比特币矿工模仿 MicroStrategy 的 BTC 收益策略以维持生计

比特币 BTC/USD 矿工似乎已经找到了他们的缪斯——而这正是 MicroStrategy Inc MSTR。摩根大通的 Nikolaos Panigirtzoglou 透露

As the dust settles on a banner year for Bitcoin (CRYPTO: BTC), new narratives are emerging to explain the shifts and trends that propelled the world's apex crypto to uncharted highs.

随着比特币（加密货币：BTC）辉煌的一年尘埃落定，新的叙述正在出现，以解释推动世界顶级加密货币达到前所未有的高点的转变和趋势。

One narrative that has flown under the radar is the role of bitcoin miners in the broader crypto landscape. While institutions piled into bitcoin via exchange-traded funds, another set of players quietly soaked up vast amounts of BTC — and they did so in a way that dovetailed neatly with MicroStrategy Inc's (NASDAQ:MSTR) aggressive bitcoin accumulation strategy.

一种备受关注的说法是比特币矿工在更广泛的加密货币领域中的作用。当机构通过交易所交易基金大量买入比特币时，另一组参与者却悄悄吸收了大量比特币——他们的做法与 MicroStrategy Inc（纳斯达克股票代码：MSTR）激进的比特币积累策略完美契合。

Meet the new bitcoin hoarders: the miners

认识新的比特币囤积者：矿工

As you may recall, MicroStrategy, spearheaded by bitcoin evangelist Michael Saylor, spearheaded the corporate trend of deploying cash flow and debt to amass a bitcoin war chest.

您可能还记得，由比特币传播者 Michael Saylor 领导的 MicroStrategy 引领了利用现金流和债务来积累比特币战争资金的企业趋势。

Now, mining companies such as MARA Holdings Inc (NASDAQ:MARA) are joining the fray with their own spin on the strategy. To be precise, they are executing a ‘BTC Yield strategy to augment their bitcoin holdings per share.

现在，MARA Holdings Inc（纳斯达克股票代码：MARA）等矿业公司也加入了这场竞争，并推出了自己的战略。准确地说，他们正在执行“比特币收益策略”，以增加每股比特币持有量。

"Miners are also joining the fray with their own twist: a ‘BTC Yield' strategy designed to grow their bitcoin holdings per share. MicroStrategy, led by Bitcoin evangelist Michael Saylor, helped start the corporate trend of turning cash flow and leverage into a Bitcoin treasure trove."

“矿工们也加入了自己的竞争：‘比特币收益’策略，旨在增加每股比特币持有量。由比特币传播者 Michael Saylor 领导的 MicroStrategy 帮助开启了将现金流和杠杆转化为比特币的企业趋势。宝库。”

This shift in strategy is a response to the diminishing returns of bitcoin mining. Post-halving, dwindling mining rewards and a surging network hashrate have squeezed miner revenues per terahash, leaving less breathing room for profitability.

这种战略转变是对比特币挖矿收益递减的回应。减半后，挖矿奖励的减少和网络算力的飙升挤压了矿工每 terahash 的收入，使得盈利的喘息空间越来越小。

According to JPMorgan, daily revenues per terahash are at historical lows, compelling miners to pivot their strategies.

摩根大通表示，每 terahash 的日收入处于历史低点，迫使矿商调整策略。

To stay relevant, miners like MARA are doubling down on bitcoin itself. The strategy involves issuing debt or equity to not only hoard mined bitcoin but also actively purchase more.

为了保持相关性，像 MARA 这样的矿工正在加倍投资比特币本身。该策略涉及发行债务或股权，不仅可以囤积开采的比特币，还可以积极购买更多比特币。

In MARA's case, 60% of its Bitcoin acquisitions this year were from direct purchases, while the remaining 40% came from expanding its mining operations.

就 MARA 而言，今年 60% 的比特币收购来自直接购买，其余 40% 来自扩大挖矿业务。

As a result of this strategy, Marathon now holds nearly 35,000 bitcoins, second only to MicroStrategy among publicly listed companies.

由于这一策略，Marathon 目前持有近 35,000 枚比特币，在上市公司中仅次于 MicroStrategy。

Adding another layer of complexity to the narrative is the U.S. debut of spot bitcoin ETFs, which provide institutional investors with a more direct path to bitcoin exposure.

比特币现货 ETF 在美国的首次亮相，为这一故事增添了另一层复杂性，它为机构投资者提供了更直接的比特币投资途径。

In light of this development, shares of bitcoin miners, once a proxy for institutional bets on the leading crypto, have underperformed. However, companies like MARA are finding ways to adapt and thrive in this shifting landscape.

鉴于这一发展，曾经代表机构押注领先加密货币的比特币矿商股票表现不佳。然而，像 MARA 这样的公司正在寻找适应这种不断变化的环境并蓬勃发展的方法。

By embracing BTC Yield strategies and utilizing low-interest convertible notes to finance their bitcoin buying spree, they are cementing their role as major players in the broader Bitcoin ecosystem.

通过采用比特币收益策略并利用低息可转换票据为比特币购买热潮提供资金，他们正在巩固自己作为更广泛的比特币生态系统中主要参与者的角色。

Miners are pivoting toward holding and acquiring bitcoin, blurring the lines between mining and investing and shifting the narrative away from mining operations and toward a strategy that resembles bitcoin-focused asset managers.

矿商正转向持有和收购比特币，模糊了挖矿和投资之间的界限，并将叙事从挖矿业务转向类似于以比特币为中心的资产管理公司的策略。

If this trend continues, we could see more miners pivot toward holding and acquiring bitcoin rather than relying solely on mining operations. As Bitcoin's ecosystem matures, one thing is clear: the playbook is being rewritten — and it has Saylor's fingerprints all over it.

如果这种趋势继续下去，我们可能会看到更多的矿工转向持有和收购比特币，而不是仅仅依赖挖矿业务。随着比特币生态系统的成熟，有一件事是明确的：剧本正在被重写——而且它到处都有塞勒的指纹。