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在比特币网络上验证交易的奖励减少一半后六个月,加密货币挖矿公司正在两条不同的路径之间进行选择以保持生存。
Crypto mining companies are pivoting toward two distinct strategies to remain viable following a halving of rewards for validating transactions on the Bitcoin network.
在比特币网络上验证交易的奖励减半后,加密货币挖矿公司正在转向两种不同的策略,以保持可行。
Some publicly traded miners, including MARA Holdings (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK), are choosing to hold the Bitcoin they produce, anticipating an increase in the digital asset’s value.
一些上市矿商,包括 MARA Holdings(纳斯达克股票代码:MARA)、Riot Platforms(纳斯达克股票代码:RIOT)和 CleanSpark(纳斯达克股票代码:CLSK),选择持有他们生产的比特币,预计数字资产的价值会增加。
Meanwhile, an increasing number of companies are ramping up spending on developing data centers to power artificial intelligence applications.
与此同时,越来越多的公司正在加大开发数据中心的支出,以支持人工智能应用程序。
This industry bifurcation has intensified since the April software update in the Bitcoin blockchain. The preprogrammed event, known as the halving, reduces the Bitcoin reward, which serves as the primary revenue source for miners, by 50% every four years. This measure aims to maintain the hard cap of 21 million Bitcoin and prevent the cryptocurrency from becoming inflationary.
自四月份比特币区块链软件更新以来,这种行业分歧加剧。这个被称为减半的预编程事件每四年将作为矿工主要收入来源的比特币奖励减少 50%。该措施旨在维持 2100 万比特币的硬上限,并防止加密货币出现通货膨胀。
“With the halving putting a squeeze on profit margins, one of the few strategies available to retain investors is for miners to hold onto the Bitcoin they’ve mined, betting on future price appreciation while they tap into equity or debt financing,” said Wolfie Zhao, an analyst at research firm TheMinerMag. “By avoiding the immediate sale of Bitcoin at a loss, they can keep potential losses unrealized and position themselves for gains if a bull market materializes.”
Wolfie 表示:“随着减半对利润率造成挤压,矿商留住投资者的少数策略之一就是持有他们开采的比特币,押注未来价格升值,同时进行股权或债务融资。”赵是研究公司 TheMinerMag 的分析师。 “通过避免立即亏本出售比特币,他们可以避免潜在的损失,并在牛市实现时为自己获利。”
As Bitcoin has rallied by over 60% this year while shares of most companies have underperformed, traders seem to be deciding which strategy will succeed, with those embracing AI posting the largest gains.
由于比特币今年上涨了 60% 以上,而大多数公司的股价表现不佳,交易者似乎正在决定哪种策略会成功,而那些拥抱人工智能的公司涨幅最大。
Among the largest publicly traded Bitcoin miners, those that are “hodling” — industry slang for holding the cryptocurrency for the long term — include MARA and Riot. Their shares have declined by 20% and 36%, respectively, in 2023.
在最大的公开交易的比特币矿商中,那些“长期持有”加密货币的矿商包括 MARA 和 Riot。到 2023 年,他们的股价分别下降了 20% 和 36%。
On the other hand, Core Scientific (NASDAQ:CORZ), which emerged from bankruptcy in January, has seen its stock rise almost fourfold since announcing multibillion dollar contracts with AI upstart CoreWeave. The miner will convert some of its data centers to host graphics processing units that can generate high-performance computing power for AI applications. TeraWulf (NYSE:WULF), whose stock has more than doubled this year, is also developing AI data center space, although it is a fairly small-cap stock.
另一方面,Core Scientific(纳斯达克股票代码:CORZ)于 1 月份摆脱破产困境,自宣布与人工智能新贵 CoreWeave 签订数十亿美元的合同以来,其股价已上涨近四倍。该矿商将把部分数据中心转变为托管图形处理单元,为人工智能应用程序产生高性能计算能力。 TeraWulf(纽约证券交易所股票代码:WULF)的股价今年上涨了一倍多,尽管它是一只相当小的股票,但它也在开发人工智能数据中心领域。
Shares of other Bitcoin miners that are dedicating more resources to AI, such as Iris Energy (NASDAQ:IREN) and Bit Digital (NYSE:BTBT), tend to trade at higher levels than some of their peers that are doubling down on holding the Bitcoin they mine.
