比特幣礦工將AI/HPC樞軸視為新的淘金熱，但是他們可以共存嗎？

任何關注公共比特幣礦工市場的人都會知道，人工智能（AI）和高性能計算的商業樞紐（HPC）都是比特幣礦工的風險。

Artificial intelligence (AI) has become a hot topic among publicly traded bitcoin miners, with many pivoting their businesses to high performance compute (HPC) in some capacity.

人工智能（AI）已成為公開交易的比特幣礦工中的熱門話題，許多人以某種身份將其業務轉向高性能計算（HPC）。

This article first appeared on Blockspace Media, the leading Bitcoin industry publication dedicated to covering Bitcoin tech, markets, mining, and ordinals. Get Blockspace articles directly in your inbox by clicking here.

本文首先出現在Blockspace Media上，該媒體是領先的比特幣行業出版物，致力於涵蓋比特幣技術，市場，採礦和序列。單擊此處，直接在收件箱中獲取Blockspace文章。

As bitcoin’s price has remained rangebound over the past year, and with the digital oil rush slowing down, bitcoin miners have been exploring other avenues to generate revenue and keep their shareholders happy.

由於比特幣的價格在過去一年中一直保持不適，並且隨著數字石油的急速減速，比特幣礦工一直在探索其他途徑以產生收入並使股東感到滿意。

Core Scientific, Bit Digital, Hut 8, Hive and IREN currently have revenue-generating AI/HPC business lines, while Crusoe Energy and Lancium, Cipher, Terawulf, Riot and Bitfarms are in the development or exploratory phase.

核心科學，位數字，小屋8，Hive和Iren目前具有創收的AI/HPC業務線，而Crusoe Energy和Lancium，Cipher，Terawulf，Riot和Bitfarms處於開發或探索階段。

With SoftBank, OpenAI and others collectively pledging up to $500 billion to accelerate AI developments in the United States through the Stargate Project, which was announced in January, where does the digital oil rush leave pure-play bitcoin miners?

隨著軟銀，Openai和其他人的共同承諾，最高可達5000億美元，通過Stargate Project加速了美國的AI開發項目，該項目於1月份宣布，數字石油衝刺將在哪裡留下純淨的比特幣礦工？

Kevin Dede, a managing director of equity research at investment bank H.C. Wainwright, thinks that there is plenty of room for both. In a recent episode of the Mining Pod’s Bitcoin Stock Show, Dede expressed that while he wouldn’t bet against miners who are serious about AI/HPC, he wouldn’t underestimate the prospects for pure-play bitcoin miners, either.

投資銀行HC Wainwright的股票研究董事總經理凱文·德德（Kevin Dede）認為，兩者都有足夠的空間。 Dede在最近的一集礦業Pod的比特幣股票節目中表示，儘管他不會押注認真對待AI/HPC的礦工，但他也不會低估純比特幣礦工的前景。

Does the launch of Project Stargate change the conversation on AI pivots for bitcoin miners?

星際之門項目的發布是否會改變比特幣礦工AI樞軸上的對話？

I think the conversation changed when Core Scientific announced the CoreWeave deal six to eight months ago. That really shifted the dynamic. Another thing people might not consider is that bitcoin miners can compete at different scales. Project Stargate is about hyperscale facilities, but there are opportunities for smaller-scale implementations.

我認為，當Core Scientific宣布六到八個月前的Coreweave協議時，對話發生了變化。這確實改變了動態。人們可能不會考慮的另一件事是，比特幣礦工可以在不同的尺度上競爭。 Stargate項目是關於高度規模設施的，但是有一些較小規模的實施機會。

BitDigital and Applied Digital have shown that you don’t need hyperscale to succeed. There are many customers who want access to compute, and not all of them are hyperscalers.

Bitdigital和Applied Digital表明，您不需要超大型即可成功。有許多客戶想要訪問計算，而並非所有客戶都是大規模的。

Riot recently decided to pause its 600-megawatt Corsicana Phase 2 to evaluate it for AI/HPC. Why do you think they did that?

Riot最近決定暫停其600兆瓦的Corsicana第2階段，以評估AI/HPC。您為什麼認為他們這樣做？

Riot has had activist investors buying stock, which is great for the stock price. The company has always been adamant about sticking to bitcoin mining. At their analyst meeting last June, CEO Jason Les said they wouldn’t do HPC.

