隨著比特幣礦商合併和財務重組，加密市場破產率將下降

Hut 8 執行長 Asher Genoot 預計，由於融資動態的變化以及小型礦商之間併購活動的增加，比特幣礦業破產數量將會減少。 Genoot 強調，目前的市場格局與 2022 年有很大不同，加密貨幣價格上漲讓礦工們鬆了一口氣。在投資者對該行業興趣的推動下，併購機會也持續出現。

Cryptocurrency Market Poised for Reduced Bankruptcy Risk Among Bitcoin Miners

加密貨幣市場可望降低比特幣礦工的破產風險

Amidst the volatility that has characterized the cryptocurrency industry, experts anticipate a significant reduction in the frequency of Bitcoin mining bankruptcies. This optimism is attributed to a fundamental shift in the financing格局 and an increase in merger and acquisition (M&A) activity among small-scale miners.

在加密貨幣產業的波動性中，專家預計比特幣挖礦破產的頻率將大幅減少。這種樂觀情緒歸因於融資格局的根本轉變以及小型礦商併購活動的增加。

Asher Genoot, CEO of Hut 8, a publicly traded Bitcoin mining company, recently shared his insights in an interview with Bloomberg. He emphasized that the current market dynamics are vastly different from those prevalent in 2022, when a series of bankruptcies plagued the mining sector.

上市比特幣挖礦公司 Hut 8 的執行長 Asher Genoot 最近在接受彭博社採訪時分享了他的見解。他強調，目前的市場動態與 2022 年的情況有很大不同，當時一系列破產事件困擾著採礦業。

Genoot attributed the previous wave of bankruptcies to excessive leverage incurred during the 2021 bull market. The current market conditions, however, have provided a lifeline to many companies.

Genoot將上一波破產歸咎於2021年多頭期間槓桿過高。然而，當前的市場狀況為許多公司提供了生命線。

"Current crypto prices are bailing a lot of folks out," Genoot remarked.

Genoot 表示：“目前的加密貨幣價格讓很多人擺脫了困境。”

Moreover, the surge in M&A activity is providing a viable exit strategy for smaller miners facing financial challenges. This trend is driven by increased investor interest in the mining sector.

此外，併購活動的激增為面臨財務挑戰的小型礦商提供了可行的退出策略。這一趨勢是由投資者對採礦業的興趣增加所推動的。

"We're seeing a lot of private capital come in and make offers on distressed assets," Genoot observed.

「我們看到大量私人資本進入並對不良資產提出報價，」吉努特觀察到。

Despite the positive outlook, challenges remain for publicly traded Bitcoin mining companies. Traditional investors no longer view these companies as a proxy for direct Bitcoin exposure, leading to downward pressure on their share prices.

儘管前景樂觀，但上市的比特幣礦業公司仍面臨挑戰。傳統投資者不再將這些公司視為直接比特幣曝險的代表，導致其股價面臨下行壓力。

Furthermore, the approaching fourth Bitcoin halving in 2024, which will reduce the block reward for miners by half, poses a significant profitability hurdle for smaller mining firms.

此外，即將到來的 2024 年比特幣第四次減半將使礦工的區塊獎勵減少一半，這對小型礦業公司的獲利能力構成了重大障礙。

Despite these challenges, the cryptocurrency industry is adapting to market conditions. The decline in bankruptcies is a testament to the resilience of the sector and the ongoing evolution of its financing models.

儘管面臨這些挑戰，加密貨幣產業仍在適應市場條件。破產數量的下降證明了該行業的彈性及其融資模式的持續演變。