比特币减半引发行业变革

比特币减半影响比特币矿工周五的减半使比特币产量减少了一半。矿工通过升级设施和探索人工智能支持等新的收入来源来实现多元化。一些公司已经投资了底层人工智能基础设施。尽管减半对矿工奖励产生了影响，但从历史上看，该事件发生在比特币价格飙升之前。然而，分析师和矿工认为，由于近期比特币价值上涨，减半的影响将是温和的。

• The bitcoin halving took effect late on Friday, cutting the issuance of new bitcoin in half.
• Bitcoin miners have spent years diversifying their business models and upgrading their facilitates to brace for the cut to revenues.
• Some mining firms have diversified into supporting the underlying infrastructure necessary for artificial intelligence.

AUSTIN, TEXAS — Adam Sullivan left investment banking to mine bitcoin at an awkward time. It was May 2023, bitcoin was trading at around $21,000, U.S. regulators were in the thick of cracking down on the sector writ large, and Core Scientific, the company he had agreed to take over, was battling angry lenders in a Texas bankruptcy court over tens of millions of dollars in outstanding debt.

比特币减半于周五晚些时候生效，新比特币的发行量减少了一半。比特币矿商多年来一直在多样化其业务模式并升级其设施，以应对收入削减。一些矿业公司已经多元化，开始支持人工智能所需的底层基础设施。 德克萨斯州奥斯汀——亚当·沙利文 (Adam Sullivan) 在一个尴尬的时刻离开了投资银行业务，转而开采比特币。那是 2023 年 5 月，比特币的交易价格约为 21,000 美元，美国监管机构对该行业进行了严厉打击，他同意接管的 Core Scientific 公司正在德克萨斯州破产法庭与愤怒的贷方进行斗争。数千万美元的未偿债务。

But Sullivan knew that, with a lifeline, he could get the business to a much better place. That's because the halving was on the way, and with it would likely come a big rally in bitcoin.

但沙利文知道，有了救生索，他就能让公司发展到更好的地步。这是因为减半即将到来，比特币很可能会大幅上涨。

Late Friday night, the bitcoin code automatically cut new issuance of the world's largest cryptocurrency in half. It happens roughly every four years, and in addition to helping to stave off inflation, it historically precedes a major run-up in the price of bitcoin.

将南佛罗里达州当地新闻、天气预报和娱乐故事发送到您的收件箱。订阅 NBC 南佛罗里达新闻通讯。周五深夜，比特币代码自动将全球最大加密货币的新发行量减少了一半。这种情况大约每四年发生一次，除了有助于避免通货膨胀之外，从历史上看，它还发生在比特币价格大幅上涨之前。

The technical event is relatively simple: Bitcoin miners get paid in bitcoin to validate transactions, and after 210,000 blocks of transactions are computed and added to the main chain, the reward given to the miners securing bitcoin is 'halved.'

技术事件相对简单：比特币矿工通过比特币获得报酬来验证交易，在计算出 210,000 个交易块并将其添加到主链后，给予保护比特币的矿工的奖励“减半”。

There are more than a dozen publicly traded miners on the network and thousands of smaller, private ones around the globe, constantly racing to process transactions and get paid in new bitcoin. Because the event leads to a cut to rewards paid to miners directly, they'll be the first ones to feel the impact of the halving.

该网络上有十几家公开交易的矿工，以及全球数千家较小的私人矿工，它们不断竞相处理交易并以新的比特币获得报酬。由于该事件导致直接支付给矿工的奖励减少，因此他们将是第一个感受到减半影响的人。

Typically, when the halving cuts supply, it's led to huge rallies for bitcoin.

CNBC 每次“减半”事件后，比特币的价格都会创下历史新高。通常，当减半减少供应时，就会导致比特币大幅上涨。

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In fact, the previous (and only) three halvings in the chain's history have come before every bull run, in which the coin has touched new all-time highs and a surge of investors have entered the market for the first time.

