伯恩斯坦預測，比特幣礦工預計在減半前上漲

Bernstein 建議在減半事件之前購買比特幣礦商 Riot Platforms 和 CleanSpark。此次減半是四年一度的事件，將減緩比特幣供應的成長，預計在挖礦算力調整和 ETF 流入增加後，比特幣將恢復看漲軌跡。

Bitcoin Miners Poised for Upswing Amidst Halving Anticipation: Bernstein Analysis

伯恩斯坦分析：比特幣礦工在減半預期中可望上漲

Bernstein Research advises investors to acquire shares of Bitcoin miners Riot Platforms (RIOT) and CleanSpark (CLSK) in advance of the upcoming halving event, citing a bullish outlook for Bitcoin's price trajectory.

Bernstein Research 建議投資人在即將到來的減半事件之前購買比特幣礦商 Riot Platforms (RIOT) 和 CleanSpark (CLSK) 的股票，理由是比特幣價格軌跡看漲。

The imminent halving, scheduled for April 19-20, entails a 50% reduction in Bitcoin block rewards, a quadrennial occurrence intended to regulate supply growth. While this has raised profitability concerns among miners, Bernstein maintains optimism that Bitcoin's price surge will follow the halving, as historically observed.

即將到來的減半預計將於 4 月 19 日至 20 日進行，比特幣區塊獎勵將減少 50%，這是四年一次的減半，旨在調節供應成長。儘管這引起了礦商盈利能力的擔憂，但伯恩斯坦仍樂觀地認為，正如歷史上觀察到的那樣，比特幣價格將在減半後飆升。

However, the market has witnessed an underperformance of mining stocks relative to Bitcoin year-to-date. This is attributed to apprehensions regarding profitability post-halving. Bernstein acknowledges this fear but emphasizes that Riot Platforms and CleanSpark are well-positioned to weather the storm.

然而，今年迄今為止，市場見證了礦業股相對於比特幣的表現不佳。這是由於對減半後獲利能力的擔憂。 Bernstein 承認這種擔憂，但強調 Riot Platforms 和 CleanSpark 已經做好了應對這場風暴的準備。

The report underscores the exceptional execution and market leadership of these companies, particularly in self-mining hashrate, a metric reflecting computational power dedicated to mining. Bernstein believes their superior operational capabilities will enable them to navigate the halving successfully.

該報告強調了這些公司卓越的執行力和市場領導力，特別是在自挖礦算力方面，這是反映專用於挖礦的運算能力的指標。伯恩斯坦相信，他們卓越的營運能力將使他們能夠成功應對減半。

Furthermore, Bernstein anticipates a resumption of Bitcoin's bullish trajectory after the halving, contingent on the adjustment of mining hashrates and a resurgence in ETF inflows. The introduction of spot Bitcoin ETFs by wirehouses and registered investment advisors (RIAs) is expected to bolster structural demand for Bitcoin.

此外，伯恩斯坦預計，比特幣減半後將恢復看漲軌跡，這取決於採礦算力的調整和 ETF 資金流入的復甦。電線公司和註冊投資顧問（RIA）推出現貨比特幣 ETF 預計將提振比特幣的結構性需求。

Despite recent price declines, Bernstein remains steadfast in its prediction that Bitcoin will reach a cycle high of $150,000 by 2025. The firm's analysis highlights the potential for mergers and acquisitions (M&A) in the Bitcoin mining sector, as companies seek to consolidate and enhance their operations.

Despite recent price declines, Bernstein remains steadfast in its prediction that Bitcoin will reach a cycle high of $150,000 by 2025. The firm's analysis highlights the potential for mergers and acquisitions (M&A) in the Bitcoin mining sector, as companies seek to consolidate and enhance their營運.

Investors seeking exposure to the Bitcoin mining industry are advised to consider Riot Platforms and CleanSpark ahead of the halving. These companies possess a competitive advantage and are poised to benefit from the anticipated upswing in Bitcoin's price.

建議尋求參與比特幣挖礦行業的投資者在減半之前考慮 Riot Platforms 和 CleanSpark。這些公司擁有競爭優勢，並準備從比特幣價格的預期上漲中受益。

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