瑪拉聽起來警報：依靠網格礦工在2028年後冒著崩潰

瑪拉·控股（Mara Holdings）本週警告股東，比特幣礦工束縛在傳統電網上面臨生存危機。

Mara Narrates Dire 2028 Halving Warning, Records Stellar Q4 Sales, Stock Soars 8%

瑪拉（Mara）敘述Dire 2028減半警告，記錄恆星Q4銷售，股票飆升8％

At present, Bitcoin miners who are reliant on the power grid are on a fast track to survival in the aftermath of the 2028 halving, especially as they juggle increasing energy costs and a reduction in mining rewards, according to a note from MARA HOLDINGS (NYSE:MARA) to shareholders this week.

目前，依賴電網的比特幣礦工在2028年減半之後的快速軌道，尤其是當他們雜亂無章地增加能源成本並減少採礦獎勵時，瑪拉·控股（NYSE：MARA）本周向股東發表的票據。

The note, which touched upon the survival difficulties faced by miners, stated that “many may not survive.”

礦工面臨的生存困難涉及的說明說：“許多人可能無法生存”。

MARA’s stock price went up by 8% in the post-market trading hours on Thursday. This came after the company announced record sales of $214.4 million in the fourth quarter, even as Bitcoin’s price dropped by 4.2% amid a midweek selloff.

瑪拉的股價在周四的後市場交易中上漲了8％。這是在該公司宣佈在第四季度宣布創紀錄的2.144億美元的銷售，即使比特幣的價格下跌了4.2％。

Halving Will Bring More Pressure On Profit Margins, Says MARA

瑪拉說，減半會給利潤率帶來更大的壓力。

Highlighting the 2028 halving that will decrease block rewards by 50%, MARA noted that this will exert more pressure on miners operating with high levels of energy costs.

瑪拉（Mara）強調了2028年的減少幅度，將阻止獎勵降低50％，他指出，這將對運營高能源成本的礦工施加更大的壓力。

The company pointed out that those dependent on the power grid are already operating with slim profit margins and will struggle further with the anticipated increase in energy prices.

該公司指出，那些依賴電網的人已經在利潤率較小的情況下運行，並且隨著預期的能源價格上漲而掙扎。

After the 2024 halving, we saw some miners pivoting into AI and high-performance computing (HPC) to diversify revenue streams and mitigate losses. However, MARA maintains that such pivots alone won’t be sufficient for survival in the long run.

在2024年減半之後，我們看到一些礦工轉向AI和高性能計算（HPC），以使收入流多樣化並減輕損失。但是，瑪拉（Mara）堅持認為，從長遠來看，僅此此樞軸就不足以生存。

“Differentiate or perish,” the letter warned, urging innovation beyond mere cost-cutting endeavors.

這封信警告說：“區分或滅亡。”

Record Q4 Sales & Unyielding Bitcoin Strategy

記錄第四季度的銷售和不屈的比特幣策略

MARA attributes its stellar performance to a vertically integrated model that combines low-cost energy through self-ownership, hardware reactivation, and infrastructure control for maximum flexibility.

Mara將其出色的性能歸因於垂直集成的模型，該模型通過自我所有權，硬件重新激活和基礎設施控制結合了低成本的能量，以最大程度地靈活性。

Recently, MARA has been expanding its data centre infrastructure sales, positioning itself as a “picks-and-shovels” provider for the burgeoning AI and mining industries.

最近，瑪拉（Mara）一直在擴大其數據中心基礎設施銷售，將自己定位為新興的AI和採礦行業的“選擇”提供商。

“We control our future,” MARA stated, reporting a remarkable 207% year-over-year surge in EBITDA to $794.4 million. Its Bitcoin reserves also experienced a 197% increase to $4.6 billion, providing a cushion against market volatility.

瑪拉說：“我們控制了我們的未來，”瑪拉報告說，EBITDA的同比增長了207％，至7.944億美元。它的比特幣儲備還增加了197％，達到46億美元，為市場波動提供了緩衝。

But Good Things Come In Threes

但是好事三分

The company also disclosed plans to sell a portion of its Bitcoin holdings to optimize its capital structure and fund strategic initiatives. Despite a slight decrease in hash rate from the previous quarter, MARA’s total capacity is set to rise further in 2024.