新闻 2 小时前 水无处可去：迪拜洪水表明世界未能通过大型气候变化排水测试 新闻 3 小时前 美国十大生态意识城市——它们几乎都在西海岸 事实上，该链历史上之前（也是唯一的）三次减半都是在每次牛市之前发生的，在牛市中，代币触及新的历史高点，大量投资者首次进入市场。

That rapid price increase has helped many miners stave off the worst since it tends to offset the impact of having the block prize cut in half.

价格的快速上涨帮助许多矿商避开了最糟糕的情况，因为它往往抵消了区块奖励减半的影响。

"As a company that was already in the process of scaling our infrastructure during the previous halving, we know the toll that halvings can take on a company if it is not adequately prepared," Core's Sullivan told CNBC.

Core 的沙利文对 CNBC 表示：“作为一家在上一次减半期间就已经在扩展基础设施的公司，我们知道如果没有做好充分准备，减半可能会给公司带来损失。”

The aggregate market cap of the 14 U.S.-listed bitcoin miners tracked by JPMorgan analysts, which accounts for around 21% of the global Bitcoin network, declined 28% over the first half of April to $14.2 billion, reaching year-to-date lows. Bitdeer was the best-performing stock over the period, down around 20%, versus Stronghold Digital, which was 46% lower.

摩根大通分析师追踪的 14 家美国上市比特币矿商的总市值（约占全球比特币网络的 21%）在 4 月上半月下降了 28%，至 142 亿美元，达到今年以来的最低点。 Bitdeer 是同期表现最好的股票，下跌了 20% 左右，而 Stronghold Digital 则下跌了 46%。

Some have billed the 2024 bitcoin halving as a seminal moment for the mining sector. Depending on how much prep work miners have done, it could easily make or break them.

一些人将 2024 年比特币减半视为采矿业的重大时刻。根据矿工所做的准备工作的多少，它很容易成就或破坏它们。

"Being prepared for a halving means evaluating all of your power strategies, all of your software capabilities, all of your operations," continued Sullivan.

沙利文继续说道：“为减半做好准备意味着要评估所有的电力策略、所有的软件功能、所有的运营。”

Others are less concerned given recent price moves in bitcoin.

鉴于比特币近期的价格走势，其他人则不太担心。

In a research note from Needham on Apr. 16, analysts said they expect the halving to only have a modest impact to miners' estimated EBITDA margins, despite the 50% reduction in revenue, since the price of bitcoin has been trading in the range of $60,000 to $70,000.

在 Needham 4 月 16 日的一份研究报告中，分析师表示，尽管收入减少了 50%，但他们预计减半只会对矿商的预期 EBITDA 利润率产生适度影响，因为比特币价格一直在60,000 美元至 70,000 美元。

"We expect geopolitical tensions and interest rate policy to be the biggest near-term drivers of crypto price action," Needham analysts wrote, adding that at a bitcoin price above $60,000, the halving is "derisked for nearly all public miners."

Needham 分析师写道：“我们预计地缘政治紧张局势和利率政策将成为加密货币价格走势的最大近期驱动因素。”他补充说，当比特币价格高于 60,000 美元时，减半“对几乎所有公共矿工来说都没有风险”。

The bank did, however, single out their preference for low-cost bitcoin producers like Riot Platforms, Bitdeer, and Cipher Mining. Meanwhile, if bitcoin prices fall, Needham says the most outsized native impact will be felt by higher cost producers that are also levered to higher bitcoin prices via large treasury holdings.

然而，该银行确实指出了他们对低成本比特币生产商的偏好，例如 Riot Platforms、Bitdeer 和 Cipher Mining。与此同时，尼达姆表示，如果比特币价格下跌，成本较高的生产商将感受到最巨大的本地影响，这些生产商也通过持有大量库存来利用更高的比特币价格。

Analysts from JPMorgan echoed a similar sentiment, writing in an Apr. 16 research note that they think "recent weakness offers an attractive entry point" for investors and that they are "especially bullish" on Riot, which they believe offers attractive relative valuations.

