比特幣減半事件：礦工面臨產業多元化挑戰

比特幣減半於週五生效，新比特幣的發行量減少了一半。礦工們透過多樣化商業模式和升級設施來為這一事件做好準備。一些公司已經嘗試支援人工智慧基礎設施，但這種轉變需要獨特的基礎設施和技能。分析師預計，比特幣價格上漲對礦商獲利能力影響不大，但對競爭加劇和低成本生產商佔據主導地位的擔憂仍然存在。

• The bitcoin halving took effect late on Friday, cutting the issuance of new bitcoin in half.
• Bitcoin miners have spent years diversifying their business models and upgrading their facilitates to brace for the cut to revenues.
• Some mining firms have diversified into supporting the underlying infrastructure necessary for artificial intelligence.

AUSTIN, TEXAS — Adam Sullivan left investment banking to mine bitcoin at an awkward time. It was May 2023, bitcoin was trading at around $21,000, U.S. regulators were in the thick of cracking down on the sector writ large, and Core Scientific, the company he had agreed to take over, was battling angry lenders in a Texas bankruptcy court over tens of millions of dollars in outstanding debt.

比特幣減半於週五晚些時候生效，新比特幣的發行量減少了一半。比特幣礦商多年來一直在多樣化其業務模式並升級其設施，以應對收入削減。一些礦業公司已經多元化，開始支持人工智慧所需的底層基礎設施。 。那是 2023 年 5 月，比特幣的交易價格約為 21,000 美元，美國監管機構對該行業進行了嚴厲打擊，他同意接管的 Core Scientific 公司正在德克薩斯州破產法庭與憤怒的貸方進行鬥爭。數千萬美元的未償債務。

But Sullivan knew that, with a lifeline, he could get the business to a much better place. That's because the halving was on the way, and with it would likely come a big rally in bitcoin.

但沙利文知道，有了救命索，他就能讓公司發展到更好的地步。這是因為減半即將到來，比特幣很可能會大幅上漲。

Late Friday night, the bitcoin code automatically cut new issuance of the world's largest cryptocurrency in half. It happens roughly every four years, and in addition to helping to stave off inflation, it historically precedes a major run-up in the price of bitcoin.

將康乃狄克州當地新聞、天氣預報和娛樂故事發送到您的收件匣。訂閱 NBC 康乃狄克州時事通訊。這種情況大約每四年發生一次，除了有助於避免通貨膨脹之外，從歷史上看，它還發生在比特幣價格大幅上漲之前。

The technical event is relatively simple: Bitcoin miners get paid in bitcoin to validate transactions, and after 210,000 blocks of transactions are computed and added to the main chain, the reward given to the miners securing bitcoin is 'halved.'

技術事件相對簡單：比特幣礦工透過比特幣獲得報酬來驗證交易，在計算出 210,000 個交易區塊並將其添加到主鏈後，給予保護比特幣的礦工的獎勵「減半」。

There are more than a dozen publicly traded miners on the network and thousands of smaller, private ones around the globe, constantly racing to process transactions and get paid in new bitcoin. Because the event leads to a cut to rewards paid to miners directly, they'll be the first ones to feel the impact of the halving.

該網路上有十幾家公開交易的礦工，以及全球數千家較小的私人礦工，它們不斷競相處理交易並以新的比特幣獲得報酬。由於該事件導致直接支付給礦工的獎勵減少，因此他們將是第一個感受到減半影響的人。

Typically, when the halving cuts supply, it's led to huge rallies for bitcoin.

CNBC 每次「減半」事件後，比特幣的價格都會創下歷史新高。

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In fact, the previous (and only) three halvings in the chain's history have come before every bull run, in which the coin has touched new all-time highs and a surge of investors have entered the market for the first time.

