儘管比特幣上漲，礦業公司股價仍暴跌

儘管這一年比特幣大幅飆升，但礦業公司仍難以利用這一勢頭。

The performance of bitcoin, often seen as a barometer for the entire crypto sector, reveals a paradox this year. Indeed, the price of the leading asset has risen by 128 % over a twelve-month period, with levels reminiscent of its glory days. However, this exceptional momentum does not seem to benefit companies specializing in mining, whose stocks have experienced dramatic declines. This situation reflects a gap between the skyrocketing rise of bitcoin and the stock performance of mining companies. Investors and analysts are questioning: what are the factors behind this divergence? While bitcoin continues to attract attention with its resilience and the growing enthusiasm for ETFs and institutional purchases, mining companies are facing major structural challenges, particularly related to energy costs, regulatory pressures, and operational inefficiencies.

比特幣的表現通常被視為整個加密產業的晴雨表，但今年卻揭示了一個悖論。事實上，這一領先資產的價格在 12 個月內上漲了 128%，其水平讓人想起它的輝煌歲月。然而，這種特殊的勢頭似乎並沒有讓專門從事採礦業的公司受益，這些公司的股票經歷了大幅下跌。這種情況反映出比特幣的暴漲與礦業公司的股票表現之間的差距。投資人和分析師紛紛質疑：這種差異背後的因素是什麼？儘管比特幣以其彈性以及人們對ETF 和機構購買的熱情日益高漲而繼續吸引人們的關注，但礦業公司卻面臨著重大的結構性挑戰，特別是與能源成本、監管壓力和運營效率低下相關的挑戰。

Mining companies’ stocks plummet despite the bitcoin rally

儘管比特幣上漲，礦業公司股價仍暴跌

Despite a year marked by a spectacular bitcoin surge, mining companies struggle to capitalize on this momentum. Among the most affected players, Argo Blockchain, a British pioneer in the sector with a hashing power of 1,500 PH/s, illustrates the severity of the situation. The value of its shares has fallen by 84.31 % over the year, with an additional 5 % drop recorded in just 24 hours. This case is not isolated. Greenidge, which operates data centers in the United States, reports an annual loss of 74 %, while Sphere 3D, specialized in mining-related hardware and software, has seen its market capitalization erode by 71.32 % since January.

儘管這一年比特幣大幅飆升，但礦業公司仍難以利用這一勢頭。在受影響最嚴重的參與者中，英國該領域的先驅 Argo Blockchain 的哈希能力達到 1,500 PH/s，這說明了情況的嚴重性。其股價全年下跌84.31%，短短24小時內又下跌5%。這個案例並不是孤立的。在美國營運資料中心的 Greenidge 報告年度虧損達 74%，而專門從事挖礦相關硬體和軟體的 Sphere 3D 自 1 月以來市值縮水了 71.32%。

These results shed light on an instability that goes beyond simple market fluctuations. Even large-cap companies, often perceived as more robust, are experiencing significant setbacks. Riot Platforms, which operates one of the highest mining capacities at 29,400 PH/s, has recorded a 29.92 % decline in its share value this year. For its part, Marathon Digital has seen a decrease of 16.05 %, a less severe drop but still critical. These contrasting performances highlight structural vulnerabilities in the sector, exacerbated by high operational costs and increased market volatility.

這些結果揭示了超出簡單市場波動範圍的不穩定性。即使是通常被認為更穩健的大盤股公司也正在經歷重大挫折。 Riot Platforms 是採礦能力最高的公司之一，其採礦能力為 29,400 PH/s，今年股價下跌了 29.92%。就 Marathon Digital 而言，下降了 16.05%，下降幅度較小，但仍然嚴重。這些對比鮮明的表現突顯了該行業的結構性脆弱性，而高營運成本和市場波動性加劇加劇了這種脆弱性。

Exceptions that illuminate a struggling sector

照亮陷入困境的行業的例外情況

The mining sector, although generally in difficulty, still presents some notable successes. TeraWulf, a leading player, has seen its stock value soar by 152.61 % this year. This spectacular progression is, however, tempered by a brutal correction of 12 % in a single day, illustrating the inherent volatility of this type of investment. Bitdeer, another remarkable example, has also posted exceptional results. Supported by strategic decisions and substantial capital, the company recorded a 131 % increase in its stock value in 2023.

採礦業雖然普遍困難重重，但仍取得了一些顯著成就。龍頭企業TeraWulf今年以來股價飆漲152.61%。然而，這一驚人的進展受到單日 12% 的殘酷調整的影響，說明了此類投資的固有波動性。另一個引人注目的例子——比特鹿也取得了優異的成績。在策略決策和大量資本的支持下，該公司2023年股價成長了131%。

These performances, although atypical in an overall gloomy context, find their explanations in precise strategic choices. Thus, companies like TeraWulf and Bitdeer have managed to diversify their activities and adapt to the rapid fluctuations of the markets. Similarly, firms such as Hut 8 Mining and Northern Data, which report increases of 71.83 % and 65.73 % respectively, prove that a well-defined and adapted strategy can generate positive results, even in the face of major structural challenges. These successes underscore the importance of rigorous management and the ability to act in an environment as unpredictable as that of bitcoin mining.

這些表現雖然在整體黯淡的背景下非典型，但可以從精確的策略選擇中找到解釋。因此，像 TeraWulf 和 Bitdeer 這樣的公司已經成功實現業務多元化並適應市場的快速波動。同樣，Hut 8 Mining 和 Northern Data 等公司的成長率分別為 71.83% 和 65.73%，證明，即使面臨重大的結構性挑戰，明確且適應性強的策略也可以產生積極的成果。這些成功強調了嚴格管理的重要性以及在像比特幣挖礦這樣不可預測的環境中採取行動的能力。

This stark contrast highlights the structural challenges facing mining companies, particularly the impact of energy costs, increasing regulatory uncertainties, and the unpredictable nature of the crypto market. These difficulties remind us of the need for strategic adaptation to seize opportunities and mitigate risks. The disparity between bitcoin’s performance and that of mining companies could prompt investors to reassess their criteria, with a view to valuing operational resilience and technological innovation more highly. As bitcoin continues to assert its influence in the crypto ecosystem, understanding the nuances of the mining industry becomes essential to anticipate its prospects and leverage all its potential.

這種鮮明的對比凸顯了礦業公司面臨的結構性挑戰，特別是能源成本的影響、日益增加的監管不確定性以及加密市場的不可預測性。這些困難提醒我們需要進行策略調整，抓住機會、化解風險。比特幣與礦業公司表現之間的差異可能會促使投資者重新評估他們的標準，以更加重視營運彈性和技術創新。隨著比特幣繼續在加密生態系統中發揮影響力，了解採礦業的細微差別對於預測其前景並利用其所有潛力至關重要。

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

透過我們的「閱讀賺錢」計畫最大化您的 Cointribune 體驗！您閱讀的每一篇文章，均可賺取積分並獲得獨家獎勵。立即註冊並開始賺取福利。

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

我畢業於圖盧茲政治學院，並持有Alyra 頒發的區塊鏈顧問認證，於2019 年加入了Cointribune 冒險之旅。並告知大眾大眾了解這個不斷發展的生態系統。我的目標是讓每個人都能更了解區塊鏈並抓住它所提供的機會。我每天都努力對時事進行客觀分析，解讀市場趨勢，傳播最新的技術創新，並透視這場正在進行的革命的經濟和社會問題。