摩根大通的分析师也表达了类似的观点，他们在 4 月 16 日的一份研究报告中写道，他们认为“最近的疲软为投资者提供了一个有吸引力的切入点”，并且他们“特别看好”Riot，他们认为 Riot 提供了有吸引力的相对估值。

Years spent bracing for the halving

Miners have had years to prepare for the halving, including seeking lower power costs and upgrading their fleets to more efficient machines.

德克萨斯州罗克代尔 Whinstone 比特币矿场的电力供应。 为减半做准备花费了数年时间 矿工们也花了数年时间为减半做准备，包括寻求更低的电力成本以及将其设备升级为更高效的机器。

"Bitcoin's halving happens like clockwork every four years," said Haris Basit, chief strategy officer of Bitdeer Technologies Group. "It's a known variable that is a benchmark for us to remain focused on operational excellence."

Bitdeer Technologies Group 首席战略官 Haris Basit 表示：“比特币每四年就会减半一次。” “这是一个已知的变量，是我们继续专注于卓越运营的基准。”

To that end, the Singapore-headquartered mining firm has invested in new data centers, but its core strategy has been to increase vertical integration through research and development. 25% of its staff is focused on R&D efforts, which Basit says have "led to new innovations and revenue pathways, such as our recently announced 4nm mining rigs and AI Cloud offerings."

为此，这家总部位于新加坡的矿业公司投资了新的数据中心，但其核心战略是通过研发增加垂直整合。 25% 的员工专注于研发工作，Basit 表示，这“带来了新的创新和收入途径，例如我们最近宣布的 4 纳米采矿设备和人工智能云产品”。

Analysts at Cantor Fitzgerald recently named Bitdeer as having one of the industry's lowest "all-in" cost-per-coin.

Cantor Fitzgerald 的分析师最近将 Bitdeer 评为业内“总”每币成本最低的公司之一。

Greg Beard, the CEO and Chairman of Stronghold Digital Mining, tells CNBC that miners whose only lever is more efficient machines will be at a disadvantage.

Stronghold Digital Mining 首席执行官兼董事长 Greg Beard 告诉 CNBC，唯一的杠杆就是更高效的机器，矿工将处于不利地位。

"Miners who own their low-cost power are better positioned," said Beard. "Operational costs will be lower, allowing them to be more flexible with their capital."

“拥有低成本电力的矿商处于更有利的地位，”比尔德说。 “运营成本将会降低，使他们能够更加灵活地利用资金。”

Core's Sullivan agrees, noting that bitcoin mining data centers in the future will work hand-in-glove with power generators and grid operators to serve as a virtual battery for grid operators – allowing them to increase base load, curtail bitcoin data centers when they need to, and avoid peak generation loads, which he says are dirty and expensive.

Core 的沙利文对此表示同意，并指出，未来的比特币挖矿数据中心将与发电商和电网运营商密切合作，充当电网运营商的虚拟电池——允许他们在需要时增加基本负载、减少比特币数据中心的使用。并避免高峰发电负荷，他说这既肮脏又昂贵。

"We own and operate our infrastructure, giving us greater control over operational and strategic decisions, such as the potential to expand into high-performance computing hosting," said Sullivan.

“我们拥有并运营我们的基础设施，这使我们能够更好地控制运营和战略决策，例如扩展到高性能计算托管的潜力，”沙利文说。

Core Scientific, which launched in 2017 and now manages seven mining sites in five U.S. states, also owns the full technology stack. The company has been looking to diversify its revenue streams beyond purely bitcoin. Sullivan says that existing data centers offer reconfiguration opportunities to accommodate new types of high-value compute. 

Core Scientific 于 2017 年成立，目前管理着美国五个州的七个矿场，也拥有完整的技术堆栈。该公司一直在寻求多元化的收入来源，超越纯粹的比特币。沙利文表示，现有数据中心提供了重新配置的机会，以适应新型高价值计算。

"Certain data centers are located in close proximity to major metropolitan areas, making them candidates for low-latency, high-value compute applications," said Core's CEO.

