Hut 8 執行長預測比特幣礦業破產率將下降

Hut 8 執行長預測，由於財務策略的改進，比特幣挖礦破產率將會下降。導致 2022 年失敗的過度槓桿化已被債務減少和更多基於股票的成長所取代。 Genoot 預計小型礦商之間的併購將會增加，只有當比特幣大幅回檔時才會出現困境。

Fewer Bitcoin Mining Bankruptcies Expected in the Future, Says Hut 8 CEO

Hut 8 執行長表示，預計未來比特幣礦業破產將會減少

Hut 8 CEO Asher Genoot predicts a significant decline in Bitcoin (BTC) mining company bankruptcies in the years to come, attributing the anticipated reduction to the lessons learned from the industry's difficulties in 2022.

Hut 8 執行長 Asher Genoot 預測，未來幾年比特幣 (BTC) 礦業公司破產數量將大幅下降，並將這一預期下降歸因於從 2022 年行業困難中吸取的教訓。

During an interview with Bloomberg on April 3, Genoot emphasized that the primary factor driving mining bankruptcies in 2022 was excessive leverage coupled with an inability to cope with escalating energy costs.

4 月 3 日，Genoot 在接受彭博社採訪時強調，2022 年導致礦業破產的主要因素是槓桿過高，加上無力應對不斷上漲的能源成本。

"A major contributor to bankruptcies and distressed assets in the mining sector in 2022 was the high leverage incurred in 2021," stated Genoot. "Many companies expanded rapidly with debt, which became unsustainable in 2022 when Bitcoin prices declined and energy prices surged."

Genoot 表示：“2022 年採礦業破產和不良資產的一個主要原因是 2021 年出現的高槓桿率。” “許多公司靠債務迅速擴張，但到了 2022 年，當比特幣價格下跌、能源價格飆升時，這種債務就變得不可持續了。”

Prominent Bitcoin miners such as Compute North, Celsius Mining, and Core Scientific succumbed to bankruptcy during the 2022 crypto winter. However, Genoot noted that since then, Bitcoin miners have generally adopted a more prudent approach, relying less on leverage and securing greater amounts of debt-free equity capital.

Compute North、Celsius Mining 和 Core Scientific 等著名比特幣礦工在 2022 年加密貨幣寒冬期間破產。然而，Genoot 指出，從那時起，比特幣礦商普遍採取了更謹慎的做法，減少對槓桿的依賴，並獲得更多的無債務股權資本。

He anticipates an increase in merger and acquisition (M&A) activity among smaller-scale Bitcoin miners, believing this consolidation will further contribute to a lower bankruptcy rate.

他預計小型比特幣礦商的併購活動將會增加，並相信這種整合將進一步降低破產率。

Genoot cautioned that Bitcoin would likely need to retrace to $30,000 or $40,000 before a significant influx of M&A activity or "distress opportunities" would emerge.

Genoot 警告稱，在大量併購活動或「困境機會」出現之前，比特幣可能需要回撤至 30,000 美元或 40,000 美元。

The impending Bitcoin halving, scheduled to occur on April 20 with the mining of block 840,000, will witness a reduction in miner rewards from 6.25 BTC ($412,000) to 3.125 BTC ($211,000) at current prices.

即將到來的比特幣減半預計將於 4 月 20 日進行，屆時將開採 840,000 個區塊，按當前價格計算，礦工獎勵將從 6.25 BTC（412,000 美元）減少至 3.125 BTC（211,000 美元）。

Genoot emphasized that investors will gravitate towards "large-scale operators with the lowest marginal cost of production" in the wake of the halving. He cited his own December 2022 merger between US Bitcoin Corp (USBTC) and Hut 8 Mining Corp's operations as an example of this trend.

Genoot 強調，減半後投資人將傾向「邊際生產成本最低的大型業者」。他以 2022 年 12 月美國比特幣公司 (USBTC) 與 Hut 8 Mining Corp 的業務合併為例，作為這一趨勢的例子。

The combined entity, now registered as Hut 8 Corp in Miami, Florida, holds over 9,100 Bitcoin, valued at approximately $600 million on its balance sheet.

合併後的實體目前在佛羅裡達州邁阿密註冊為 Hut 8 Corp，持有超過 9,100 個比特幣，其資產負債表上的價值約為 6 億美元。

Bitcoin is currently priced at $66,000, with the halving event just 17 days away.

比特幣目前價格為 66,000 美元，距離減半事件僅 17 天。

Historically, Bitcoin has established new all-time highs within 6-12 months following a halving event, a pattern observed in 2012, 2016, and 2020. However, this time, Bitcoin has defied the trend by surpassing its previous all-time high of $68,990 on March 5, approximately 46 days before the halving.

從歷史上看，比特幣在減半事件後的6-12 個月內就創下了歷史新高，這種模式曾在2012 年、2016 年和2020 年出現過。然而，這一次，比特幣卻逆勢而上，超越了之前的歷史新高3 月 5 日，即減半前約 46 天，價格為 68,990 美元。

Industry experts attribute Bitcoin's atypical recent price movements to the emergence of spot Bitcoin exchange-traded funds (ETFs) in the United States. These ETFs have facilitated broader access to Bitcoin investments, potentially contributing to the current price surge.

產業專家將比特幣近期非典型的價格走勢歸因於美國現貨比特幣交易所交易基金（ETF）的出現。這些 ETF 促進了更廣泛的比特幣投資，可能導致當前的價格飆升。