比特币矿工将AI/HPC枢轴视为新的淘金热，但是他们可以共存吗？

任何关注公共比特币矿工市场的人都会知道，人工智能（AI）和高性能计算的商业枢纽（HPC）都是比特币矿工的风险。

Artificial intelligence (AI) has become a hot topic among publicly traded bitcoin miners, with many pivoting their businesses to high performance compute (HPC) in some capacity.

人工智能（AI）已成为公开交易的比特币矿工中的热门话题，许多人以某种身份将其业务转向高性能计算（HPC）。

This article first appeared on Blockspace Media, the leading Bitcoin industry publication dedicated to covering Bitcoin tech, markets, mining, and ordinals. Get Blockspace articles directly in your inbox by clicking here.

本文首先出现在Blockspace Media上，该媒体是领先的比特币行业出版物，致力于涵盖比特币技术，市场，采矿和序列。单击此处，直接在收件箱中获取Blockspace文章。

As bitcoin’s price has remained rangebound over the past year, and with the digital oil rush slowing down, bitcoin miners have been exploring other avenues to generate revenue and keep their shareholders happy.

由于比特币的价格在过去一年中一直保持不适，并且随着数字石油的急速减速，比特币矿工一直在探索其他途径以产生收入并使股东感到满意。

Core Scientific, Bit Digital, Hut 8, Hive and IREN currently have revenue-generating AI/HPC business lines, while Crusoe Energy and Lancium, Cipher, Terawulf, Riot and Bitfarms are in the development or exploratory phase.

核心科学，位数字，小屋8，Hive和Iren目前具有创收的AI/HPC业务线，而Crusoe Energy和Lancium，Cipher，Terawulf，Riot和Bitfarms处于开发或探索阶段。

With SoftBank, OpenAI and others collectively pledging up to $500 billion to accelerate AI developments in the United States through the Stargate Project, which was announced in January, where does the digital oil rush leave pure-play bitcoin miners?

随着软银，Openai和其他人的共同承诺，最高可达5000亿美元，通过Stargate Project加速了美国的AI开发项目，该项目于1月份宣布，数字石油冲刺将在哪里留下纯净的比特币矿工？

Kevin Dede, a managing director of equity research at investment bank H.C. Wainwright, thinks that there is plenty of room for both. In a recent episode of the Mining Pod’s Bitcoin Stock Show, Dede expressed that while he wouldn’t bet against miners who are serious about AI/HPC, he wouldn’t underestimate the prospects for pure-play bitcoin miners, either.

投资银行HC Wainwright的股票研究董事总经理凯文·德德（Kevin Dede）认为，两者都有足够的空间。 Dede在最近的一集矿业Pod的比特币股票节目中表示，尽管他不会押注认真对待AI/HPC的矿工，但他也不会低估纯比特币矿工的前景。

Does the launch of Project Stargate change the conversation on AI pivots for bitcoin miners?

星际之门项目的发布是否会改变比特币矿工AI枢轴上的对话？

I think the conversation changed when Core Scientific announced the CoreWeave deal six to eight months ago. That really shifted the dynamic. Another thing people might not consider is that bitcoin miners can compete at different scales. Project Stargate is about hyperscale facilities, but there are opportunities for smaller-scale implementations.

我认为，当Core Scientific宣布六到八个月前的Coreweave协议时，对话发生了变化。这确实改变了动态。人们可能不会考虑的另一件事是，比特币矿工可以在不同的尺度上竞争。 Stargate项目是关于高度规模设施的，但是有一些较小规模的实施机会。

BitDigital and Applied Digital have shown that you don’t need hyperscale to succeed. There are many customers who want access to compute, and not all of them are hyperscalers.

Bitdigital和Applied Digital表明，您不需要超大型即可成功。有许多客户想要访问计算，而并非所有客户都是大规模的。

Riot recently decided to pause its 600-megawatt Corsicana Phase 2 to evaluate it for AI/HPC. Why do you think they did that?

Riot最近决定暂停其600兆瓦的Corsicana第2阶段，以评估AI/HPC。您为什么认为他们这样做？

Riot has had activist investors buying stock, which is great for the stock price. The company has always been adamant about sticking to bitcoin mining. At their analyst meeting last June, CEO Jason Les said they wouldn’t do HPC.

