賓州礦業公司 Stronghold 考慮在比特幣市場低迷之際出售

上市礦業公司 Stronghold 正在探索潛在出售方案，以實現股東價值最大化。儘管開創了一種能夠自行發電的環保模式，但 Stronghold 在比特幣減半事件後仍面臨挑戰。在與同業相比估值存在差異的情況下，執行長格雷格·比爾德將公司獨特的發電能力視為潛在的差異化因素。

Pennsylvania-Based Stronghold Explores Sale Amidst Bitcoin Market Downturn

總部位於賓州的 Stronghold 在比特幣市場低迷之際探索出售

Pennsylvania-based Stronghold Digital Mining, a publicly traded company in the burgeoning Bitcoin mining industry, has announced its intention to explore a potential sale of all or part of its operations. This move comes amidst a recent downturn in the Bitcoin market following the halving event in April.

總部位於賓州的 Stronghold Digital Mining 是一家新興比特幣挖礦產業的上市公司，該公司宣布打算探索出售其全部或部分業務的潛在可能性。此舉正值四月份減半事件之後比特幣市場近期低迷之際。

Stronghold, with a current market capitalization of approximately $40 million, has carved a unique niche in the mining landscape. Unlike other mining firms that rely on the existing power grid to fuel their operations, Stronghold operates two facilities that burn coal refuse, a waste material that the state pays companies to reclaim. By generating its own electricity through this process, Stronghold effectively serves as its own power plant, positioning itself as the "only public, vertically integrated miner."

Stronghold 目前的市值約為 4000 萬美元，在採礦業中佔據了獨特的地位。與其他依靠現有電網為其營運提供燃料的礦業公司不同，Stronghold 經營兩個燃燒煤炭垃圾的設施，這些垃圾是國家付錢給公司回收的。透過這個過程自行發電，Stronghold 實際上充當了自己的發電廠，將自己定位為「唯一的公共垂直整合礦工」。

Despite its innovative approach and the surge in Bitcoin prices following the introduction of Bitcoin ETFs in January, the outlook for mining companies like Stronghold has darkened after the April halving event. While some analysts predicted that publicly traded companies would thrive due to rising operating costs and the closure of inefficient operations, the stocks of mining firms have failed to keep pace with Bitcoin's meteoric ascent.

儘管採用了創新方法，並且在 1 月推出比特幣 ETF 後比特幣價格飆升，但在 4 月減半事件之後，像 Stronghold 這樣的礦業公司的前景已經變得黯淡。儘管一些分析師預測，由於營運成本上升和低效業務關閉，上市公司將蓬勃發展，但礦業公司的股票未能跟上比特幣的迅速上漲。

Stronghold's shares, which were valued at around $11.25 in late December 2024, plummeted to approximately $3 on Wednesday. Regulatory filings revealed that CEO Greg Beard, who holds a 10% stake in the company, sold nearly 40,000 shares in late December, although he had also acquired around 1,000,000 shares during the preceding year.

Stronghold 的股價在 2024 年 12 月下旬約為 11.25 美元，週三暴跌至約 3 美元。監管文件顯示，持有該公司 10% 股份的執行長 Greg Beard 在 12 月底出售了近 40,000 股股票，儘管他在前一年還購買了約 1,000,000 股股票。

Stronghold's press release did not explicitly link its decision to sell to the post-halving price drop, but Beard had previously emphasized the importance of self-generated power in this context. "Our value proposition is that if power is expensive, we can quickly turn the Bitcoin mining data centers off because it's not an essential service," he said in a March interview with Kitco News.

Stronghold 的新聞稿並未明確將其出售決定與減半後價格下跌聯繫起來，但 Beard 先前曾強調在此背景下自發電的重要性。 「我們的價值主張是，如果電力昂貴，我們可以迅速關閉比特幣挖礦資料中心，因為這不是一項基本服務，」他在三月接受 Kitco News 採訪時表示。

Instead, the press release attributed the decision to a "valuation dislocation" between Stronghold's market value and the valuations of other publicly traded Bitcoin mining companies, merchant power companies, and data centers. Beard stated in a statement that the company's existing capacity could be expanded for either Bitcoin mining or advanced computing applications in artificial intelligence (AI), a growing trend among other firms. A company spokesperson declined to provide further comment.

相反，新聞稿將這一決定歸因於 Stronghold 的市值與其他上市比特幣礦業公司、商業電力公司和數據中心的估值之間的「估值錯位」。 Beard 在聲明中表示，該公司現有的產能可以擴大到比特幣挖礦或人工智慧（AI）的高階運算應用，這是其他公司不斷成長的趨勢。公司發言人拒絕提供進一步評論。

Stronghold's decision to explore a sale underscores the challenges facing mining companies in the post-halving era. With Bitcoin prices stabilizing at lower levels and operating costs rising, many miners have been grappling with profitability issues. The company's move to burn coal refuse as fuel, while offering potential environmental benefits, has not been able to fully insulate it from the industry downturn.

Stronghold 探索出售的決定凸顯了礦業公司在減半後時代面臨的挑戰。隨著比特幣價格穩定在較低水準和營運成本上升，許多礦商一直在努力解決獲利問題。該公司燃燒煤炭垃圾作為燃料的舉措雖然帶來了潛在的環境效益，但未能完全使其免受行業低迷的影響。

As the Bitcoin mining landscape continues to evolve, it remains to be seen whether Stronghold will find a suitable buyer or continue to operate as an independent entity. However, the company's decision to explore its options sends a clear message: the mining industry is facing significant headwinds, and even innovative approaches may not be enough to withstand the market's volatility.

隨著比特幣挖礦格局的不斷發展，Stronghold 是否會找到合適的買家或繼續作為獨立實體運作還有待觀察。然而，該公司探索其選擇的決定發出了一個明確的訊息：採礦業面臨巨大的阻力，即使是創新的方法也可能不足以抵禦市場的波動。