Marathon Digital在第四季度獲得了創紀錄的收入，但分析師仍然沒有盤滴

本週的公共鑰匙以比特幣礦工馬拉鬆在第四季度取得的重大成就的重點，以及為什麼這種成功並沒有搖擺分析師來提高其收視率。

Public Keys: Marathon hits record revenue amid lagging analyst interest

公共鑰匙：馬拉鬆在分析師的利益落後

Hello, readers. Welcome back for another edition of Public Keys, Decrypt's weekly coverage of the major publicly traded cryptocurrency companies. This term encompasses a wide scope, including crypto exchange Coinbase, Michael Saylor's Bitcoin-accumulating strategy, Jack Dorsey's crypto payments platform Block, Inc., and various publicly listed crypto mining firms.

您好，讀者。歡迎回到另一個版本的公共鑰匙，這是解密對主要公開交易的加密貨幣公司的每週報導。這個術語涵蓋了廣泛的範圍，包括加密交易所Coinbase，Michael Saylor的比特幣蓄積策略，Jack Dorsey的Crypto Payments Platform Block Block，Inc。以及各種公開上市的加密貨幣礦業公司。

This week, we'll be highlighting a significant achievement by Bitcoin miner Marathon, which achieved a peak in Q4, and examining why analysts haven't responded by boosting their ratings.

本週，我們將重點介紹比特幣礦工馬拉鬆的重大成就，該馬拉鬆在第四季度達到了高峰，並研究了為什麼分析師沒有通過提高評級來做出回應。

Moreover, we'll be covering the dismissal of the SEC lawsuit against Coinbase, the upcoming announcement of full-year earnings by miner Hut 8 on Monday, and approval for Bitfarms to proceed with its merger with Stronghold.

此外，我們將介紹針對Coinbase的SEC訴訟，這是Miner Hut 8週一宣布的全年收益，並批准Bitfarms與Stronthold合併。

MARA hits record revenue

瑪拉（Mara）達到創紀錄的收入

Marathon Digital, the largest publicly traded cryptocurrency mining company with a market cap of $4.7 billion, announced a record-high Q4 quarterly revenue of $214 million on Wednesday.

Marathon Digital是最大的公共交易加密貨幣礦業公司，市值為47億美元，宣佈在週三創下的第4季度季度季度收入為2.14億美元。

It's worth noting that the company recently changed its name to MARA, but we'll continue to refer to it as Marathon to avoid any confusion with its stock ticker.

值得注意的是，該公司最近將其名稱更改為Mara，但我們將繼續將其稱為馬拉松，以避免與股票股票的任何混亂。

This figure represents a 37% increase over its Q4 2023 performance, exceeding analysts' expectations. The gain is particularly significant considering that last year's Bitcoin halving dramatically reduced the rewards received by miners. This mechanism, designed to control Bitcoin's inflation rate and embedded in its code, becomes a talking point every four years as miners and traders adjust to the new conditions.

該數字比其Q4 2023的性能增長了37％，超出了分析師的期望。考慮到去年的比特幣減少了礦工的獎勵，收益尤其重要。這種機制旨在控制比特幣的通貨膨脹率並嵌入其代碼中，隨著礦工和貿易商適應新條件，每四年成為一個談話點。

However, one might expect that analysts following Marathon, trading on the Nasdaq under the MARA ticker, would be praising the company's performance. But that hasn't been the case.

但是，人們可能會期望馬拉鬆比賽之後的分析師在Mara Ticker領導下的納斯達克貿易，這會讚揚該公司的表現。但事實並非如此。

It has become increasingly challenging to maintain low costs for each Bitcoin mined. As the current block reward is now 3.125 Bitcoin, miners are striving to gain an advantage by deploying additional mining rigs and reducing energy expenses.

維持每個開採比特幣的低成本已經變得越來越具有挑戰性。由於目前的獎勵是3.125比特幣，礦工正在努力通過部署其他採礦鑽機並減少能源費用來獲得優勢。

Marathon has addressed this issue by aiming to evolve into a "vertically integrated energy and technology solutions provider." According to CEO Fred Thiel, the company successfully tripled its energy capacity in 2024 from 0.5 to 1.7 gigawatts by harnessing excess natural gas and wind farms.

馬拉松已經通過發展為“垂直整合的能源和技術解決方案提供商”來解決這個問題。據首席執行官弗雷德·泰爾（Fred Thiel）表示，該公司通過利用多餘的天然氣和風電場，在2024年成功將其能源容量從0.5吉瓦特增加了兩倍。

But like many of its peers, Marathon's profitability is heavily influenced by Bitcoin prices—something analyst Stephen Ayers describes as "inherently unpredictable."