新聞 2 小時前 拜登在關稅和就業問題上瞄準通膨，川普贏得選民支持：NBC 新聞民意調查 新聞 6 小時前 水無處可去：迪拜洪水錶明世界未能通過氣候變遷排水測試在該鏈的歷史上，每次牛市之前都發生過（而且只有）三次減半，在牛市中，代幣觸及新的歷史高點，大量投資者首次進入市場。

That rapid price increase has helped many miners stave off the worst since it tends to offset the impact of having the block prize cut in half.

價格的快速上漲幫助許多礦商避開了最糟糕的情況，因為它往往抵消了區塊獎勵減半的影響。

"As a company that was already in the process of scaling our infrastructure during the previous halving, we know the toll that halvings can take on a company if it is not adequately prepared," Core's Sullivan told CNBC.

Core 的沙利文對 CNBC 表示：“作為一家在上一次減半期間就已經在擴展基礎設施的公司，我們知道如果沒有做好充分準備，減半可能會給公司帶來損失。”

The aggregate market cap of the 14 U.S.-listed bitcoin miners tracked by JPMorgan analysts, which accounts for around 21% of the global Bitcoin network, declined 28% over the first half of April to $14.2 billion, reaching year-to-date lows. Bitdeer was the best-performing stock over the period, down around 20%, versus Stronghold Digital, which was 46% lower.

摩根大通分析師追蹤的 14 家美國上市比特幣礦商的總市值（約佔全球比特幣網路的 21%）在 4 月上半月下降了 28%，至 142 億美元，達到今年以來的最低點。 Bitdeer 是同期表現最好的股票，下跌了 20% 左右，而 Stronghold Digital 則下跌了 46%。

Some have billed the 2024 bitcoin halving as a seminal moment for the mining sector. Depending on how much prep work miners have done, it could easily make or break them.

有些人將 2024 年比特幣減半視為採礦業的重大時刻。根據礦工所做的準備工作的多少，它很容易成就或破壞它們。

"Being prepared for a halving means evaluating all of your power strategies, all of your software capabilities, all of your operations," continued Sullivan.

沙利文繼續說道：“為減半做好準備意味著要評估所有的電力策略、所有的軟體功能、所有的運作。”

Others are less concerned given recent price moves in bitcoin.

鑑於比特幣近期的價格走勢，其他人則不太擔心。

In a research note from Needham on Apr. 16, analysts said they expect the halving to only have a modest impact to miners' estimated EBITDA margins, despite the 50% reduction in revenue, since the price of bitcoin has been trading in the range of $60,000 to $70,000.

在 Needham 4 月 16 日的一份研究報告中，分析師表示，儘管收入減少了 50%，但他們預計減半只會對礦商的預期 EBITDA 利潤率產生適度影響，因為比特幣價格一直在60,000美元至70,000 美元。

"We expect geopolitical tensions and interest rate policy to be the biggest near-term drivers of crypto price action," Needham analysts wrote, adding that at a bitcoin price above $60,000, the halving is "derisked for nearly all public miners."

Needham 分析師寫道：「我們預計地緣政治緊張局勢和利率政策將成為加密貨幣價格走勢的最大近期驅動因素。」他補充說，當比特幣價格高於60,000 美元時，減半「對幾乎所有公共礦工來說都沒有風險」。

The bank did, however, single out their preference for low-cost bitcoin producers like Riot Platforms, Bitdeer, and Cipher Mining. Meanwhile, if bitcoin prices fall, Needham says the most outsized native impact will be felt by higher cost producers that are also levered to higher bitcoin prices via large treasury holdings.

然而，該銀行確實指出了他們對低成本比特幣生產商的偏好，例如 Riot Platforms、Bitdeer 和 Cipher Mining。同時，尼達姆表示，如果比特幣價格下跌，成本較高的生產商將感受到最巨大的本地影響，這些生產商也透過持有大量庫存來利用更高的比特幣價格。

Analysts from JPMorgan echoed a similar sentiment, writing in an Apr. 16 research note that they think "recent weakness offers an attractive entry point" for investors and that they are "especially bullish" on Riot, which they believe offers attractive relative valuations.

