礦商正在持有比特幣並擴展到人工智慧/高效能運算以應對市場壓力

摩根大通在周三發布的報告中指出，與 MicroStrategy 一樣，礦商專注於累積比特幣，而不是清算比特幣

Semler Scientific, a medical device company, has joined the bitcoin accumulation race, purchasing $144 million in BTC. This move comes as miners are shifting their focus to accumulating bitcoin rather than liquidating their reserves.

醫療設備公司 Semler Scientific 加入了比特幣累積競賽，購買了 1.44 億美元的 BTC。此舉發生之際，礦商正將注意力轉向累積比特幣，而不是清算其儲備。

The strategic shift is a response to increased competition and mining difficulty, triggered by the April halving event and the expanding network hashrate. To combat these challenges, miners are not only hoarding bitcoin but are also diversifying into areas like artificial intelligence and high-performance computing (AI/HPC).

這項策略轉變是對四月份減半事件和不斷擴大的網路算力引發的競爭加劇和挖礦難度的回應。為了因應這些挑戰，礦工不僅囤積比特幣，也朝向人工智慧和高效能運算（AI/HPC）等領域多元化發展。

According to JPMorgan analysts, led by Nikolaos Panigirtzoglou, this move helps them weather the pressure on their bottom line. Among the key players adopting this model is Marathon Digital Holdings (MARA), which now holds 35,000 bitcoins, valued at around $3.5 billion. This makes it the second-largest publicly traded holder of Bitcoin after MicroStrategy.

以 Nikolaos Panigirtzoglou 為首的摩根大通分析師表示，此舉有助於他們應對獲利壓力。採用這種模式的主要參與者之一是 Marathon Digital Holdings (MARA)，該公司目前持有 35,000 個比特幣，價值約 35 億美元。這使其成為繼 MicroStrategy 之後第二大公開交易的比特幣持有者。

Miners are not the only entities getting into bitcoin accumulation. Semler Scientific, a medical device manufacturer, has also jumped on the bandwagon, acquiring $144 million in bitcoin.

礦工並不是唯一參與比特幣累積的實體。醫療設備製造商 Semler Scientific 也加入了這一行列，收購了價值 1.44 億美元的比特幣。

One of the key drivers of this shift is the introduction of U.S. spot bitcoin ETFs in January, which offer institutional investors an easier way to gain exposure to bitcoin directly, rather than through mining company shares. This has led to underperformance in the shares of mining companies, which were previously seen as a proxy for bitcoin.

這項轉變的關鍵驅動力之一是一月份美國現貨比特幣 ETF 的推出，它為機構投資者提供了一種更簡單的方式來直接獲得比特幣，而不是透過礦業公司股票。這導致礦業公司的股票表現不佳，這些公司先前被視為比特幣的代表。

To fund operations, miners are increasingly turning to debt and equity offerings instead of selling their Bitcoin holdings. In fact, miners have raised more than $10 billion in equity so far this year, surpassing the previous record of $9.5 billion set in 2021.

為了為營運提供資金，礦商越來越多地轉向債務和股票發行，而不是出售其持有的比特幣。事實上，今年迄今為止，礦商已籌集了超過 100 億美元的股本，超過了 2021 年創下的 95 億美元的紀錄。