其他向人工智能投入更多资源的比特币矿商,例如 Iris Energy(纳斯达克股票代码:IREN)和 Bit Digital(纽约证券交易所股票代码:BTBT),其股价往往比一些加倍持有比特币的同行更高。他们开采。
It remains to be seen which strategy will ultimately be more successful. While AI is currently very popular, there have been signs of cooling interest in the sector. There are also questions about whether some of the Bitcoin miners have the necessary resources and commitment to join the capital-intensive AI race.
哪种策略最终会更成功还有待观察。虽然人工智能目前非常受欢迎,但有迹象表明对该行业的兴趣正在降温。还有一些问题是,一些比特币矿工是否拥有必要的资源和承诺来加入资本密集型的人工智能竞赛。
In the meantime, the Bitcoin-holding miners have become better at timing the cycles of the crypto market following the industry meltdown of the past few years. For some companies, especially large-scale operators like MARA and CleanSpark, Bitcoin mining is still profitable at the gross margin level.
与此同时,在过去几年的行业崩溃之后,持有比特币的矿商在把握加密市场周期方面变得更加出色。对于一些公司,尤其是像MARA和CleanSpark这样的大型运营商来说,比特币挖矿在毛利率水平上仍然是有利可图的。
“Our view is that pure-play Bitcoin mining has a place in the market currently with the respect to generating economic value from growing capacity to mine Bitcoin,” said Paul Golding, a senior analyst at Macquarie Capital USA. He has “outperform” ratings on MARA, Riot, Core Scientific, Iris Energy, CleanSpark, and Cipher Mining (NYSE:CIFR).
麦格理资本美国公司的高级分析师 Paul Golding 表示:“我们认为,纯粹的比特币挖矿目前在市场上占有一席之地,因为通过不断增长的比特币挖矿能力来创造经济价值。”他对 MARA、Riot、Core Scientific、Iris Energy、CleanSpark 和 Cipher Mining(纽约证券交易所股票代码:CIFR)给予“跑赢大盘”评级。
According to Golding, advances in hardware efficiency and potential appreciation in Bitcoin are among the factors that can keep miners viable from a gross margin perspective even after the halving.
戈尔丁表示,硬件效率的进步和比特币的潜在升值是即使在减半后从毛利率角度来看也能让矿商保持生存的因素之一。
As Bitcoin has risen again following the 2022 market crash, miners have started borrowing and issuing more shares once more. This time around, companies like MARA are even using the proceeds to buy crypto, following the buy-and-hold strategy that helped MicroStrategy (NASDAQ:MSTR) transform from an obscure enterprise software maker into the world's leading Bitcoin proxy.
随着 2022 年市场崩盘后比特币再次上涨,矿商再次开始借贷和发行更多股票。这一次,像 MARA 这样的公司甚至使用所得收益来购买加密货币,遵循了帮助 MicroStrategy(纳斯达克股票代码:MSTR)从一家默默无闻的企业软件制造商转型为全球领先的比特币代理的买入并持有策略。
“In a rising Bitcoin price environment, it is going to be an extremely successful strategy, but it’ll be a disaster if Bitcoin prices plummet,” said Ethan Vera, chief operating officer at Luxor Technology. “You will continue to see negative profits and they are hiding how bad the industry is right now and how bad their operations are by diluting shareholders and buying newer machines.”
Luxor Technology 首席运营官 Ethan Vera 表示:“在比特币价格上涨的环境中,这将是一个极其成功的策略,但如果比特币价格暴跌,那将是一场灾难。” “你将继续看到负利润,他们通过稀释股东和购买新机器来掩盖行业目前的状况以及他们的运营状况。”
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