摩根大通的分析師也表達了類似的觀點，他們在4 月16 日的一份研究報告中寫道，他們認為“最近的疲軟為投資者提供了一個有吸引力的切入點”，並且他們“特別看好」Riot，他們認為Riot 提供了有吸引力的相對估值。

Years spent bracing for the halving

Miners have had years to prepare for the halving, including seeking lower power costs and upgrading their fleets to more efficient machines.

德州羅克代爾Whinstone 比特幣礦場的電力供應。將其設備升級為更有效率的機器。

"Bitcoin's halving happens like clockwork every four years," said Haris Basit, chief strategy officer of Bitdeer Technologies Group. "It's a known variable that is a benchmark for us to remain focused on operational excellence."

Bitdeer Technologies Group 首席策略長 Haris Basit 表示：“比特幣每四年就會減半一次。” “這是一個已知的變量，是我們繼續專注於卓越運營的基準。”

To that end, the Singapore-headquartered mining firm has invested in new data centers, but its core strategy has been to increase vertical integration through research and development. 25% of its staff is focused on R&D efforts, which Basit says have "led to new innovations and revenue pathways, such as our recently announced 4nm mining rigs and AI Cloud offerings."

為此，這家總部位於新加坡的礦業公司投資了新的資料中心，但其核心策略是透過研發增加垂直整合。 25% 的員工專注於研發工作，Basit 表示，這「帶來了新的創新和收入途徑，例如我們最近宣布的 4 奈米採礦設備和人工智慧雲端產品」。

Analysts at Cantor Fitzgerald recently named Bitdeer as having one of the industry's lowest "all-in" cost-per-coin.

Cantor Fitzgerald 的分析師最近將 Bitdeer 評為業內「總」每幣成本最低的公司之一。

Greg Beard, the CEO and Chairman of Stronghold Digital Mining, tells CNBC that miners whose only lever is more efficient machines will be at a disadvantage.

Stronghold Digital Mining 執行長兼董事長 Greg Beard 告訴 CNBC，唯一的槓桿就是更有效率的機器，礦工將處於不利地位。

"Miners who own their low-cost power are better positioned," said Beard. "Operational costs will be lower, allowing them to be more flexible with their capital."

「擁有低成本電力的礦商處於更有利的地位，」比爾德說。 “營運成本將會降低，使他們能夠更加靈活地利用資金。”

Core's Sullivan agrees, noting that bitcoin mining data centers in the future will work hand-in-glove with power generators and grid operators to serve as a virtual battery for grid operators – allowing them to increase base load, curtail bitcoin data centers when they need to, and avoid peak generation loads, which he says are dirty and expensive.

Core 的沙利文對此表示同意，並指出，未來的比特幣挖礦資料中心將與發電商和電網營運商密切合作，充當電網營運商的虛擬電池——允許他們在需要時增加基本負載、減少比特幣資料中心的使用。

"We own and operate our infrastructure, giving us greater control over operational and strategic decisions, such as the potential to expand into high-performance computing hosting," said Sullivan.

「我們擁有並經營我們的基礎設施，這使我們能夠更好地控制營運和策略決策，例如擴展到高效能運算託管的潛力，」沙利文說。

Core Scientific, which launched in 2017 and now manages seven mining sites in five U.S. states, also owns the full technology stack. The company has been looking to diversify its revenue streams beyond purely bitcoin. Sullivan says that existing data centers offer reconfiguration opportunities to accommodate new types of high-value compute. 

Core Scientific 於 2017 年成立，目前管理著美國五個州的七個礦場，也擁有完整的技術堆疊。該公司一直在尋求多元化的收入來源，超越純粹的比特幣。沙利文表示，現有資料中心提供了重新配置的機會，以適應新型高價值計算。

"Certain data centers are located in close proximity to major metropolitan areas, making them candidates for low-latency, high-value compute applications," said Core's CEO.

