比特币矿商 MARA 借出价值 7.26 亿美元的 BTC 以产生收益并弥补不断上升的运营费用

MARA 的投资者关系总监 Robert Samuels 表示，这些贷款是“与成熟第三方的短期安排”，但他没有透露姓名。

Bitcoin miner Marathon Digital (NASDAQ:MARA) has taken an interesting turn in its strategy, a move that’s generated a modest return but could lead to a new revenue stream for the company.

比特币矿商 Marathon Digital（纳斯达克股票代码：MARA）在其战略上发生了有趣的转变，这一举措带来了适度的回报，但可能为该公司带来新的收入来源。

In its latest production update, MARA revealed that it has loaned out 7,377 BTC — roughly 16% of its total reserves. At today’s prices, that’s about $726 million worth of Bitcoin.

MARA 在其最新的生产更新中透露，它已借出 7,377 BTC——约占其总储备的 16%。以今天的价格计算，比特币的价值约为 7.26 亿美元。

The company says this is part of a calculated plan to generate yield and cover rising operating expenses.

该公司表示，这是一项精心设计的计划的一部分，旨在产生收益并弥补不断增长的运营费用。

MARA’s Director of Investor Relations, Robert Samuels, shared that these loans are “short-term arrangements with well-established third parties,” but he didn’t name names.

MARA 的投资者关系总监 Robert Samuels 表示，这些贷款是“与成熟第三方的短期安排”，但他没有透露姓名。

In its production update, MARA also revealed that it mined 9,457 BTC throughout 2024 and went shopping for an additional 22,065 BTC at an average price of $87,205. That’s nearly $2 billion spent on Bitcoin. As of press time, MARA held 44,893 BTC, valued at about $4.4 billion.

MARA 在其生产更新中还透露，它在 2024 年全年开采了 9,457 BTC，并以平均价格 87,205 美元购买了额外的 22,065 BTC。这相当于在比特币上花费了近 20 亿美元。截至发稿，MARA 持有 44,893 BTC，价值约 44 亿美元。

Modest returns, bold strategy

适度的回报，大胆的策略

The company’s lending program isn’t pulling in massive profits yet. Samuels called the returns “a modest single-digit yield,” adding that MARA experimented with Bitcoin loans throughout 2024.

该公司的贷款计划尚未带来巨额利润。 Samuels 称其回报率为“适度的个位数收益率”，并补充说 MARA 在 2024 年尝试了比特币贷款。

“The long-term objective is to generate sufficient yield to offset operating expenses,” Samuels said.

“长期目标是产生足够的收益来抵消运营费用，”萨缪尔斯说。

This approach is risky in a market still舔舐wounds from the collapse of lenders like BlockFi, Genesis, Celsius, and Babel in 2022. Those meltdowns exposed just how dangerous counterparty risks can be, but MARA appears confident in its choice of partners.

在 2022 年 BlockFi、Genesis、Celsius 和 Babel 等贷款机构倒闭所带来的创伤仍在的市场中，这种做法是有风险的。这些倒闭暴露了交易对手风险的危险性，但 MARA 似乎对其合作伙伴的选择充满信心。

Despite the risks, MARA raked in $3.9 million in interest income during Q3 2024. Most of this came from cash on its balance sheet and Bitcoin loans. By mid-2024, the company had already generated $4.8 million in interest income, though earlier filings didn’t specify Bitcoin lending as part of the haul.

尽管存在风险，MARA 在 2024 年第三季度仍获得了 390 万美元的利息收入。其中大部分来自其资产负债表上的现金和比特币贷款。到 2024 年中期，该公司已经产生了 480 万美元的利息收入，尽管之前的文件并未具体说明比特币贷款是其中的一部分。

Breaking the 50 EH/s barrier

突破 50 EH/s 障碍

MARA also broke the 50 exahash per second (EH/s) mark, ending the year with an energized hashrate of 53 EH/s.

MARA 还突破了每秒 50 exahash (EH/s) 大关，以 53 EH/s 的活跃哈希率结束了这一年。

Though the realized hashrate — what’s actually contributing to the Bitcoin network — remained steady at 47 EH/s. That consistency didn’t go unnoticed in a year where Bitcoin miners faced halved block rewards following the April 2024 halving.

尽管实现的算力（实际上对比特币网络做出了贡献）仍然稳定在 47 EH/s。在 2024 年 4 月减半之后，比特币矿工面临区块奖励减半的一年，这种一致性并没有被忽视。

Bitcoin miners break record as 2025 begins

2025 年伊始，比特币矿工打破纪录

The Bitcoin mining industry has started 2025 with a bang. On January 3, the network’s total hashrate hit 1,000 exahashes per second (EH/s) — double the 510 EH/s recorded in January 2024.

2025 年，比特币挖矿行业迎来了爆炸式的开局。 1 月 3 日，网络总算力达到每秒 1,000 exahashes (EH/s)，是 2024 年 1 月记录的 510 EH/s 的两倍。

This comes despite the halving, which cut mining rewards from 6.25 BTC to 3.125 BTC. It slashed miner revenues in half, but instead of slowing down, miners threw billions into better rigs and energy-saving systems to stay profitable. The investments are paying off.

尽管减半将挖矿奖励从 6.25 BTC 削减至 3.125 BTC，但这一情况还是出现了。它使矿工收入减少了一半，但矿工们并没有放慢脚步，而是投入了数十亿美元购买更好的钻机和节能系统，以保持盈利。这些投资正在得到回报。

The realized hashrate, which measures the actual computing power being used to mine blocks, stood at 47 EH/s over the last 24 hours, according to data from BTC.com. This metric provides a more accurate representation of the hashrate contributing to the network’s security.

根据 BTC.com 的数据，过去 24 小时内实现的算力（衡量用于挖掘区块的实际计算能力）为 47 EH/s。该指标更准确地表示了有助于网络安全的哈希率。

The total hashrate, on the other hand, takes into account the potential hashrate of all connected mining pools, whether or not they are actively contributing to the network at a given time. This broader measure of hashrate capacity is often used to assess the overall strength and competitiveness of the Bitcoin mining ecosystem.

另一方面，总算力考虑了所有连接矿池的潜在算力，无论它们是否在给定时间积极为网络做出贡献。这种更广泛的算力容量衡量标准通常用于评估比特币挖矿生态系统的整体实力和竞争力。

At the beginning of 2024, the total hashrate was around 300 EH/s. It has since more than tripled, reaching new highs as miners continue to ramp up their operations in response to rising difficulty and block intervals.

2024年初，总算力约为300 EH/s。随着矿工继续加大运营力度以应对不断上升的难度和区块间隔，该数字已经增加了两倍多，达到新高。

The sustained increase in hashrate is a testament to the resilience and adaptability of the Bitcoin mining industry. Even in the face of adversity, such as the halving and the crypto market downturn of 2022, miners have shown a remarkable ability to pivot and innovate in order to remain profitable and continue supporting the network.

算力的持续增长证明了比特币挖矿行业的弹性和适应性。即使面对逆境，例如减半和 2022 年加密货币市场低迷，矿工们也表现出了非凡的转型和创新能力，以保持盈利并继续支持网络。