Riot讓激進投資者購買股票，這非常適合股票價格。該公司一直堅持堅持比特幣採礦。在去年6月的分析師會議上，首席執行官傑森·萊斯（Jason Les）表示，他們不會做HPC。

Riot’s Corsicana facility is amazing. The question is: is 600MW of HPC worth more than 600MW of bitcoin mining? I think the answer is yes.

Riot的Corsicana設施很棒。問題是：HPC的600MW價值超過600MW的比特幣採礦？我認為答案是肯定的。

The demand for HPC is growing, and the applications are evolving; we’re just scratching the surface. The real market is the enterprise market, where companies use AI to optimize production.

對HPC的需求正在增長，並且應用程序正在不斷發展；我們只是在刮擦表面。真正的市場是企業市場，公司使用AI來優化生產。

Looking at Bit Digital and Core Scientific, which company’s strategy do you think has the most upside?

查看位數字和核心科學，您認為哪個公司的策略最優勢？

Let’s start with BitDigital. They bought GPUs and rented space in northern Iceland to address the needs of one customer, who I believe is based somewhere in Europe, to run models. Now, Iceland and Europe aren’t as close as you might think, which is important if they are running inference compute sinc mainland Europe would be the primary customer for that.

讓我們從Bitdigital開始。他們購買了GPU並在冰島北部租用了空間，以滿足一個客戶的需求，我認為該客戶位於歐洲的某個地方，以運行模型。現在，冰島和歐洲不如您想像的那麼近，如果他們運行推理計算SINC歐洲大陸，這將是重要的客戶。

The Enovum deal came through and they secured their first site, which is about four megawatts. They’ve also just opened another site that they hope to have energized by this summer, aiming for five megawatts initially with plans to scale up to 35 megawatts in HPC capacity this year. Sam Tapar, their CEO, often points out that this acquisition opened the door to a potential 288 megawatts of HPC capacity.

Enovum交易通過了，他們獲得了第一個網站，大約四個兆瓦。他們還剛剛開設了另一個網站，他們希望在今年夏天能充滿活力，最初旨在五兆瓦，計劃今年以HPC容量擴大35兆瓦的計劃。他們的首席執行官薩姆·塔帕爾（Sam Tapar）經常指出，這次收購為潛在的288兆瓦的HPC容量打開了大門。

When it comes to assessing the risk, it really comes down to a number of factors. Bit Digital acquired a company with a proven track record of building and operating these sites. But, of course, that adds another layer of risk beyond the baseline execution risk. You’re layering on the risk that they might stumble during the construction and operation of their next set of facilities as the year progresses.

在評估風險方面，這確實取決於許多因素。 Bit Digital收購了一家擁有建築和運營這些網站的可靠記錄的公司。但是，當然，這增加了基線執行風險以外的另一層風險。您正在考慮他們在隨著年份的下一套設施的建設和運營期間可能偶然發現的風險。

As for Core Scientific, I’d be the last person to underestimate them. They’ve brought on some really impressive talent. I asked their CEO, Adam Sullivan, about how all their plans are coming together. He said that there are a lot of people in the existing data center world whose employees are seeing limited growth trajectories. So, if you’re an employee at one of those companies and you get an offer from Core Scientific with stock options, you’re thinking, “My current options are priced in double digits, but this could go to high double digits or even triple digits.” That’s how they’ve been able to attract such great talent.

至於核心科學，我將是最後一個低估它們的人。他們帶來了一些非常令人印象深刻的人才。我詢問他們的首席執行官亞當·沙利文（Adam Sullivan），他們所有的計劃如何結合在一起。他說，現有數據中心世界中有很多人的員工看到有限的增長軌跡。因此，如果您是其中一家公司的僱員，並且您從核心科學方面獲得了股票期權的報價，那麼您會在想：“我目前的選擇價格是雙位數，但這可能會達到高的兩位數，甚至可以達到三位數。”這就是他們能夠吸引如此出色的才華的方式。

On the other hand, these new B200 chips they are using are so much more powerful but also significantly more complex, and this might play into delays for CoreWeave’s implementation at Core

另一方面，他們使用的這些新的B200芯片功能強大得多，但也更加複雜，這可能會延遲Coreweave在Core的實現