Core 執行長表示：“某些數據中心靠近主要大都市地區，因此成為低延遲、高價值計算應用程式的候選者。”

Riot Platforms CEO Jason Les told CNBC that preparation for the halving came down to the company's long-standing focus on achieving a low cost of power, strong balance sheet, and significant scale of operations. Les says that's what has positioned the firm to both withstand the halving with positive margins and be well positioned for upside on the other side of it.  

Bitdeer 位於德州羅克代爾的比特幣礦場。負債表和大規模營運。萊斯表示，這使得該公司能夠以正利潤率承受減半，並在減半的另一面處於有利地位。

"Our new Corsicana Facility was energized just this week, and we will be significantly scaling up our hash rate with next-generation equipment at that new site over the remainder of the year," said Les. "As a result, we are positioned to mine more bitcoin per day at the end of the year than we do today, despite the halving."

萊斯說：“我們的新科西卡設施本週剛剛啟動，我們將在今年剩餘時間內在該新站點使用下一代設備大幅提高哈希率。” “因此，儘管減半，我們預計到年底每天開採的比特幣數量將比今天多。”

Marathon Digital, which has seen its stock rise more than 70% in the last year, took a different approach to scaling the business than its rivals. CEO Fred Thiel tells CNBC that the company grew quickly using an asset-light approach, where Capex was spent on mining rigs rather than infrastructure. 

Marathon Digital 的股價去年上漲了 70% 以上，該公司在擴大業務方面採取了與競爭對手不同的方法。執行長 Fred Thiel 告訴 CNBC，該公司採用輕資產方式快速發展，其中資本支出用於採礦設備而不是基礎設施。

"In December, we owned less than 5% of the sites where we were hosting our miners," said Thiel. "Today we now own 53% of our total 1.1 gigawatts of capacity, having purchased it at less than the build and replacement cost."

「去年 12 月，我們所擁有的託管礦機的站點不到 5%，」Thiel 說。 “如今，我們以低於建造和更換成本的價格購買了 1.1 吉瓦總容量中的 53%。”

Owning sites lowers Marathon's cost to mine by up to 20% on a marginal cost basis. Thiel also noted that by the end of 2024, Marathon expects to further improve efficiency by 10% to 15% as they deploy the next generation rigs across their new sites. 

以邊際成本計算，擁有礦場可將 Marathon 的採礦成本降低多達 20%。 Thiel 也指出，到 2024 年底，Marathon 預計在新站點部署下一代設備時，效率將進一步提高 10% 至 15%。

That boost to efficiency isn't just about new gear, however. The firm is deploying its own custom firmware, which allows it to operate even more efficiently. 

然而，效率的提升不僅與新裝備有關。該公司正在部署自己的定制固件，這使其能夠更有效率地運行。

Marathon, along with other mining firms, has begun diversifying its business model into ancillary operations beyond purely bitcoin mining, as well.

馬拉松和其他礦業公司已經開始將其商業模式多元化，擴展到純粹的比特幣挖礦以外的輔助業務。

Thiel says the company recently launched an energy harvesting division, where they are compensated for converting stranded methane and bio-mass into energy, which they then sell heat back into an industrial or commercial process. The service essentially subsidizes and lowers Marathon's cost to mine significantly. The company expects this new business line to generate a significant portion of its revenues by the halving in 2028. 

泰爾表示，該公司最近成立了一個能量收集部門，他們將滯留的甲烷和生物質轉化為能源，然後將熱量賣回工業或商業流程，以獲得補償。該服務本質上是補貼並大幅降低 Marathon 的挖礦成本。該公司預計到 2028 年將減半，這條新業務線將為其收入帶來很大一部分。

Diversifying revenue

The April 2024 bitcoin halving looks a lot different than the three that came before it.

收入多元化2024 年 4 月的比特幣減半看起來與之前的三次減半有很大不同。

For years, increased competition resulting from new miners coming online has been cutting into profits, because more miners means more people are sharing the same pool of rewards.

