to-Establish-its-First-US-based-Data-Center-October-Preliminary-Operational-Results.html" target="_blank" rel="noreferrer noopener nofollow">khai th&aacute;c</a> &#273;&#432;&#7907;c 23 BTC, n&acirc;ng t&#7893;ng s&#7889; n&#7855;m gi&#7919; l&ecirc;n 359 BTC, trong khi LM Funding America <a href="https://www.globenewswire.com/news-release/2025/11/05/3181384/0/en/LM-Funding-America-Announces-October-2025-Production-and-Operational-Update.html" target="_blank" rel="noreferrer noopener nofollow">duy tr&igrave;</a> m&#7913;c s&#7843;n xu&#7845;t &#7893;n &#273;&#7883;nh. D&ugrave; v&#7899;i quy m&ocirc; nh&#7887;, nh&#7919;ng th&#7921;c th&#7875; n&agrave;y v&#7851;n gi&uacute;p duy tr&igrave; s&#7921; phi t&#7853;p trung c&#7911;a Bitcoin b&#7857;ng c&aacute;ch ph&acirc;n ph&#7889;i s&#7913;c m&#7841;nh khai th&aacute;c (hashrate) to&agrave;n c&#7847;u &#273;&#7891;ng &#273;&#7873;u h&#417;n.
<img style="height:400px;width:640px;"decoding="async" alt="S&#7843;n l&#432;&#7907;ng khai th&aacute;c Bitcoin th&aacute;ng 10 c&#7911;a m&#7897;t s&#7889; c&ocirc;ng ty &#273;&#7841;i ch&uacute;ng. Ngu&#7891;n: BeInCrypto" class="wp-image-770704 lazy" loading="lazy" src="https://assets.beincrypto.com/img/K1p-5-zGKxQjegvmdTEI6DLqfAs=/smart/e9168c22423740e5ac3d9e86057659b9">S&#7843;n l&#432;&#7907;ng khai th&aacute;c Bitcoin th&aacute;ng 10 c&#7911;a m&#7897;t s&#7889; c&ocirc;ng ty &#273;&#7841;i ch&uacute;ng. Ngu&#7891;n: BeInCrypto

Marathon Digital Holdings (MARA) v&agrave; Cipher Mining ch&#432;a ti&#7871;t l&#7897; d&#7919; li&#7879;u s&#7843;n xu&#7845;t Bitcoin th&aacute;ng 10 c&#7911;a h&#7885;. Tuy nhi&ecirc;n, c&#7843; hai c&ocirc;ng ty &#273;&atilde; c&ocirc;ng b&#7889; k&#7871;t qu&#7843; t&agrave;i ch&iacute;nh qu&yacute; 3/2025 t&iacute;ch c&#7921;c, cho th&#7845;y s&#7921; b&#7873;n v&#7919;ng trong ho&#7841;t &#273;&#7897;ng m&#7863;c d&ugrave; th&aacute;ng 9 y&#7871;u h&#417;n.&nbsp;
Marathon duy tr&igrave; v&#7883; th&#7871; d&#7851;n &#273;&#7847;u ng&agrave;nh v&#7899;i l&#7907;i nhu&#7853;n k&#7927; l&#7909;c 123 tri&#7879;u USD trong qu&yacute; ba n&#259;m 2025. D&#7919; li&#7879;u tr&ecirc;n chu&#7895;i <a href="https://intel.arkm.com/explorer/entity/mara-pool" target="_blank" rel="noreferrer noopener nofollow">cho th&#7845;y</a> &#273;&#7883;a ch&#7881; khai th&aacute;c c&#7911;a MARA &#273;&atilde; chuy&#7875;n 2,348 BTC (kho&#7843;ng 236 tri&#7879;u USD) trong v&ograve;ng 12 gi&#7901;, c&oacute; kh&#7843; n&#259;ng l&agrave; &#273;&#7875; ch&#7889;t l&#7901;i sau &#273;&#7907;t t&#259;ng gi&aacute; g&#7847;n &#273;&acirc;y c&#7911;a Bitcoin.
