比特币 (BTC) 矿业股到 2025 年可能会大幅增长 200%，市值目标为 100B 美元

股票研究预计，比特币矿业公司的市值将在 2025 年超过 1000 亿美元，高于 2024 年的 360 亿美元，增幅近 200%。

Bitcoin mining stocks are poised for substantial growth in 2025, driven by improving mining economics and the ongoing bull market in the cryptocurrency sector, according to a report by H.C. Wainwright & Co.

HC Wainwright & Co. 的一份报告称，在矿业经济改善和加密货币行业持续牛市的推动下，比特币矿业股有望在 2025 年大幅增长。

The report projects a nearly 200% increase in the market capitalization of Bitcoin mining companies, surging from $36 billion in 2024 to over $100 billion in 2025. This remarkable growth is attributed to several key factors.

该报告预计，比特币矿业公司的市值将增长近 200%，从 2024 年的 360 亿美元飙升至 2025 年的超过 1000 亿美元。这一显着增长归因于几个关键因素。

Firstly, the recent appreciation in Bitcoin's price, currently hovering around $96,000, has played a significant role. The report highlights the positive impact of the U.S. approving spot Bitcoin exchange-traded funds (ETFs) earlier in 2024.

首先，近期比特币价格的升值（目前徘徊在 96,000 美元左右）发挥了重要作用。该报告强调了美国于 2024 年初批准现货比特币交易所交易基金 (ETF) 的积极影响。

These ETFs have attracted a substantial $35.3 billion in net inflows and currently hold over 1 million BTC, which equates to approximately 5.5% of the circulating supply.

这些 ETF 吸引了 353 亿美元的净流入，目前持有超过 100 万枚 BTC，约占流通供应量的 5.5%。

Bitcoin mining involves the use of specialized computers to validate transactions and secure the network. In return, miners are rewarded with newly minted Bitcoin, although the process incurs substantial energy and operational costs.

比特币挖矿涉及使用专用计算机来验证交易并保护网络。作为回报，矿工将获得新铸造的比特币作为奖励，尽管这个过程会产生大量的能源和运营成本。

According to the report, miners are currently profitable, with production costs significantly lower than Bitcoin's market price.

报告称，矿商目前处于盈利状态，生产成本明显低于比特币的市场价格。

The report also forecasts Bitcoin to reach $225,000 by the end of 2025, further bolstering the prospects of mining stocks.

该报告还预测，到 2025 年底，比特币价格将达到 225,000 美元，进一步提振矿业股的前景。

This price target, if realized, would place Bitcoin's total market capitalization at around $4.5 trillion, which is approximately 25% of gold's market cap.

如果实现这一价格目标，比特币的总市值将达到 4.5 万亿美元左右，约为黄金市值的 25%。

Among the large-scale miners, the report identifies Marathon Digital, CleanSpark, and Riot Platforms as the "Big 3" with substantial Bitcoin reserves. These companies are expected to outperform their competitors.

在大型矿商中，报告将 Marathon Digital、CleanSpark 和 Riot Platforms 列为拥有大量比特币储备的“三巨头”。这些公司预计将超越其竞争对手。

Moreover, the report notes that the valuations of mining stocks, especially those linked to AI miners, are presenting opportunities for investors.

此外，报告指出，矿业股的估值，尤其是与人工智能矿商相关的股票，正在为投资者带来机会。

While AI-linked miners are trading at higher multiples, the report suggests that mining stocks could outpace Bitcoin's price gains in 2025, presenting a compelling entry point for investors seeking exposure to the growing digital asset market.

尽管与人工智能相关的矿商的交易价格较高，但该报告表明，到 2025 年，矿业股的价格涨幅可能会超过比特币，这为寻求投资不断增长的数字资产市场的投资者提供了一个引人注目的切入点。

Bitcoin miners are also uniquely positioned to meet the growing demand for AI infrastructure, given their expertise in power assets and high-performance computing.

鉴于比特币矿工在电力资产和高性能计算方面的专业知识，他们在满足人工智能基础设施日益增长的需求方面也处于独特的地位。

A McKinsey report, cited by the analysts, projects global data center demand to grow to 152 GW by 2030, compared to 57 GW in 2023. Miners are well-equipped to benefit due to their large-scale, low-cost energy capabilities.

分析师引用的麦肯锡报告预计，到 2030 年，全球数据中心需求将增长至 152 吉瓦，而 2023 年将达到 57 吉瓦。矿商凭借其大规模、低成本的能源能力，完全有能力从中受益。

Currently, miners are operating 6.1 GW of data center capacity, with an additional 4.6 GW in development and expected to be operational by 2025.

目前，矿商正在运营 6.1 吉瓦的数据中心容量，另有 4.6 吉瓦正在开发中，预计将于 2025 年投入运营。

Seven miners in the sector are planning to deploy a combined 5 GW of power for AI and high-performance computing workloads by 2026, significantly reducing the typical four-year timeline for greenfield projects.

该行业的 7 家矿商计划到 2026 年为人工智能和高性能计算工作负载部署总计 5 吉瓦的电力，从而大大缩短新建项目的典型四年时间表。