該公司還披露了出售其比特幣持有量的一部分計劃，以優化其資本結構和資助戰略計劃。儘管哈希速度比上一季度略有下降，但瑪拉的總容量將在2024年進一步上升。

With an emphasis on a long-term strategy, MARA remains focused on its core strength: Bitcoin mining.

在重點是長期戰略上，Mara仍然專注於其核心力量：比特幣採礦。

As the 2028 halving approaches, industry analysts are highlighting the crucial role of renewable energy in ensuring the survival of Bitcoin miners.

隨著2028年的減半方法，行業分析師強調了可再生能源在確保比特幣礦工生存中的關鍵作用。

Miners who rely heavily on the power grid risk collapse as they face increasing energy costs and a reduction in mining rewards. In contrast, those with a focus on wind, solar, or hydropower will be better positioned to withstand these challenges.

礦工嚴重依賴電網風險崩潰，因為他們面臨著增加的能源成本和採礦獎勵的減少。相反，那些專注於風，太陽能或水電的人將得到更好的定位，以承受這些挑戰。

Integration Key to Post-2028 Survival

2028年後生存的集成密鑰

Those pivoting to new revenue streams, like AI or HPC, are also making progress, but industry expert Ben Perkins from Bit Innovation pointed out that these pivots alone might not be enough.

那些涉及新收入來源（例如AI或HPC）的人也在取得進步，但是來自Bit Innovation的行業專家Ben Perkins指出，僅這些樞紐可能還不夠。

“The miners who will survive are those thinking outside the box, not just cutting costs. We need something new, something that will truly differentiate them in a post-halving world.”

“將要生存的礦工是開箱即用的人，而不僅僅是削減成本。我們需要一些新的東西，這將在備受關注後的世界中真正區分它們。”

MARA’s strategy of combining low-cost energy through a Texas wind farm acquisition with an expansion of data centre infrastructure sales showcases this broader diversification.

瑪拉（Mara）通過得克薩斯州風電場的獲取將低成本能源結合在一起的策略與數據中心基礎設施銷售的擴展展示了這種更廣泛的多樣化。

While competitors like RIVER (NASDAQ:RVNR) have been swift in deploying new miners post-2024 halving, Perkins noted that the urgency isn’t new.

雖然像River（NASDAQ：RVNR）這樣的競爭對手在2024年後部署新礦工時已經迅速部署，但珀金斯指出，緊迫性並不新鮮。

“Everyone knew about the 2024 halving impact, yet many were slow. Those lagging now in green energy will face the same reckoning. It’s a matter of adaptation or extinction.”

“每個人都知道2024年的減半影響，但許多人都很慢。現在落後於綠色能源的人將面臨同樣的估計。這是適應或滅絕的問題。”

In a recent interview, MARA’s CEO, speaking on the Paychain podcast, touched upon the challenges faced by smaller mining firms.

在最近的一次採訪中，瑪拉（Mara）的首席執行官在薪鏈播客上發表講話，談到了較小的採礦公司面臨的挑戰。

Smaller miners, often operating with thinner margins and less diversified revenue streams, are bearing the brunt of the industry downturn.

較小的礦工（通常以更薄的利潤率運行，收入流較少，都在行業衰退中首當其衝。

Moreover, smaller miners are typically more sensitive to changes in Bitcoin price and hashrate, which could affect their ability to generate profit and stay afloat.

此外，較小的礦工通常對比特幣價格變化和哈希拉特的變化更加敏感，這可能會影響他們產生利潤並保持維持的能力。

In a period of market stress, smaller miners may be forced to sell Bitcoin at a loss to cover operational costs, putting them at a disadvantage compared to larger miners with the capacity to hold onto their coins.

在市場壓力的時期，較小的礦工可能會被迫以損失的價格出售比特幣，以支付運營成本，使他們處於劣勢，而較大的礦工具有持有硬幣的能力。

In the case of a prolonged bear market or significant price correction, smaller miners could face difficulties in securing new capital.

在長時間的熊市或重大價格校正的情況下，較小的礦工可能會面臨確保新資本的困難。

Despite the challenges, smaller miners are continuously innovating and seeking new opportunities to expand their operations and market share.

儘管面臨挑戰，較小的礦工仍在不斷創新，並尋求擴大其業務和市場份額的新機會。

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