分析师表示，比特币矿商准备利用 2025 年的三个主要趋势

比特币持有收益率、高性能计算和有利的监管转变等主题预计将推动增长和投资者兴趣。

Bitcoin miners are set to capitalize on three key trends in 2025, according to a note from J.P. Morgan analysts who see a promising outlook for the sector.

摩根大通分析师在一份报告中表示，比特币矿商将在 2025 年利用三个关键趋势，他们认为该行业前景光明。

The themes - Bitcoin holdings yield, high-performance computing, and favorable regulatory shifts - are expected to drive growth and investor interest.

比特币持有收益率、高性能计算和有利的监管转变等主题预计将推动增长和投资者兴趣。

Here are the three trends in detail:

以下是这三个趋势的详细信息：

1. Bitcoin Holdings Yield Strategies to Boost Cash Flows

1. 比特币持有收益策略以增加现金流

Bitcoin miners are exploring strategies to generate income from their vast Bitcoin reserves. Among the options being considered, securities lending appears to be the most viable.

比特币矿工正在探索从其庞大的比特币储备中创收的策略。在正在考虑的选项中，证券借贷似乎是最可行的。

This approach would enable miners to convert their Bitcoin into ETF shares through in-kind transfers. They can then earn income by lending the ETF shares via a prime broker.

这种方法将使矿工能够通过实物转让将其比特币转换为 ETF 份额。然后，他们可以通过主要经纪人借出 ETF 股票来赚取收入。

The implementation of these strategies hinges on regulatory approvals. However, the recent changes in the SEC leadership and the possibility of further shifts in 2024 may create a more favorable environment for such practices.

这些策略的实施取决于监管部门的批准。然而，最近 SEC 领导层的变动以及 2024 年进一步变动的可能性可能会为此类做法创造更有利的环境。

2. High-Performance Computing (HPC) Expansion to Diversify Revenue Streams

2. 高性能计算 (HPC) 扩展以实现收入来源多元化

As Bitcoin mining difficulty and competition continue to rise, some miners are pivoting to leverage their existing energy and infrastructure to enter the fast-growing AI and HPC markets.

随着比特币挖矿难度和竞争持续加剧，一些矿商正在转向利用现有的能源和基础设施来进入快速增长的人工智能和高性能计算市场。

Companies like BitDigital and Terawulf are positioned to benefit from this transition, with analysts forecasting significant revenue growth through 2027, driven by their entry into the HPC space.

BitDigital 和 Terawulf 等公司有望从这一转型中受益，分析师预测，在它们进入 HPC 领域的推动下，到 2027 年收入将大幅增长。

3. Favorable Regulatory Shifts to Bolster Sector Legitimacy, Attract Institutional Investors

3. 有利的监管转变可增强行业合法性，吸引机构投资者

Analysts anticipate a shift in political and regulatory landscapes, particularly at the SEC, which could lead to clearer guidelines for Bitcoin mining and lending practices.

分析师预计政治和监管环境将发生变化，尤其是美国证券交易委员会，这可能会为比特币挖矿和借贷行为制定更清晰的指导方针。

This would bolster the sector's legitimacy and help standardize operations, ultimately attracting institutional investors who are keen on clear regulatory frameworks.

这将增强该行业的合法性并有助于规范运营，最终吸引热衷于明确监管框架的机构投资者。

The note adds that among the pure-play Bitcoin mining operations, CleanSpark Inc (NASDAQ:CLSK) and BitFarms are favored for their efficient mining practices.

该报告补充说，在纯比特币挖矿业务中，CleanSpark Inc（纳斯达克股票代码：CLSK）和 BitFarms 因其高效的挖矿实践而受到青睐。

Meanwhile, BitDigital and Terawulf are highlighted for their high-performance computing expansion. These stocks offer compelling valuations given they are trading at or below 1x 2027 EV/EBITDA, according to the analysts.

与此同时，BitDigital 和 Terawulf 因其高性能计算扩展而备受瞩目。分析师表示，鉴于这些股票的交易价格等于或低于 1 倍 2027 年 EV/EBITDA，这些股票的估值令人信服。

"The combination of yield strategies, diversification into HPC, and potential regulatory clarity could make Bitcoin mining stocks a key focus for investors in 2025," the analysts said.

分析师表示：“收益率策略、HPC 多元化以及潜在的监管明确性相结合，可能会使比特币矿业股票成为 2025 年投资者的主要关注点。”