Hut 8 的战略扩张使其在减半后占据主导地位

Benchmark 以 12 美元的目标价首次覆盖 Hut 8 股票，理由是其来自自挖矿、云计算、HPC 和人工智能服务的多元化收入来源。该分析师预计，随着时间的推移，Hut 8 将缩小与自挖矿领导者 Marathon Digital 的差距，并认为其 2.6 的企业价值与收入倍数使其与同行相比被低估。 Hut 8 持有 9,102 个比特币储备，在 BTC 上涨时提供流动性缓冲和潜在的上涨空间。

Hut 8 Mining's Diversified Operations and Expansion Plans Position Company for Advantage Post-Halving

Hut 8 Mining 的多元化经营和扩张计划使公司在减半后获得优势

According to a recent research note published by investment banking firm Benchmark, United States-based Bitcoin (BTC) miner Hut 8's strategic focus on expanding self-mining operations and diversifying revenue streams positions the company to increase its competitiveness in the post-halving market environment.

根据投资银行公司 Benchmark 最近发布的一份研究报告，美国比特币 (BTC) 矿商 Hut 8 的战略重点是扩大自挖矿业务和实现收入来源多元化，这使得该公司能够在减半后的市场环境中提高竞争力。

Benchmark's Analysis and Valuation

Benchmark的分析与估值

Benchmark's senior analyst, Mark Palmer, highlighted in his April 22 research note that the "new HUT" – a consolidated entity resulting from the merger between the original "old HUT" and US Bitcoin Corporation – possesses a robust "diversified business model" generating revenue from multiple sources.

Benchmark 的高级分析师 Mark Palmer 在 4 月 22 日的研究报告中强调，“新 HUT”——由原来的“旧 HUT”和美国比特币公司合并而成的合并实体——拥有强大的“多元化商业模式”产生收入来自多个来源。

Benchmark initiated coverage of Hut 8 stock, assigning a price target of $12 per share. This valuation represents a significant premium, approximately 30% higher than the company's current share price of $9.22, as per data from TradingView.

Benchmark 开始覆盖 Hut 8 股票，指定每股 12 美元的目标价。根据 TradingView 的数据，这一估值存在显着溢价，比该公司当前 9.22 美元的股价高出约 30%。

Growth Potential in Self-Mining

自挖矿的增长潜力

While Hut 8's current self-mining hash rate of 5.4 exahash per second (EH/s) remains below industry leader Marathon Digital, which operates at 27.8 EH/s, Palmer anticipates a narrowing of this gap over time. He posits that Hut 8's expansion plans will support a gradual increase in its self-mining capacity.

虽然 Hut 8 目前的自挖矿算力为每秒 5.4 exahash (EH/s)，但仍低于行业领先者 Marathon Digital（其运行速度为 27.8 EH/s），但 Palmer 预计随着时间的推移，这一差距将会缩小。他认为Hut 8的扩张计划将支持其自挖矿能力的逐步增加。

"Hut trades at a discount to its Bitcoin mining peers, a difference we expect to diminish as the company implements its self-mining expansion strategy," Palmer stated.

帕尔默表示：“Hut 的交易价格比比特币挖矿同行有折扣，随着该公司实施自挖矿扩张战略，我们预计这种差异将会缩小。”

Diversified Revenue Streams

多元化的收入来源

Palmer emphasizes Hut 8's multifaceted revenue streams, including self-mining, cloud computing, high-performance computing, and artificial intelligence services, as fundamental drivers supporting the company's valuation.

Palmer强调Hut 8的多方面收入来源，包括自挖矿、云计算、高性能计算和人工智能服务，是支撑公司估值的基本驱动力。

Palmer asserts that "Hut 8's platform diversity will yield long-term benefits. Its revenue sources beyond self-mining provide it with greater resilience to withstand severe downturns in Bitcoin's price than most publicly traded peers."

Palmer 断言，“Hut 8 的平台多样性将带来长期利益。与大多数上市同行相比，其自挖矿以外的收入来源使其具有更大的弹性来抵御比特币价格的严重下跌。”

Financial Health and Liquidity

财务健康和流动性

Palmer further analyzes Hut 8's enterprise value-to-revenue multiple of 2.6, slightly below the 3.1 average of publicly traded Bitcoin mining peers such as Marathon Digital and Riot Platforms.

Palmer 进一步分析了 Hut 8 的企业价值与收入倍数为 2.6，略低于 Marathon Digital 和 Riot Platforms 等公开交易的比特币挖矿同行 3.1 的平均水平。

While acknowledging Hut 8's need for hash rate upgrades, Palmer highlights the company's strong liquidity position, evident in its 9,102 Bitcoin reserves. This reserve provides a cushion and allows Hut 8 to capitalize on potential upward movements in BTC's price.

在承认 Hut 8 需要升级算力的同时，Palmer 强调了该公司强大的流动性状况，这从其 9,102 比特币储备中可见一斑。该储备金提供了缓冲，使 Hut 8 能够利用 BTC 价格的潜在上涨趋势。

Recent Management Changes

最近的管理层变动

Benchmark's report acknowledges Hut 8's recent leadership changes, with former CEO Jamie Leverton stepping down and Asher Genoot, former president and board member, assuming the CEO role.

Benchmark 的报告承认了 Hut 8 最近的领导层变动，前首席执行官 Jamie Leverton 辞职，前总裁兼董事会成员 Asher Genoot 担任首席执行官。

This management restructuring occurred shortly after short-selling firm JCapital released a report alleging legal issues and cautioning investors about a potential "pump and dump" scheme involving Hut 8. The company has vehemently denied these allegations, dismissing them as "misinformation and misrepresented data."

此次管理层重组发生在卖空公司 JCapital 发布报告后不久，该报告指控了法律问题，并警告投资者有关 Hut 8 的潜在“拉高抛售”计划。该公司强烈否认这些指控，称其为“错误信息和歪曲数据”。 ”