Riot让激进投资者购买股票，这非常适合股票价格。该公司一直坚持坚持比特币采矿。在去年6月的分析师会议上，首席执行官杰森·莱斯（Jason Les）表示，他们不会做HPC。

Riot’s Corsicana facility is amazing. The question is: is 600MW of HPC worth more than 600MW of bitcoin mining? I think the answer is yes.

Riot的Corsicana设施很棒。问题是：HPC的600MW价值超过600MW的比特币采矿？我认为答案是肯定的。

The demand for HPC is growing, and the applications are evolving; we’re just scratching the surface. The real market is the enterprise market, where companies use AI to optimize production.

对HPC的需求正在增长，并且应用程序正在不断发展；我们只是在刮擦表面。真正的市场是企业市场，公司使用AI来优化生产。

Looking at Bit Digital and Core Scientific, which company’s strategy do you think has the most upside?

查看位数字和核心科学，您认为哪个公司的策略最优势？

Let’s start with BitDigital. They bought GPUs and rented space in northern Iceland to address the needs of one customer, who I believe is based somewhere in Europe, to run models. Now, Iceland and Europe aren’t as close as you might think, which is important if they are running inference compute sinc mainland Europe would be the primary customer for that.

让我们从Bitdigital开始。他们购买了GPU并在冰岛北部租用了空间，以满足一个客户的需求，我认为该客户位于欧洲的某个地方，以运行模型。现在，冰岛和欧洲不如您想象的那么近，如果他们运行推理计算SINC欧洲大陆，这将是重要的客户。

The Enovum deal came through and they secured their first site, which is about four megawatts. They’ve also just opened another site that they hope to have energized by this summer, aiming for five megawatts initially with plans to scale up to 35 megawatts in HPC capacity this year. Sam Tapar, their CEO, often points out that this acquisition opened the door to a potential 288 megawatts of HPC capacity.

Enovum交易通过了，他们获得了第一个网站，大约四个兆瓦。他们还刚刚开设了另一个网站，他们希望在今年夏天能够充满活力，目的是五兆瓦，最初计划今年以HPC容量扩大35兆瓦的计划。他们的首席执行官萨姆·塔帕尔（Sam Tapar）经常指出，这次收购为潜在的288兆瓦的HPC容量打开了大门。

When it comes to assessing the risk, it really comes down to a number of factors. Bit Digital acquired a company with a proven track record of building and operating these sites. But, of course, that adds another layer of risk beyond the baseline execution risk. You’re layering on the risk that they might stumble during the construction and operation of their next set of facilities as the year progresses.

在评估风险方面，这确实取决于许多因素。 Bit Digital收购了一家拥有建筑和运营这些网站的可靠记录的公司。但是，当然，这增加了基线执行风险以外的另一层风险。您正在考虑他们在随着年份的下一套设施的建设和运营期间可能偶然发现的风险。

As for Core Scientific, I’d be the last person to underestimate them. They’ve brought on some really impressive talent. I asked their CEO, Adam Sullivan, about how all their plans are coming together. He said that there are a lot of people in the existing data center world whose employees are seeing limited growth trajectories. So, if you’re an employee at one of those companies and you get an offer from Core Scientific with stock options, you’re thinking, “My current options are priced in double digits, but this could go to high double digits or even triple digits.” That’s how they’ve been able to attract such great talent.

至于核心科学，我将是最后一个低估它们的人。他们带来了一些非常令人印象深刻的人才。我询问他们的首席执行官亚当·沙利文（Adam Sullivan），他们所有的计划如何结合在一起。他说，现有数据中心世界中有很多人的员工看到有限的增长轨迹。因此，如果您是其中一家公司的雇员，并且您从核心科学方面获得了股票期权的报价，那么您会在想：“我目前的选择价格是双位数，但这可能会达到高的两位数，甚至可以达到三位数。”这就是他们能够吸引如此出色的才华的方式。

On the other hand, these new B200 chips they are using are so much more powerful but also significantly more complex, and this might play into delays for CoreWeave’s implementation at Core

另一方面，他们使用的这些新的B200芯片功能强大得多，但也更加复杂，这可能会延迟Coreweave在Core的实现