比特幣 (BTC) 礦業股到 2025 年可能會大幅成長 200%，市值目標為 100B 美元

股票研究預計，比特幣礦業公司的市值將在 2025 年超過 1,000 億美元，高於 2024 年的 360 億美元，增幅近 200%。

Bitcoin mining stocks are poised for substantial growth in 2025, driven by improving mining economics and the ongoing bull market in the cryptocurrency sector, according to a report by H.C. Wainwright & Co.

HC Wainwright & Co. 的一份報告稱，在礦業經濟改善和加密貨幣行業持續牛市的推動下，比特幣礦業股預計在 2025 年大幅增長。

The report projects a nearly 200% increase in the market capitalization of Bitcoin mining companies, surging from $36 billion in 2024 to over $100 billion in 2025. This remarkable growth is attributed to several key factors.

該報告預計，比特幣礦業公司的市值將成長近 200%，從 2024 年的 360 億美元飆升至 2025 年的超過 1,000 億美元。

Firstly, the recent appreciation in Bitcoin's price, currently hovering around $96,000, has played a significant role. The report highlights the positive impact of the U.S. approving spot Bitcoin exchange-traded funds (ETFs) earlier in 2024.

首先，近期比特幣價格的升值（目前徘徊在 96,000 美元左右）發揮了重要作用。該報告強調了美國於 2024 年初批准現貨比特幣交易所交易基金 (ETF) 的正面影響。

These ETFs have attracted a substantial $35.3 billion in net inflows and currently hold over 1 million BTC, which equates to approximately 5.5% of the circulating supply.

這些 ETF 吸引了 353 億美元的淨流入，目前持有超過 100 萬枚 BTC，約佔流通供應量的 5.5%。

Bitcoin mining involves the use of specialized computers to validate transactions and secure the network. In return, miners are rewarded with newly minted Bitcoin, although the process incurs substantial energy and operational costs.

比特幣挖礦涉及使用專用電腦來驗證交易並保護網路。作為回報，礦工會獲得新鑄造的比特幣作為獎勵，儘管這個過程會產生大量的能源和營運成本。

According to the report, miners are currently profitable, with production costs significantly lower than Bitcoin's market price.

報告稱，礦商目前是獲利的，生產成本明顯低於比特幣的市場價格。

The report also forecasts Bitcoin to reach $225,000 by the end of 2025, further bolstering the prospects of mining stocks.

該報告還預測，到 2025 年底，比特幣價格將達到 22.5 萬美元，進一步提振礦業股的前景。

This price target, if realized, would place Bitcoin's total market capitalization at around $4.5 trillion, which is approximately 25% of gold's market cap.

如果實現這一價格目標，比特幣的總市值將達到 4.5 兆美元左右，約為黃金市值的 25%。

Among the large-scale miners, the report identifies Marathon Digital, CleanSpark, and Riot Platforms as the "Big 3" with substantial Bitcoin reserves. These companies are expected to outperform their competitors.

在大型礦商中，報告將 Marathon Digital、CleanSpark 和 Riot Platforms 列為擁有大量比特幣儲備的「三巨頭」。這些公司預計將超越競爭對手。

Moreover, the report notes that the valuations of mining stocks, especially those linked to AI miners, are presenting opportunities for investors.

此外，報告指出，礦業股的估值，尤其是與人工智慧礦商相關的股票，正在為投資者帶來機會。

While AI-linked miners are trading at higher multiples, the report suggests that mining stocks could outpace Bitcoin's price gains in 2025, presenting a compelling entry point for investors seeking exposure to the growing digital asset market.

儘管與人工智慧相關的礦商的交易價格較高，但該報告表明，到2025 年，礦業股的價格漲幅可能會超過比特幣，這為尋求投資不斷增長的數位資產市場的投資者提供了一個引人注目的切入點。

Bitcoin miners are also uniquely positioned to meet the growing demand for AI infrastructure, given their expertise in power assets and high-performance computing.

鑑於比特幣礦工在電力資產和高效能運算方面的專業知識，他們在滿足人工智慧基礎設施日益增長的需求方面也處於獨特的地位。

A McKinsey report, cited by the analysts, projects global data center demand to grow to 152 GW by 2030, compared to 57 GW in 2023. Miners are well-equipped to benefit due to their large-scale, low-cost energy capabilities.

分析師引用的麥肯錫報告預計，到2030 年，全球資料中心需求將成長至152 吉瓦，而2023 年將達到57 吉瓦。 。

Currently, miners are operating 6.1 GW of data center capacity, with an additional 4.6 GW in development and expected to be operational by 2025.

目前，礦商正在營運 6.1 吉瓦的資料中心容量，另有 4.6 吉瓦正在開發中，預計將於 2025 年投入營運。

Seven miners in the sector are planning to deploy a combined 5 GW of power for AI and high-performance computing workloads by 2026, significantly reducing the typical four-year timeline for greenfield projects.

該行業的 7 家礦商計劃在 2026 年為人工智慧和高效能運算工作負載部署總計 5 吉瓦的電力，從而大大縮短綠地專案的典型四年時間表。