Core 首席执行官表示：“某些数据中心靠近主要大都市地区，因此成为低延迟、高价值计算应用程序的候选者。”

Riot Platforms CEO Jason Les told CNBC that preparation for the halving came down to the company's long-standing focus on achieving a low cost of power, strong balance sheet, and significant scale of operations. Les says that's what has positioned the firm to both withstand the halving with positive margins and be well positioned for upside on the other side of it.  

Bitdeer 位于德克萨斯州罗克代尔的比特币矿场。Riot Platforms 首席执行官 Jason Les 告诉 CNBC，为减半所做的准备归根结底是该公司长期以来致力于实现低成本电力、强劲的资产负债表和大规模运营。莱斯表示，这使得该公司能够以正利润率承受减半，并在减半的另一面处于有利地位。

"Our new Corsicana Facility was energized just this week, and we will be significantly scaling up our hash rate with next-generation equipment at that new site over the remainder of the year," said Les. "As a result, we are positioned to mine more bitcoin per day at the end of the year than we do today, despite the halving."

莱斯说：“我们的新科西卡设施本周刚刚启动，我们将在今年剩余时间内在该新站点使用下一代设备大幅提高哈希率。” “因此，尽管减半，我们预计到年底每天开采的比特币数量将比今天多。”

Marathon Digital, which has seen its stock rise more than 70% in the last year, took a different approach to scaling the business than its rivals. CEO Fred Thiel tells CNBC that the company grew quickly using an asset-light approach, where Capex was spent on mining rigs rather than infrastructure. 

Marathon Digital 的股价去年上涨了 70% 以上，该公司在扩大业务方面采取了与竞争对手不同的方法。首席执行官 Fred Thiel 告诉 CNBC，该公司采用轻资产方式快速发展，其中资本支出用于采矿设备而不是基础设施。

"In December, we owned less than 5% of the sites where we were hosting our miners," said Thiel. "Today we now own 53% of our total 1.1 gigawatts of capacity, having purchased it at less than the build and replacement cost."

“去年 12 月，我们所拥有的托管矿机的站点不到 5%，”Thiel 说道。 “如今，我们以低于建造和更换成本的价格购买了 1.1 吉瓦总容量中的 53%。”

Owning sites lowers Marathon's cost to mine by up to 20% on a marginal cost basis. Thiel also noted that by the end of 2024, Marathon expects to further improve efficiency by 10% to 15% as they deploy the next generation rigs across their new sites. 

按边际成本计算，拥有矿场可将 Marathon 的采矿成本降低多达 20%。 Thiel 还指出，到 2024 年底，Marathon 预计在新站点部署下一代设备时，效率将进一步提高 10% 至 15%。

That boost to efficiency isn't just about new gear, however. The firm is deploying its own custom firmware, which allows it to operate even more efficiently. 

然而，效率的提高不仅仅与新装备有关。该公司正在部署自己的定制固件，这使其能够更高效地运行。

Marathon, along with other mining firms, has begun diversifying its business model into ancillary operations beyond purely bitcoin mining, as well.

马拉松和其他矿业公司已经开始将其商业模式多元化，扩展到纯粹的比特币挖矿之外的辅助业务。

Thiel says the company recently launched an energy harvesting division, where they are compensated for converting stranded methane and bio-mass into energy, which they then sell heat back into an industrial or commercial process. The service essentially subsidizes and lowers Marathon's cost to mine significantly. The company expects this new business line to generate a significant portion of its revenues by the halving in 2028. 

泰尔表示，该公司最近成立了一个能量收集部门，他们将滞留的甲烷和生物质转化为能源，然后将热量卖回工业或商业流程，从而获得补偿。该服务本质上是补贴并显着降低 Marathon 的挖矿成本。该公司预计到 2028 年减半，这一新业务线将为其收入带来很大一部分。

Diversifying revenue

The April 2024 bitcoin halving looks a lot different than the three that came before it.

