標題：比特幣BTC/USD礦工剛剛有記錄的最好的宿舍之一

比特幣BTC/USD礦工剛剛擁有最好的季度之一，但真正的贏家不僅是那些挖掘最多的硬幣的贏家，而且是那些保留費用的勝利者。

JPMorgan analyst Reginald L. Smith took a closer look at the latest trends in the Bitcoin (BTC) miner sector, upgrading IREN Ltd (NYSE: IREN) to Overweight and moving Cipher Mining Inc (NASDAQ:CIFR) to Neutral.

摩根大通分析師雷金納德·史密斯（Reginald L. Smith）仔細研究了比特幣（BTC）礦工領域的最新趨勢，將Iren Ltd（NYSE：IREN）升級到超重和移動密碼礦業公司（NASDAQ：CIFR）到中性。

Four out of the five major publicly traded bitcoin miners – Cipher, CleanSpark Inc (NYSE: CLSK), IREN, MARA Holdings Inc (NYSE: MARA) and Riot Platforms Inc (NASDAQ: RIOT) – reported record revenues and adjusted earnings in the fourth quarter, largely driven by Bitcoin's price surge and improvements in mining efficiency.

在五個主要公開交易的比特幣礦工中，有四個 - Cipher，Cleanspark Inc（NYSE：CLSK），Iren，Mara Holdings Inc（NYSE：MARA）和RIOT Platforms Inc（NASDAQ：RIOT） - 報導了第四季度的創紀錄的收入和調整後的收入，很大程度上由BitCoin的價格提高效率，並提高了BitcoIn的價格高度效率，並提高了效率。

MARA mined the most coins with 2,514 BTC, while IREN boasted a 65% increase in production quarter-over-quarter, bringing in 1,347 BTC. However, IREN also excelled in efficiency, producing BTC at the lowest all-in cash cost of ~$36,100 per coin. In contrast, Riot reported the highest cost at ~$72,400 per BTC, still a high price considering BTC averaged ~$83,300 in the fourth quarter.

瑪拉（Mara）以2,514 BTC的價格挖掘了最多的硬幣，而Iren的產量四分之一季度則增加了65％，帶來了1,347 BTC。但是，Iren在效率方面也表現出色，以最低的全國現金成本生產BTC，每枚硬幣約為36,100美元。相比之下，Riot報告的最高成本約為每BTC 72,400美元，考慮到BTC在第四季度平均約為83,300美元，價格仍然很高。

MARA had the lowest cash SG&A costs at $9,600 per coin, making it a lean operator despite its relatively high power costs of $52,400 per BTC.

Mara的現金SG＆A成本最低，每枚硬幣為9,600美元，儘管電力相對較高的電源成本為每BTC $ 52,400，但它還是一輛精益運營商。

After an aggressive 180% increase in hashrate in 2024, outpacing even network growth, the five miners are slowing down in 2025.

在2024年的哈希酸鹽增長了180％，甚至超過網絡增長之後，五個礦工在2025年正在放慢速度。

CleanSpark and MARA are shifting toward more disciplined capital management, cutting back on hashrate expansion and focusing on profitability.

CleanSpark和Mara正在轉向更具紀律嚴明的資本管理，削減了哈希底的擴張並專注於盈利能力。

On the other hand, IREN, Cipher, and Riot are evaluating hashrate expansion versus high-performance computing (HPC) opportunities.

另一方面，Iren，Cipher和Riot正在評估哈希酸鹽擴展與高性能計算（HPC）機會。

Riot and IREN are trimming their hashrate targets to free up capacity for HPC projects, and Cipher is also considering reallocating resources.

Riot和Iren正在修剪其哈希底靶標，以釋放HPC項目的容量，而Cipher也在考慮重新分配資源。

HPC: The Next Big Pivot

HPC：下一個大樞軸

Smith sees HPC data centers as a key growth driver in the coming year, with Cipher best positioned to strike a deal in the near term. IREN is constructing a 75 MW multi-tenant, liquid-cooled HPC data center, expected to go live in 2H25, though financing and tenant details remain largely disclosed.

史密斯（Smith）認為，HPC數據中心是來年的關鍵增長推動力，而密碼則可以在短期內達成協議。 Iren正在建造一個75兆瓦的多租戶，液冷HPC數據中心，預計將在2H25上線，儘管融資和租戶細節仍在很大程度上披露。

Both Riot and IREN continue active talks with hyperscalers, but deals are taking longer to materialize.

Riot和Iren都繼續與大型評分者進行積極的談判，但交易需要更長的時間來實現。

In terms of stock ratings, Smith is upgrading IREN to Overweight with a $12 price target, highlighting its low-cost structure and strong production growth.

在股票評級方面，史密斯（Smith）以12美元的價格目標將Iren升級為超重，強調了其低成本結構和強勁的生產增長。

CleanSpark, also rated Overweight, gets a revised $12 price target (down from $17) due to deteriorating mining economics.

CleanSpark也獲得了超重，由於採礦經濟學不斷惡化，因此獲得了12美元的價格目標（低於17美元）。

Meanwhile, Cipher moves to Neutral, as its 2025 hashrate target lags behind competitors, and capital raises appear likely.

同時，隨著其2025年的哈希特目標滯後落後於競爭對手，密碼轉移到中立，並且大筆資本似乎似乎很可能。

MARA and Riot remain Neutral and Overweight, respectively, with price targets of $18 and $13.

Mara和Riot分別保持中性和超重，價格目標為18美元和13美元。

As miners slow expansion, pivot toward HPC, and manage capital more cautiously, 2025 is a year of strategic recalibration. Bitcoin's price will still dictate the sector's fate, but those with the lowest costs and diversified revenue streams will have the edge.

隨著礦工的擴大減慢，向HPC轉移並更加謹慎地管理資本，2025年是戰略重新校準的一年。比特幣的價格仍將決定該行業的命運，但是成本最低和多樣化的收入來源的價格將具有優勢。