Marathon Digital Holdings (MARA) 透過比特幣借貸計畫突破營運創新的界限

Marathon Digital Holdings (MARA) 是全球最大的比特幣挖礦公司之一，正在突破營運創新的界限。

Bitcoin mining company Marathon Digital (NASDAQ:MARA) has revealed that it lent out 7,377 BTC in 2024, forming 16% of its total 44,893 Bitcoin reserves. This move is part of a broader strategy by the company to generate additional income streams.

比特幣挖礦公司 Marathon Digital（NASDAQ：MARA）透露，該公司在 2024 年借出了 7,377 枚比特幣，佔其 44,893 枚比特幣儲備總量的 16%。此舉是該公司創造額外收入流的更廣泛策略的一部分。

With reserves valued at approximately $4.4 billion as of December 31, this bold move reflects MARA’s dual focus on operational growth and innovative revenue generation.

截至 12 月 31 日，MARA 的儲備價值約為 44 億美元，這項大膽舉措反映了 MARA 對營運成長和創新創收的雙重關注。

Bitcoin Lending Program Gains Traction

比特幣借貸計劃受到關注

Marathon’s Bitcoin lending program, which was operational between the years 2024, also points towards the company’s desire to get the best return on its assets while at the same time managing cost of operations. As explained by Robert Samuels, Director of Investor Relations, the loans refer to ‘short-term arrangements with well-established third parties’ in order to achieve low to mid single-digit returns.

Marathon 的比特幣借貸計劃於 2024 年開始運營，這也表明該公司希望獲得最佳資產回報，同時管理營運成本。正如投資者關係總監羅伯特·塞繆爾斯（Robert Samuels）所解釋的那樣，這些貸款是指“與成熟的第三方的短期安排”，以實現中低個位數的回報。

Although MARA has not revealed the identities of its borrowers, the move has attracted attention as the industry slowly recovers from the 2022 crypto lending saga. This period was characterized by the crypto industry’s biggest lenders, BlockFi, Genesis, and Celsius, precipitating failures owing to unsecured lending.

儘管 MARA 尚未透露借款人的身份，但隨著該行業從 2022 年的加密貸款傳奇中慢慢復甦，此舉引起了人們的關注。這段時期的特點是加密貨幣行業最大的貸款機構 BlockFi、Genesis 和攝氏度，由於無擔保貸款而加速破產。

On the other hand, the conservative strategy of Marathon and the fact that it operates with the help of partners increases the emphasis on the prevention of counterparty risks.

另一方面，馬拉鬆的保守策略以及借助合作夥伴運作的事實，增加了對防範交易對手風險的重視。

For instance, the company made $3.9 million in the interest income in Q3 2024 from lending Bitcoin and cash. Adding the $4.8 million received in the first half of the year, Bitcoin lending has clearly become one of the biggest revenue generators for MARA.

例如，該公司在 2024 年第三季透過借貸比特幣和現金獲得了 390 萬美元的利息收入。加上今年上半年收到的 480 萬美元，比特幣借貸顯然已成為 MARA 最大的收入來源之一。

Expanding Bitcoin Reserves and Mining Output

擴大比特幣儲備和挖礦產出

This is mainly because MARA has had a particularly strong Bitcoin accumulation strategy that supported its lending operation. In 2024 alone, the company mined 9,457 BTC and bought another 22,065 BTC at an average cost of $87,205 making the total reserve to be 44,893 BTC.

這主要是因為 MARA 擁有特別強大的比特幣累積策略來支持其借貸業務。僅在 2024 年，該公司就開採了 9,457 BTC，並以平均成本 87,205 美元購買了另外 22,065 BTC，使總儲備達到 44,893 BTC。

This strategic approach of integrating mining output with opportunities for acquisition has enabled MARA to build up its reserves considerably while at the same time keeping operational flexibility. The reserves are $4.4 billion, which make it possible to continue the company’s search for new yield-generation avenues and at the same time have some safety cushion against market volatility.

這種將採礦產出與收購機會結合的策略方法使 MARA 能夠大幅增加其儲量，同時保持營運彈性。儲備金為 44 億美元，這使得公司能夠繼續尋找新的收益產生途徑，同時為應對市場波動提供一定的安全緩衝。

With MARA continuing to build up its reserves through active management, the company remains in the front-running position among Bitcoin mining companies. The model of collecting Bitcoin and using it to offer loans is an example of a diversified strategy that in its turn combines potential profit and risk.

隨著MARA繼續透過主動管理累積儲備，該公司在比特幣礦業公司中仍處於領先地位。收集比特幣並用其提供貸款的模式是多元化策略的一個例子，該策略又結合了潛在的利潤和風險。

High Hash Rate and High Efficiency in Operation

高算力、高運作效率

In practice, Marathon concluded the year 2024 with one of the most important goals met: an energized hashrate of 53 EH/s and a realized hashrate of 47 EH/s. This is similar to its November metrics where it has proved that it is capable of maintaining a high level of mining efficiency even in unstable market conditions.

實際上，Marathon 在 2024 年結束時實現了最重要的目標之一：活躍算力達到 53 EH/s，實現算力達到 47 EH/s。這與 11 月的指標類似，證明即使在不穩定的市場條件下，它也能夠維持高水準的挖礦效率。

Hash rate, the amount of computing power applied to mining, is an important parameter of a miner’s performance The realized hashrate of 47 EH/s of MARA shows that it can continue to produce Bitcoin at consistent rates regardless of the changes in the market.

算力，即用於挖礦的算力大小，是礦工性能的重要參數。

This operational strength not only enhances MARA’s reserve accumulation capacity but also enhances its capacity for expansion. The enhancement of the mining capabilities combined with the right approach in lending makes it an industry leader in Bitcoin mining.

這種營運實力不僅增強了農業農村部的儲備累積能力，也增強了其擴張能力。採礦能力的增強與正確的貸款方法相結合，使其成為比特幣採礦領域的行業領導者。

Opportunities and Risks

機會與風險

However, Marathon’s lending program has its own set of problems. The broader cryptocurrency market is still exposed to counterparty risk, especially after the 2022 failure of prominent Bitcoin lenders. However, MARA’s decision to use only 16% of its reserves is evidence of good risk management strategy.

然而，馬拉鬆的貸款計劃也有其自身的一系列問題。更廣泛的加密貨幣市場仍然面臨交易對手風險，尤其是在 2022 年著名比特幣貸款機構倒閉之後。然而，MARA 決定僅使用其儲備金的 16%，證明了良好的風險管理策略。

This gives MARA an opportunity to manage the market forces or operational needs since it has a large reserve base. Also, its focus on short term funding with reliable counterparties eliminates on overall risks that are inherent in this business.

由於擁有龐大的儲備基礎，MARA 有機會管理市場力量或營運需求。此外，它專注於與可靠交易對手進行短期融資，消除了該業務固有的整體風險。

This conservative yet risky approach may pave the way for other mining companies that want to generate other sources of income without having to bear the risks of lending.

這種保守但有風險的做法可能為其他想要產生其他收入來源而不必承擔貸款風險的礦業公司鋪平道路。