Cipher Mining c&#361;ng <a href="https://www.globenewswire.com/news-release/2025/11/03/3179121/0/en/Cipher-Mining-Provides-Third-Quarter-2025-Business-Update.html" target="_blank" rel="noreferrer noopener nofollow">b&aacute;o c&aacute;o</a> k&#7871;t qu&#7843; qu&yacute; &#7845;n t&#432;&#7907;ng v&#7899;i doanh thu 72 tri&#7879;u USD v&agrave; <a href="https://www.bloomberg.com/news/articles/2025-11-06/cipher-prices-1-4-billion-bond-for-google-linked-data-center" target="_blank" rel="noreferrer noopener nofollow">c&ocirc;ng b&#7889;</a> ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u 1.4 t&#7927; USD &#273;&#7875; t&agrave;i tr&#7907; cho d&#7921; &aacute;n trung t&acirc;m d&#7919; li&#7879;u li&ecirc;n k&#7871;t v&#7899;i Google.&nbsp;
T&#432;&#417;ng t&#7921;, TeraWulf d&#7921; ki&#7871;n doanh thu qu&yacute; ba n&#259;m 2025 s&#7869; t&#7915; 48 tri&#7879;u USD &#273;&#7871;n 52 tri&#7879;u USD. C&ocirc;ng ty <a href="https://investors.terawulf.com/news-events/press-releases/detail/120/terawulf-reports-preliminary-third-quarter-2025-financial" target="_blank" rel="noreferrer noopener nofollow">huy &#273;&#7897;ng</a> 3.2 t&#7927; USD t&#7915; vi&#7879;c ph&aacute;t h&agrave;nh tr&aacute;i phi&#7871;u b&#7843;o &#273;&#7843;m c&#7845;p cao &#273;&#7875; m&#7903; r&#7897;ng c&#417; s&#7903; h&#7841; t&#7847;ng t&#7841;i M&#7929;. Nh&#7919;ng &#273;&#7897;ng th&aacute;i t&agrave;i ch&iacute;nh quy m&ocirc; l&#7899;n n&agrave;y nh&#7845;n m&#7841;nh xu h&#432;&#7899;ng chung c&#7911;a ng&agrave;nh. C&aacute;c c&ocirc;ng ty khai th&aacute;c l&#7899;n &#273;ang t&aacute;i &#273;&#7883;nh v&#7883; m&igrave;nh nh&#432; nh&#7919;ng nh&agrave; cung c&#7845;p h&#7841; t&#7847;ng k&#7929; thu&#7853;t s&#7889;, k&#7871;t n&#7889;i khai th&aacute;c Bitcoin v&#7899;i c&aacute;c t&iacute;nh to&aacute;n hi&#7879;u su&#7845;t cao (HPC) d&#7921;a tr&ecirc;n AI.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-chi-phi-san-xuat-dat-muc-cao-ky-luc-lam-gia-tang-canh-tranh-nganh">Chi ph&iacute; s&#7843;n xu&#7845;t &#273;&#7841;t m&#7913;c cao k&#7927; l&#7909;c, l&agrave;m gia t&#259;ng c&#7841;nh tranh ng&agrave;nh</h2>

Theo MacroMicro, chi ph&iacute; trung b&igrave;nh &#273;&#7875; khai th&aacute;c 1 BTC t&#259;ng l&ecirc;n 114,842 USD, &#273;&aacute;nh d&#7845;u m&#7913;c cao nh&#7845;t trong l&#7883;ch s&#7917;. Trong khi &#273;&oacute;, &#273;&#7897; kh&oacute; khai th&aacute;c Bitcoin <a href="https://www.blockchain.com/explorer/charts/difficulty" target="_blank" rel="noreferrer noopener nofollow">t&#259;ng</a> 6.31% l&ecirc;n 155.97T, &#273;&#7841;t k&#7927; l&#7909;c m&#7899;i cho m&#7841;ng l&#432;&#7899;i. V&#7899;i gi&aacute; th&#7883; tr&#432;&#7901;ng c&#7911;a Bitcoin dao &#273;&#7897;ng xung quanh 102,000 USD, kho&#7843;ng c&aacute;ch ng&agrave;y c&agrave;ng r&#7897;ng gi&#7919;a gi&aacute; tr&#7883; th&#7883; tr&#432;&#7901;ng v&agrave; chi ph&iacute; h&ograve;a v&#7889;n &#273;ang g&acirc;y &aacute;p l&#7921;c l&ecirc;n bi&ecirc;n l&#7907;i nhu&#7853;n, &#273;&#7863;c bi&#7879;t l&agrave; v&#7899;i c&aacute;c nh&agrave; khai th&aacute;c nh&#7887; h&#417;n.