收入多元化2024 年 4 月的比特币减半看起来与之前的三次减半有很大不同。

For years, increased competition resulting from new miners coming online has been cutting into profits, because more miners means more people are sharing the same pool of rewards.

多年来，新矿工上线导致的竞争加剧一直在削减利润，因为更多的矿工意味着更多的人分享相同的奖励。

In a research note from JPMorgan on Apr. 16, analysts note that the network hashrate, a proxy for industry competition and mining difficulty, was up 4% in April from the month before. Stronghold's Beard says the halving is a headwind dwarfed by the global hashrate increasing nearly five-fold from the last one in May 2020.

摩根大通 4 月 16 日的一份研究报告中，分析师指出，作为行业竞争和挖矿难度指标的网络算力在 4 月份环比增长了 4%。 Stronghold 的 Beard 表示，与 2020 年 5 月上一次算力相比，全球算力增长了近五倍，减半是一个逆风。

"Mining is a tough industry especially because there are a lot of nation states that have extra power power and they're dedicating it to mining," said Nic Carter of Castle Island Ventures. "It's a free market, anybody can enter into it as long as they have the basics."

Castle Island Ventures 的尼克·卡特 (Nic Carter) 表示：“采矿业是一个艰难的行业，尤其​​是因为许多民族国家拥有额外的电力，并且他们将其专门用于采矿业。” “这是一个自由市场，任何人只要具备基础知识就可以进入。”

U.S. spot bitcoin exchange-traded funds have also significantly shifted the pricing dynamics. In years past, the price of bitcoin didn't surge until after the halving. But in the wake of record flows into these spot bitcoin funds, the world's largest cryptocurrency touched a fresh all-time-high above $73,000 in March.

美国现货比特币交易所交易基金也显着改变了定价动态。在过去的几年里，比特币的价格直到减半后才飙升。但随着创纪录的资金流入这些现货比特币基金，全球最大的加密货币在 3 月份触及 73,000 美元以上的历史新高。

"The recently approved bitcoin ETFs have proven to be huge pipelines of capital into bitcoin and that universe of ETFs continues to grow with the recent approvals in Hong Kong as well," said Riot's Les. "We think the price action we've seen in bitcoin year-to-date reflect that and has us very optimistic on what bitcoin mining economics can look like in the months and years post-halving."

Riot 的 Les 表示：“最近批准的比特币 ETF 已被证明是进入比特币的巨大资金渠道，而且随着香港最近的批准，ETF 的范围也在不断扩大。” “我们认为今年迄今为止我们所看到的比特币价格走势反映了这一点，并且让我们对比特币挖矿经济在减半后的几个月和几年内的情况非常乐观。”

Blackrock's ETF reached $17 billion in net assets within a few months of launching. Beard of Stronghold tells CNBC that if Blackrock added even just a billion dollars more of bitcoin in April to its ETF, it would single handedly create demand for more coins than the mining industry will supply post halving.

贝莱德的 ETF 在推出后几个月内净资产就达到了 170 亿美元。 Stronghold 的 Beard 告诉 CNBC，如果 Blackrock 在 4 月份向其 ETF 中添加哪怕只是 10 亿美元的比特币，单凭​​一己之力创造的比特币需求就会超过采矿业在减半后的供应量。

What is also different this time around is that the block reward is no longer the primary form of miner revenue. Recent programming innovations in bitcoin have given way to a burgeoning ecosystem of projects building on top of bitcoin's blockchain, which has translated to greater transaction fee revenue for miners.

这次的不同之处在于，区块奖励不再是矿工收入的主要形式。比特币最近的编程创新已经让位于建立在比特币区块链之上的新兴项目生态系统，这为矿工带来了更多的交易费收入。

There is a limit to how large the blocks can go but the value of those blocks is about to increase significantly, according to Bill Barhydt, who is the CEO and founder of Abra. From Barhydt's vantage point, he supports miners with a mix of services, including their auto liquidations, so he has access to a lot of macro data across the sector.