多年來，新礦工上線導致的競爭加劇一直在削減利潤，因為更多的礦工意味著更多的人分享相同的獎勵。

In a research note from JPMorgan on Apr. 16, analysts note that the network hashrate, a proxy for industry competition and mining difficulty, was up 4% in April from the month before. Stronghold's Beard says the halving is a headwind dwarfed by the global hashrate increasing nearly five-fold from the last one in May 2020.

在摩根大通 4 月 16 日的一份研究報告中，分析師指出，作為產業競爭和挖礦難度指標的網路算力在 4 月環比增長了 4%。 Stronghold 的 Beard 表示，與 2020 年 5 月上一次算力相比，全球算力增長了近五倍，減半是一個逆風。

"Mining is a tough industry especially because there are a lot of nation states that have extra power power and they're dedicating it to mining," said Nic Carter of Castle Island Ventures. "It's a free market, anybody can enter into it as long as they have the basics."

Castle Island Ventures 的 Nic Carter 表示：“採礦業是一個艱難的行業，尤其是因為許多民族國家擁有額外的電力，他們將其專門用於採礦業。” “這是一個自由市場，任何人只要具備基礎知識就可以進入。”

U.S. spot bitcoin exchange-traded funds have also significantly shifted the pricing dynamics. In years past, the price of bitcoin didn't surge until after the halving. But in the wake of record flows into these spot bitcoin funds, the world's largest cryptocurrency touched a fresh all-time-high above $73,000 in March.

美國現貨比特幣交易所交易基金也大幅改變了定價動態。在過去的幾年裡，比特幣的價格直到減半後才飆升。但隨著創紀錄的資金流入這些現貨比特幣基金，全球最大的加密貨幣在 3 月觸及 73,000 美元以上的歷史新高。

"The recently approved bitcoin ETFs have proven to be huge pipelines of capital into bitcoin and that universe of ETFs continues to grow with the recent approvals in Hong Kong as well," said Riot's Les. "We think the price action we've seen in bitcoin year-to-date reflect that and has us very optimistic on what bitcoin mining economics can look like in the months and years post-halving."

Riot 的 Les 表示：“最近批准的比特幣 ETF 已被證明是進入比特幣的巨大資金管道，而且隨著香港最近的批准，ETF 的範圍也在不斷擴大。” “我們認為今年迄今為止我們所看到的比特幣價格走勢反映了這一點，並且讓我們對比特幣挖礦經濟在減半後的幾個月和幾年內的情況非常樂觀。”

Blackrock's ETF reached $17 billion in net assets within a few months of launching. Beard of Stronghold tells CNBC that if Blackrock added even just a billion dollars more of bitcoin in April to its ETF, it would single handedly create demand for more coins than the mining industry will supply post halving.

貝萊德的 ETF 在推出後幾個月內淨資產就達到了 170 億美元。 Stronghold 的 Beard 告訴 CNBC，如果 Blackrock 在 4 月向其 ETF 中添加哪怕只是 10 億美元的比特幣，單憑一己之力創造的比特幣需求就會超過採礦業在減半後的供應量。

What is also different this time around is that the block reward is no longer the primary form of miner revenue. Recent programming innovations in bitcoin have given way to a burgeoning ecosystem of projects building on top of bitcoin's blockchain, which has translated to greater transaction fee revenue for miners.

這次的不同之處在於，區塊獎勵不再是礦工收入的主要形式。比特幣最近的程式設計創新已經讓位給建立在比特幣區塊鏈之上的新興專案生態系統，這為礦工帶來了更多的交易費收入。

There is a limit to how large the blocks can go but the value of those blocks is about to increase significantly, according to Bill Barhydt, who is the CEO and founder of Abra. From Barhydt's vantage point, he supports miners with a mix of services, including their auto liquidations, so he has access to a lot of macro data across the sector.

