Hut 8 的戰略擴張使其在減半後佔據主導地位

Benchmark 以 12 美元的目標價首次覆蓋 Hut 8 股票，理由是其來自自挖礦、雲端運算、HPC 和人工智慧服務的多元化收入來源。該分析師預計，隨著時間的推移，Hut 8 將縮小與自挖礦領導者 Marathon Digital 的差距，並認為其 2.6 的企業價值與收入倍數使其與同行相比被低估。 Hut 8 持有 9,102 個比特幣儲備，在 BTC 上漲時提供流動性緩衝和潛在的上漲空間。

Hut 8 Mining's Diversified Operations and Expansion Plans Position Company for Advantage Post-Halving

Hut 8 Mining 的多元化經營和擴張計劃使公司在減半後獲得優勢

According to a recent research note published by investment banking firm Benchmark, United States-based Bitcoin (BTC) miner Hut 8's strategic focus on expanding self-mining operations and diversifying revenue streams positions the company to increase its competitiveness in the post-halving market environment.

根據投資銀行公司Benchmark 最近發布的一份研究報告，美國比特幣(BTC) 礦商Hut 8 的戰略重點是擴大自挖礦業務和實現收入來源多元化，這使得該公司能夠在減半後的市場環境中提高競爭力。

Benchmark's Analysis and Valuation

Benchmark的分析與估值

Benchmark's senior analyst, Mark Palmer, highlighted in his April 22 research note that the "new HUT" – a consolidated entity resulting from the merger between the original "old HUT" and US Bitcoin Corporation – possesses a robust "diversified business model" generating revenue from multiple sources.

Benchmark 的高級分析師Mark Palmer 在4 月22 日的研究報告中強調，「新HUT」——由原始的「舊HUT」和美國比特幣公司合併而成的合併實體——擁有強大的「多元化商業模式”產生收入來自多個來源。

Benchmark initiated coverage of Hut 8 stock, assigning a price target of $12 per share. This valuation represents a significant premium, approximately 30% higher than the company's current share price of $9.22, as per data from TradingView.

Benchmark 開始覆蓋 Hut 8 股票，指定每股 12 美元的目標價。根據 TradingView 的數據，這一估值存在顯著溢價，比該公司目前 9.22 美元的股價高出約 30%。

Growth Potential in Self-Mining

自挖礦的成長潛力

While Hut 8's current self-mining hash rate of 5.4 exahash per second (EH/s) remains below industry leader Marathon Digital, which operates at 27.8 EH/s, Palmer anticipates a narrowing of this gap over time. He posits that Hut 8's expansion plans will support a gradual increase in its self-mining capacity.

雖然Hut 8 目前的自挖礦算力為每秒5.4 exahash (EH/s)，但仍低於業界領先者Marathon Digital（其運行速度為27.8 EH/s），但Palmer 預計隨著時間的推移，這一差距將會縮小。他認為Hut 8的擴​​張計畫將支持其自挖礦能力的逐步增加。

"Hut trades at a discount to its Bitcoin mining peers, a difference we expect to diminish as the company implements its self-mining expansion strategy," Palmer stated.

帕爾默表示：“Hut 的交易價格比比特幣挖礦同行有折扣，隨著該公司實施自挖礦擴張戰略，我們預計這種差異將會縮小。”

Diversified Revenue Streams

多元化的收入來源

Palmer emphasizes Hut 8's multifaceted revenue streams, including self-mining, cloud computing, high-performance computing, and artificial intelligence services, as fundamental drivers supporting the company's valuation.

Palmer強調Hut 8的多面向收入來源，包括自挖礦、雲端運算、高效能運算和人工智慧服務，是支撐公司估值的基本驅動力。

Palmer asserts that "Hut 8's platform diversity will yield long-term benefits. Its revenue sources beyond self-mining provide it with greater resilience to withstand severe downturns in Bitcoin's price than most publicly traded peers."

Palmer 斷言，“Hut 8 的平台多樣性將帶來長期利益。與大多數上市同行相比，其自挖礦以外的收入來源使其具有更大的彈性來抵禦比特幣價格的嚴重下跌。”

Financial Health and Liquidity

財務健康和流動性

Palmer further analyzes Hut 8's enterprise value-to-revenue multiple of 2.6, slightly below the 3.1 average of publicly traded Bitcoin mining peers such as Marathon Digital and Riot Platforms.

Palmer 進一步分析了 Hut 8 的企業價值與營收倍數為 2.6，略低於 Marathon Digital 和 Riot Platforms 等公開交易的比特幣挖礦同業 3.1 的平均值。

While acknowledging Hut 8's need for hash rate upgrades, Palmer highlights the company's strong liquidity position, evident in its 9,102 Bitcoin reserves. This reserve provides a cushion and allows Hut 8 to capitalize on potential upward movements in BTC's price.

在承認 Hut 8 需要升級算力的同時，Palmer 強調了該公司強大的流動性狀況，這從其 9,102 比特幣儲備中可見一斑。該儲備金提供了緩衝，使 Hut 8 能夠利用 BTC 價格的潛在上漲趨勢。

Recent Management Changes

最近的管理層變動

Benchmark's report acknowledges Hut 8's recent leadership changes, with former CEO Jamie Leverton stepping down and Asher Genoot, former president and board member, assuming the CEO role.

Benchmark 的報告承認了 Hut 8 最近的領導層變動，前執行長 Jamie Leverton 辭職，前總裁兼董事會成員 Asher Genoot 擔任執行長。

This management restructuring occurred shortly after short-selling firm JCapital released a report alleging legal issues and cautioning investors about a potential "pump and dump" scheme involving Hut 8. The company has vehemently denied these allegations, dismissing them as "misinformation and misrepresented data."

此次管理層重組發生在賣空公司JCapital 發布報告後不久，該報告指控了法律問題，並警告投資者有關Hut 8 的潛在“拉高拋售”計劃。錯誤訊息和歪曲數據」。 ”