Abra 首席执行官兼创始人 Bill Barhydt 表示，区块的大小是有限的，但这些区块的价值即将大幅增加。从 Barhydt 的角度来看，他为矿工提供多种服务，包括他们的自动清算，因此他可以获得整个行业的大量宏观数据。

"The math is simple," begins Barhydt. "Bitcoin blocks are fixed in size and the demand for data within those blocks is going to increase significantly for several reasons, including more retail wallet holders moving their bitcoin into and out of storage, new uses cases like Ordinals (NFTs for bitcoin) and DeFi on bitcoin, institutional settlement requirements for exchange traded products in the U.S., Hong Kong, Europe, etc., lightning settlement transactions, and more."

“数学很简单，”Barhydt 开始说道。 “比特币区块的大小是固定的，出于多种原因，对这些区块内数据的需求将显着增加，包括更多的零售钱包持有者将比特币移入和移出存储、Ordinals（比特币的 NFT）和 DeFi 等新用例关于比特币、美国、香港、欧洲等交易所交易产品的机构结算要求、闪电结算交易等。”

At the current rate of adoption, Barhydt believes that transaction fees in this cycle would likely peak within 24 months at 10 times their cost during the previous cycle peak, due to a combination of a higher price for bitcoin itself, combined with higher demand for the space inside each block. 

Barhydt 认为，按照目前的采用率，本周期的交易费用可能会在 24 个月内达到峰值，达到上一个周期峰值成本的 10 倍，原因是比特币本身价格上涨，加上对比特币的需求增加。每个块内的空间。

Castle Island's Carter isn't so sure that fee-based revenue can completely make up for lost income post-halving.

Castle Island 的卡特不太确定收费收入能否完全弥补减半后的收入损失。

"It's not entirely clear that fees are fully offsetting the lost revenue, and in fact, I don't expect that to happen" said Carter.

卡特表示：“目前尚不完全清楚费用是否能够完全抵消收入损失，事实上，我预计这种情况不会发生。”

Fees tend to be really cyclical. They rise sharply during periods of congestion, and they fall back to near zero during other normal periods. Carter cautions that miners will see spikes in fees, but there is not yet an enduring, strong, and robust fee market most of the time.

费用往往具有周期性。它们在拥堵期间急剧上升，并在其他正常时期回落至接近于零。卡特警告说，矿工的费用将会飙升，但大多数时候还没有一个持久、强大和稳健的费用市场。

Swapping ASICs for AI

In the last year, there has been a surge in demand for AI compute and infrastructure that can support the massive workloads required to power these novel machine learning applications. In a new report, digital asset fund manager CoinShares says it expects to see more miners shift toward artificial intelligence in energy-secure locations because of the potential for higher revenues.

将 ASIC 替换为 AI 去年，对 AI 计算和基础设施的需求激增，这些计算和基础设施可以支持为这些新颖的机器学习应用程序提供动力所需的大量工作负载。数字资产基金管理公司 CoinShares 在一份新报告中表示，由于潜在的更高收入，预计将有更多矿商转向能源安全地区的人工智能。

Already, mining firms like BitDigital, Hive, Hut 8, Terawfulf, and Core Scientific all have either current AI operations or AI growth plans.

BitDigital、Hive、Hut 8、Terawfulf 和 Core Scientific 等矿业公司已经拥有当前的人工智能业务或人工智能增长计划。

"This trend suggests that bitcoin mining may increasingly move to stranded energy sites while investment in AI grows at more stable locations," write analysts at CoinShares.

CoinShares 的分析师写道：“这一趋势表明，比特币开采可能会越来越多地转移到搁浅的能源地点，而人工智能的投资则在更稳定的地点增长。”

But pivoting from bitcoin mining to AI isn't as simple as re-purposing existing infrastructure and machines. The data center requirements are different, as are the data network needs.

但从比特币挖矿转向人工智能并不像重新利用现有基础设施和机器那么简单。数据中心的要求不同，数据网络的需求也不同。

"AI presents several challenges, notably the need for distinct and considerably more costly infrastructure, which establishes barriers to entry for smaller, less capitalized entities," continues the report. "Additionally, the necessity for a different skill set among employees leads to increased costs as companies hire more AI-skilled talent."