Abra 執行長兼創辦人 Bill Barhydt 表示，區塊的大小是有限的，但這些區塊的價值即將大幅增加。從 Barhydt 的角度來看，他為礦工提供多種服務，包括他們的自動清算，因此他可以獲得整個行業的大量宏觀數據。

"The math is simple," begins Barhydt. "Bitcoin blocks are fixed in size and the demand for data within those blocks is going to increase significantly for several reasons, including more retail wallet holders moving their bitcoin into and out of storage, new uses cases like Ordinals (NFTs for bitcoin) and DeFi on bitcoin, institutional settlement requirements for exchange traded products in the U.S., Hong Kong, Europe, etc., lightning settlement transactions, and more."

「數學很簡單，」Barhydt 開始說道。 「比特幣區塊的大小是固定的，出於多種原因，對這些區塊內數據的需求將顯著增加，包括更多的零售錢包持有者將比特幣移入和移出存儲、Ordinals（比特幣的NFT）和DeFi 等新用例關於比特幣、美國、香港、歐洲等交易所交易產品的機構結算要求、閃電結算交易等。

At the current rate of adoption, Barhydt believes that transaction fees in this cycle would likely peak within 24 months at 10 times their cost during the previous cycle peak, due to a combination of a higher price for bitcoin itself, combined with higher demand for the space inside each block. 

Barhydt 認為，以目前的採用率，本週期的交易費用可能會在24 個月內達到峰值，達到上一個週期峰值成本的10 倍，原因是比特幣本身價格上漲，加上對比特幣的需求增加。

Castle Island's Carter isn't so sure that fee-based revenue can completely make up for lost income post-halving.

Castle Island 的卡特不太確定收費收入能否完全彌補減半後的收入損失。

"It's not entirely clear that fees are fully offsetting the lost revenue, and in fact, I don't expect that to happen" said Carter.

卡特表示：“目前尚不完全清楚費用是否能夠完全抵消收入損失，事實上，我預計這種情況不會發生。”

Fees tend to be really cyclical. They rise sharply during periods of congestion, and they fall back to near zero during other normal periods. Carter cautions that miners will see spikes in fees, but there is not yet an enduring, strong, and robust fee market most of the time.

費用往往具有週期性。它們在擁擠期間急劇上升，並在其他正常時期回落至接近零。卡特警告說，礦工的費用將會飆升，但大多數時候還沒有一個持久、強大和穩健的費用市場。

Swapping ASICs for AI

In the last year, there has been a surge in demand for AI compute and infrastructure that can support the massive workloads required to power these novel machine learning applications. In a new report, digital asset fund manager CoinShares says it expects to see more miners shift toward artificial intelligence in energy-secure locations because of the potential for higher revenues.

將 ASIC 替換為 AI 去年，對 AI 運算和基礎設施的需求激增，這些運算和基礎設施可以支援為這些新穎的機器學習應用程式提供動力所需的大量工作負載。數位資產基金管理公司 CoinShares 在一份新報告中表示，由於潛在的更高收入，預計將有更多礦商轉向能源安全地區的人工智慧。

Already, mining firms like BitDigital, Hive, Hut 8, Terawfulf, and Core Scientific all have either current AI operations or AI growth plans.

BitDigital、Hive、Hut 8、Terawfulf 和 Core Scientific 等礦業公司已經擁有目前的人工智慧業務或人工智慧成長計畫。

"This trend suggests that bitcoin mining may increasingly move to stranded energy sites while investment in AI grows at more stable locations," write analysts at CoinShares.

CoinShares 的分析師寫道：“這一趨勢表明，比特幣開採可能會越來越多地轉移到擱淺的能源地點，而人工智慧的投資則在更穩定的地點增長。”

But pivoting from bitcoin mining to AI isn't as simple as re-purposing existing infrastructure and machines. The data center requirements are different, as are the data network needs.