但是，像許多同行一樣，馬拉鬆的盈利能力受到比特幣價格的很大影響 - 分析師斯蒂芬·艾爾斯（Stephen Ayers）形容“本質上是不可預測的”。

For instance, Marathon saw an increase in the value of its BTC treasury by $443 million in Q4. But this can fluctuate; the market recently saw Bitcoin dip below $80,000.

例如，馬拉鬆比賽的價值增加了​​4.43億美元，4.43億美元。但這可能會波動；市場最近看到比特幣下降到80,000美元以下。

The research firm Bernstein has previously praised Bitcoin miners, yet it has expressed more favorable comments about smaller competitors like Cleanspark and Riot Platforms compared to the Florida-based company.

這家研究公司伯恩斯坦（Bernstein）以前曾稱讚比特幣礦工，但與總部位於佛羅里達州的公司相比，它對較小的競爭對手（如CleanSpark和Riot Platform）表達了更有利的評論。

Coinbase SEC lawsuit dismissed

Coinbase SEC訴訟被駁回

Last week, the Securities and Exchange Commission agreed in principle to dismiss its lawsuit against crypto exchange Coinbase. Consequently, Coinbase, traded on the Nasdaq under the COIN ticker, finished the week above $235.

上週，證券交易委員會原則上同意駁回其針對加密交易所Coinbase的訴訟。因此，Coinbase在納斯達克股票的股票股票下以235美元的價格完成了一周。

By the time the SEC officially confirmed the dismissal this week, the positive impact on the company's share price had diminished, closing at approximately $208.37 yesterday.

到SEC本周正式確認該解僱時，對公司股價的積極影響已經下降，昨天收盤價約為208.37美元。

Observers have noted that the company and its executives have invested tens of millions in political donations, including $70 million to Fairshake, a super PAC supportive of crypto.

觀察家指出，該公司及其高管已經投資了數千萬的政治捐款，其中包括7,000萬美元向Fairshake提供的，這是Crypto的Super Pac支持。

Meanwhile, the recent market downturn has significantly increased trading volumes on the exchange. In just one day, Coinbase reported a 65% spike in volume, according to data from CoinGecko.

同時，最近的市場下滑大大增加了交易所交易量。根據Coingecko的數據，Coinbase僅在短短一天中報告了65％的峰值。

Ones to watch: Hut 8 earnings and Bitfarms merger

值得關注的人：小屋8收入和比特弗姆斯合併

Hut 8, which trades on the Nasdaq under the HUT ticker, will announce its full-year 2024 results on Monday, March 3. Although the presentation will cover the previous year, analysts will likely focus on updates regarding its Vega Project.

在納斯達克股票下進行交易的小屋8將於3月3日星期一宣布其全年2024年業績。儘管演講將涵蓋上一年，但分析師可能會重點介紹有關其Vega項目的更新。

In a performance update from January, Hut 8 CEO Asher Genoot hinted that the project—which features a “~15 EH/s colocation agreement with BITMAIN”—is expected to be ready for “energization” in Q2 of this year. The company has also been directing investments toward AI data center development.

在一月份的表演更新中，HUT 8首席執行官Asher Genoot暗示，該項目（與Bitmain與Bitmain的約15 EH/S託管協議都有”，預計將在今年的第二季度為“充滿活力”做好準備。該公司還一直將投資用於AI數據中心開發。

Bitmain, a privately owned Chinese manufacturer of crypto mining equipment, specifically ASICs (application-specific integrated circuits), currently holds approximately 80% of the global market for Bitcoin mining hardware, according to Bitstamp, a Luxembourg-based crypto exchange.

總部位於盧森堡的加密貨幣交易所Bitstamp表示，Bitmain是一家私人中國加密礦業設備製造商，特別是ASICS（特定於應用程序的集成電路），目前佔據了比特幣採礦硬件的全球市場約80％。

Additionally, Bitfarms, trading on Nasdaq under the BITF ticker, has received approval from shareholders to proceed with its merger with Stronghold. This is the same Bitcoin mining company that successfully resisted a hostile takeover attempt from Riot Platforms a few months back.

此外，Bitfarms在BITF股票下進行的納斯達克交易，已獲得股東的批准，以與據點合併。這是幾個月前成功抵抗Riot Platform的敵對接管嘗試的同一家比特幣礦業公司。