报告继续说道：“人工智能带来了一些挑战，特别是需要独特且成本更高的基础设施，这为规模较小、资本较少的实体设置了进入壁垒。” “此外，随着公司雇用更多人工智能技术人才，员工需要不同的技能，这会导致成本增加。”

The rigs used to mine bitcoin are called ASICs, short for Application-Specific Integrated Circuits. The "Specific" in that acronym means that it can't be used to do other things, like supporting the underlying infrastructure for AI.

用于开采比特币的设备称为 ASIC，是专用集成电路的缩写。该缩写词中的“特定”意味着它不能用于做其他事情，例如支持人工智能的底层基础设施。

"If you're a bitcoin miner, your machines can't be repurposed," explains Carter. "You have to buy net new machines in order to do it and the data center requirements are different for AI versus bitcoin mining."

“如果你是比特币矿工，你的机器就无法改变用途，”卡特解释道。 “你必须购买全新的机器才能做到这一点，而且人工智能与比特币挖矿的数据中心要求是不同的。”

Sullivan says that Core Scientific, which has been mining a mix of digital assets since 2017, began to diversify into other services in 2019.

沙利文表示，Core Scientific 自 2017 年以来一直在挖掘各种数字资产，并于 2019 年开始多元化进入其他服务。

"The company has owned and hosted Nvidia DGX systems and GPUs for AI computing, having built and deployed a specialized facility specifically for high-value compute applications at our Dalton, Georgia data center campus," he said.

他说：“该公司拥有并托管用于人工智能计算的 Nvidia DGX 系统和 GPU，并在佐治亚州道尔顿数据中心园区构建和部署了专门用于高价值计算应用的专用设施。”

Core Scientific has also partnered with CoreWeave, a cloud provider which provides infrastructure for use cases like machine learning.

Core Scientific 还与 CoreWeave 合作，CoreWeave 是一家云提供商，为机器学习等用例提供基础设施。

Sullivan says the combined capabilities will support both AI and High Performance Compute workloads, resulting in an estimated revenue of $100 million, though he says the total potential revenue is much higher given their significant infrastructure footprint that can be fitted to host some of the most advanced GPU compute coming to market.

沙利文表示，合并后的功能将支持人工智能和高性能计算工作负载，预计收入将达到 1 亿美元，不过他表示，考虑到其庞大的基础设施足迹，可以容纳一些最先进的计算机，潜在总收入要高得多。 GPU 计算即将上市。

"Bitcoin mining is an early example of high-value compute, attracting significant capital and a number of companies scaling their operations to support the Bitcoin network," said Sullivan.

沙利文说：“比特币挖矿是高价值计算的早期例子，吸引了大量资本，许多公司扩大业务规模以支持比特币网络。”

But Sullivan thinks few operators will be able to make the transition to AI.

但沙利文认为很少有运营商能够过渡到人工智能。

Sullivan continued, "Bitcoin mining sites can only be repurposed if they meet the attributes that are required for HPC. Many existing sites across North America do not meet these needs."

沙利文继续说道，“比特币采矿站点只有满足 HPC 所需的属性才能重新利用。北美的许多现有站点无法满足这些需求。”

Also on CNBC

• Bitcoin rises to $64,000 in the final hours before the halving: CNBC Crypto World
• How a Jack Dorsey-backed bitcoin miner uses Kenya volcano to power rural homes
• Bitcoin just completed its fourth-ever 'halving,' here’s what investors need to watch now

Morning Squawk Newsletter

另外，在 CNBC 上，比特币在减半前的最后几个小时内上涨至 64,000 美元：CNBC Crypto World Jack Dorsey 支持的比特币矿工如何利用肯尼亚火山为农村家庭供电比特币刚刚完成了有史以来的第四次“减半”，以下是投资者需要关注的内容现在订阅 CNBC YouTube 频道 Morning Squawk 时事通讯