但從比特幣挖礦轉向人工智慧並不像重新利用現有基礎設施和機器那麼簡單。資料中心的要求不同，資料網路的需求也不同。

"AI presents several challenges, notably the need for distinct and considerably more costly infrastructure, which establishes barriers to entry for smaller, less capitalized entities," continues the report. "Additionally, the necessity for a different skill set among employees leads to increased costs as companies hire more AI-skilled talent."

報告繼續說道：“人工智慧帶來了一些挑戰，特別是需要獨特且成本更高的基礎設施，這為規模較小、資本較少的實體設置了進入壁壘。” “此外，隨著公司僱用更多人工智慧技術人才，員工需要不同的技能，這會導致成本增加。”

The rigs used to mine bitcoin are called ASICs, short for Application-Specific Integrated Circuits. The "Specific" in that acronym means that it can't be used to do other things, like supporting the underlying infrastructure for AI.

用於開採比特幣的設備稱為 ASIC，是專用積體電路的縮寫。該縮寫詞中的「特定」意味著它不能用於做其他事情，例如支援人工智慧的底層基礎設施。

"If you're a bitcoin miner, your machines can't be repurposed," explains Carter. "You have to buy net new machines in order to do it and the data center requirements are different for AI versus bitcoin mining."

「如果你是比特幣礦工，你的機器就無法改變用途，」卡特解釋。 “你必須購買全新的機器才能做到這一點，而且人工智慧與比特幣挖礦的數據中心要求是不同的。”

Sullivan says that Core Scientific, which has been mining a mix of digital assets since 2017, began to diversify into other services in 2019.

沙利文表示，Core Scientific 自 2017 年以來一直在挖掘各種數位資產，並於 2019 年開始多元化進入其他服務。

"The company has owned and hosted Nvidia DGX systems and GPUs for AI computing, having built and deployed a specialized facility specifically for high-value compute applications at our Dalton, Georgia data center campus," he said.

他說：“該公司擁有並託管用於人工智慧計算的 Nvidia DGX 系統和 GPU，並在佐治亞州道爾頓數據中心園區構建和部署了專門用於高價值計算應用的專用設施。”

Core Scientific has also partnered with CoreWeave, a cloud provider which provides infrastructure for use cases like machine learning.

Core Scientific 也與 CoreWeave 合作，CoreWeave 是一家雲端供應商，為機器學習等用例提供基礎設施。

Sullivan says the combined capabilities will support both AI and High Performance Compute workloads, resulting in an estimated revenue of $100 million, though he says the total potential revenue is much higher given their significant infrastructure footprint that can be fitted to host some of the most advanced GPU compute coming to market.

沙利文表示，合併後的功能將支援人工智慧和高效能運算工作負載，預計收入將達到1 億美元，不過他表示，考慮到其龐大的基礎設施足跡，可以容納一些最先進的計算機，潛在總收入要高得多。

"Bitcoin mining is an early example of high-value compute, attracting significant capital and a number of companies scaling their operations to support the Bitcoin network," said Sullivan.

沙利文說：“比特幣挖礦是高價值計算的早期例子，吸引了大量資本，許多公司擴大業務規模以支持比特幣網路。”

But Sullivan thinks few operators will be able to make the transition to AI.

但沙利文認為很少業者能夠過渡到人工智慧。

Sullivan continued, "Bitcoin mining sites can only be repurposed if they meet the attributes that are required for HPC. Many existing sites across North America do not meet these needs."

沙利文繼續說道，“比特幣採礦站點只有滿足 HPC 所需的屬性才能重新利用。北美的許多現有站點無法滿足這些需求。”

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另外，在CNBC 上，比特幣在減半前的最後幾個小時內上漲至64,000 美元：CNBC Crypto World Jack Dorsey 支持的比特幣礦工如何利用肯尼亞火山為農村家庭供電比特幣剛剛完成了有史以來的第四次“減半”，以下是投資者需要關注的內容現在訂閱 CNBC YouTube 頻道 Morning Squawk 時事通訊