比特幣礦商 MARA 借出價值 7.26 億美元的 BTC 以產生收益並彌補不斷上升的營運費用

MARA 的投資者關係總監 Robert Samuels 表示，這些貸款是“與成熟第三方的短期安排”，但他沒有透露姓名。

Bitcoin miner Marathon Digital (NASDAQ:MARA) has taken an interesting turn in its strategy, a move that’s generated a modest return but could lead to a new revenue stream for the company.

比特幣礦商 Marathon Digital（納斯達克股票代碼：MARA）在其策略上發生了有趣的轉變，這項舉措帶來了適度的回報，但可能為該公司帶來新的收入來源。

In its latest production update, MARA revealed that it has loaned out 7,377 BTC — roughly 16% of its total reserves. At today’s prices, that’s about $726 million worth of Bitcoin.

MARA 在其最新的生產更新中透露，它已借出 7,377 BTC——約佔其總儲備的 16%。以今天的價格計算，比特幣的價值約為 7.26 億美元。

The company says this is part of a calculated plan to generate yield and cover rising operating expenses.

該公司表示，這是一項精心設計的計劃的一部分，旨在產生收益並彌補不斷增長的營運費用。

MARA’s Director of Investor Relations, Robert Samuels, shared that these loans are “short-term arrangements with well-established third parties,” but he didn’t name names.

MARA 的投資者關係總監 Robert Samuels 表示，這些貸款是“與成熟第三方的短期安排”，但他沒有透露姓名。

In its production update, MARA also revealed that it mined 9,457 BTC throughout 2024 and went shopping for an additional 22,065 BTC at an average price of $87,205. That’s nearly $2 billion spent on Bitcoin. As of press time, MARA held 44,893 BTC, valued at about $4.4 billion.

MARA 在其生產更新中還透露，它在 2024 年全年開採了 9,457 BTC，並以平均價格為 87,205 美元購買了額外的 22,065 BTC。這相當於在比特幣上花費了近 20 億美元。截至發稿，MARA 持有 44,893 BTC，價值約 44 億美元。

Modest returns, bold strategy

適度的回報，大膽的策略

The company’s lending program isn’t pulling in massive profits yet. Samuels called the returns “a modest single-digit yield,” adding that MARA experimented with Bitcoin loans throughout 2024.

該公司的貸款計劃尚未帶來巨額利潤。 Samuels 稱其回報率為“適度的個位數收益率”，並補充說 MARA 在 2024 年嘗試了比特幣貸款。

“The long-term objective is to generate sufficient yield to offset operating expenses,” Samuels said.

「長期目標是產生足夠的收益來抵消營運費用，」薩繆爾斯說。

This approach is risky in a market still舔舐wounds from the collapse of lenders like BlockFi, Genesis, Celsius, and Babel in 2022. Those meltdowns exposed just how dangerous counterparty risks can be, but MARA appears confident in its choice of partners.

在2022 年BlockFi、Genesis、Celsius 和Babel 等貸款機構倒閉所帶來的創傷仍在的市場中，這種做法是有風險的。夥伴的選擇充滿信心。

Despite the risks, MARA raked in $3.9 million in interest income during Q3 2024. Most of this came from cash on its balance sheet and Bitcoin loans. By mid-2024, the company had already generated $4.8 million in interest income, though earlier filings didn’t specify Bitcoin lending as part of the haul.

儘管存在風險，MARA 在 2024 年第三季仍獲得了 390 萬美元的利息收入。到 2024 年中期，該公司已經產生了 480 萬美元的利息收入，儘管先前的文件並未具體說明比特幣貸款是其中的一部分。

Breaking the 50 EH/s barrier

突破 50 EH/s 障礙

MARA also broke the 50 exahash per second (EH/s) mark, ending the year with an energized hashrate of 53 EH/s.

MARA 也突破了每秒 50 exahash (EH/s) 大關，以 53 EH/s 的活躍哈希率結束了這一年。

Though the realized hashrate — what’s actually contributing to the Bitcoin network — remained steady at 47 EH/s. That consistency didn’t go unnoticed in a year where Bitcoin miners faced halved block rewards following the April 2024 halving.

儘管實現的算力（實際上對比特幣網路做出了貢獻）仍然穩定在 47 EH/s。在 2024 年 4 月減半後，比特幣礦工面臨區塊獎勵減半的一年，這種一致性並沒有被忽視。

Bitcoin miners break record as 2025 begins

2025 年伊始，比特幣礦工打破紀錄

The Bitcoin mining industry has started 2025 with a bang. On January 3, the network’s total hashrate hit 1,000 exahashes per second (EH/s) — double the 510 EH/s recorded in January 2024.

2025 年，比特幣挖礦產業迎來了爆炸式的開局。 1 月 3 日，網路總算力達到每秒 1,000 exahashes (EH/s)，是 2024 年 1 月記錄的 510 EH/s 的兩倍。

This comes despite the halving, which cut mining rewards from 6.25 BTC to 3.125 BTC. It slashed miner revenues in half, but instead of slowing down, miners threw billions into better rigs and energy-saving systems to stay profitable. The investments are paying off.

儘管減半將挖礦獎勵從 6.25 BTC 削減至 3.125 BTC，但這一情況還是出現了。它使礦工收入減少了一半，但礦工們並沒有放慢腳步，而是投入了數十億美元購買更好的鑽孔機和節能係統，以保持盈利。這些投資正在得到回報。

The realized hashrate, which measures the actual computing power being used to mine blocks, stood at 47 EH/s over the last 24 hours, according to data from BTC.com. This metric provides a more accurate representation of the hashrate contributing to the network’s security.

根據 BTC.com 的數據，過去 24 小時內實現的算力（衡量用於挖掘區塊的實際運算能力）為 47 EH/s。該指標更準確地表示了有助於網路安全的哈希率。

The total hashrate, on the other hand, takes into account the potential hashrate of all connected mining pools, whether or not they are actively contributing to the network at a given time. This broader measure of hashrate capacity is often used to assess the overall strength and competitiveness of the Bitcoin mining ecosystem.

另一方面，總算力考慮了所有連接礦池的潛在算力，無論它們是否在給定時間積極為網路做出貢獻。這種更廣泛的算力容量衡量標準通常用於評估比特幣挖礦生態系統的整體實力和競爭力。

At the beginning of 2024, the total hashrate was around 300 EH/s. It has since more than tripled, reaching new highs as miners continue to ramp up their operations in response to rising difficulty and block intervals.

2024年初，總算力約300 EH/s。隨著礦工繼續加強營運以應對不斷上升的難度和區塊間隔，該數字已經增加了兩倍多，達到新高。

The sustained increase in hashrate is a testament to the resilience and adaptability of the Bitcoin mining industry. Even in the face of adversity, such as the halving and the crypto market downturn of 2022, miners have shown a remarkable ability to pivot and innovate in order to remain profitable and continue supporting the network.

算力的持續成長證明了比特幣挖礦產業的彈性和適應性。即使面對逆境，例如減半和 2022 年加密貨幣市場低迷，礦工們也表現出了非凡的轉型和創新能力，以保持盈利並繼續支持網路。