<img style="height:400px;width:640px;"decoding="async" alt="Chi ph&iacute; s&#7843;n xu&#7845;t trung b&igrave;nh tr&ecirc;n m&#7895;i BTC. Ngu&#7891;n: MacroMicro" class="wp-image-770705 lazy" loading="lazy" src="https://assets.beincrypto.com/img/KPL_EkEnPHW96BRgvaj71c779zY=/smart/bd9e15824d33429d99a725ad282a727f">Chi ph&iacute; s&#7843;n xu&#7845;t trung b&igrave;nh tr&ecirc;n m&#7895;i BTC. Ngu&#7891;n: <a href="https://en.macromicro.me/series/8194/bitcoin-production-total-cost" target="_blank" rel="noreferrer noopener nofollow">MacroMicro</a>
 
&#272;&#7875; &#273;&aacute;p &#7913;ng, c&aacute;c th&#7907; m&#7887; &#273;ang b&#7883; bu&#7897;c ph&#7843;i n&acirc;ng cao hi&#7879;u su&#7845;t n&#259;ng l&#432;&#7907;ng, &#273;&#7847;u t&#432; v&agrave;o ASIC th&#7871; h&#7879; m&#7899;i v&agrave; m&#7903; r&#7897;ng ho&#7841;t &#273;&#7897;ng c&#7911;a h&#7885; &#273;&#7875; b&#7843;o v&#7879; l&#7907;i nhu&#7853;n. C&aacute;c l&atilde;nh &#273;&#7841;o ng&agrave;nh nh&#432; Cipher, TeraWulf, v&agrave; CleanSpark &#273;ang th&#7917; nghi&#7879;m v&#7899;i c&aacute;c m&ocirc; h&igrave;nh lai k&#7871;t h&#7907;p khai th&aacute;c Bitcoin v&agrave; x&#7917; l&yacute; d&#7919; li&#7879;u HPC cho c&aacute;c kh&#7889;i c&ocirc;ng vi&#7879;c AI, m&#7897;t chi&#7871;n l&#432;&#7907;c ng&agrave;y c&agrave;ng &#273;&#432;&#7907;c xem l&agrave; kh&ocirc;ng th&#7875; tr&aacute;nh kh&#7887;i tr&#432;&#7899;c &aacute;p l&#7921;c chi ph&iacute; gia t&#259;ng.
&#272;&#7891;ng th&#7901;i, <a href="https://vn.beincrypto.com/japan-state-backed-bitcoin-mining/" target="_blank" rel="noreferrer noopener">ch&iacute;nh ph&#7911;</a> v&agrave; c&aacute;c qu&#7929; &#273;&#7847;u t&#432; ch&#7911; quy&#7873;n &#273;ang b&#432;&#7899;c v&agrave;o l&#297;nh v&#7921;c khai th&aacute;c Bitcoin &#273;&#7875; t&#259;ng c&#432;&#7901;ng ki&#7875;m so&aacute;t c&aacute;c t&agrave;i s&#7843;n n&#259;ng l&#432;&#7907;ng v&agrave; d&#7919; li&#7879;u chi&#7871;n l&#432;&#7907;c. S&#7921; &ldquo;qu&#7889;c h&#7919;u h&oacute;a&rdquo; ng&agrave;y c&agrave;ng t&#259;ng n&agrave;y c&oacute; th&#7875; &#273;&#7883;nh h&igrave;nh l&#7841;i c&#417; c&#7845;u quy&#7873;n l&#7921;c to&agrave;n c&#7847;u, khi m&#7897;t s&#7889; qu&#7889;c gia t&#7853;n d&#7909;ng t&agrave;i nguy&ecirc;n n&#259;ng l&#432;&#7907;ng d&#432; th&#7915;a &#273;&#7875; khai th&aacute;c Bitcoin hi&#7879;u qu&#7843; h&#417;n, t&#7915; &#273;&oacute; gi&#7843;m s&#7921; ph&#7909; thu&#7897;c v&agrave;o c&aacute;c nh&agrave; &#273;i&#7873;u h&agrave;nh t&#432; nh&acirc;n.
Th&aacute;ng 10/2025 &#273;&aacute;nh d&#7845;u s&#7921; kh&#7903;i &#273;&#7847;u c&#7911;a s&#7921; chuy&#7875;n &#273;&#7893;i c&#417; c&#7845;u s&acirc;u s&#7855;c trong ng&agrave;nh c&ocirc;ng nghi&#7879;p khai th&aacute;c Bitcoin. Ch&#7881; c&oacute; nh&#7919;ng c&ocirc;ng ty c&oacute; kh&#7843; n&#259;ng c&ocirc;ng ngh&#7879; m&#7841;nh m&#7869;, s&#7921; &#7893;n &#273;&#7883;nh t&agrave;i ch&iacute;nh v&agrave; t&#7847;m nh&igrave;n d&agrave;i h&#7841;n m&#7899;i c&oacute; kh&#7843; n&#259;ng t&#7891;n t&#7841;i.
Khi chi ph&iacute; n&#259;ng l&#432;&#7907;ng v&agrave; &#273;&#7897; kh&oacute; khai th&aacute;c ti&#7871;p t&#7909;c t&#259;ng, n&#259;m 2026 c&oacute; th&#7875; ch&#7913;ng ki&#7871;n l&agrave;n s&oacute;ng s&aacute;p nh&#7853;p v&agrave; h&#7907;p nh&#7845;t l&#7899;n nh&#7845;t trong l&#7883;ch s&#7917; ng&agrave;nh, m&#7903; &#273;&#432;&#7901;ng cho m&#7897;t m&ocirc; h&igrave;nh lai to&agrave;n c&#7847;u k&#7871;t h&#7907;p khai th&aacute;c Bitcoin v&#7899;i t&iacute;nh to&aacute;n d&#7919; li&#7879;u AI.