玛拉听起来警报：依靠网格矿工在2028年后冒着崩溃

玛拉·控股（Mara Holdings）本周警告股东，比特币矿工束缚在传统电网上面临生存危机。

Mara Narrates Dire 2028 Halving Warning, Records Stellar Q4 Sales, Stock Soars 8%

玛拉（Mara）叙述Dire 2028减半警告，记录恒星Q4销售，股票飙升8％

At present, Bitcoin miners who are reliant on the power grid are on a fast track to survival in the aftermath of the 2028 halving, especially as they juggle increasing energy costs and a reduction in mining rewards, according to a note from MARA HOLDINGS (NYSE:MARA) to shareholders this week.

目前，依赖电网的比特币矿工在2028年减半之后的快速轨道，尤其是当他们杂乱无章地增加能源成本并减少采矿奖励时，玛拉·控股（NYSE：MARA）本周向股东发表的票据。

The note, which touched upon the survival difficulties faced by miners, stated that “many may not survive.”

矿工面临的生存困难涉及的说明说：“许多人可能无法生存”。

MARA’s stock price went up by 8% in the post-market trading hours on Thursday. This came after the company announced record sales of $214.4 million in the fourth quarter, even as Bitcoin’s price dropped by 4.2% amid a midweek selloff.

玛拉的股价在周四的后市场交易中上涨了8％。这是在该公司宣布在第四季度宣布创纪录的2.144亿美元的销售，即使比特币的价格下跌了4.2％。

Halving Will Bring More Pressure On Profit Margins, Says MARA

玛拉说，减半会给利润率带来更大的压力。

Highlighting the 2028 halving that will decrease block rewards by 50%, MARA noted that this will exert more pressure on miners operating with high levels of energy costs.

玛拉（Mara）强调了2028年的减少幅度，将阻止奖励降低50％，他指出，这将对运营高能源成本的矿工施加更大的压力。

The company pointed out that those dependent on the power grid are already operating with slim profit margins and will struggle further with the anticipated increase in energy prices.

该公司指出，那些依赖电网的人已经在利润率较小的情况下运行，并且随着预期的能源价格上涨而挣扎。

After the 2024 halving, we saw some miners pivoting into AI and high-performance computing (HPC) to diversify revenue streams and mitigate losses. However, MARA maintains that such pivots alone won’t be sufficient for survival in the long run.

在2024年减半之后，我们看到一些矿工转向AI和高性能计算（HPC），以使收入流多样化并减轻损失。但是，玛拉（Mara）坚持认为，从长远来看，仅此此枢轴就不足以生存。

“Differentiate or perish,” the letter warned, urging innovation beyond mere cost-cutting endeavors.

这封信警告说：“区分或灭亡。”

Record Q4 Sales & Unyielding Bitcoin Strategy

记录第四季度的销售和不屈的比特币策略

MARA attributes its stellar performance to a vertically integrated model that combines low-cost energy through self-ownership, hardware reactivation, and infrastructure control for maximum flexibility.

Mara将其出色的性能归因于垂直集成的模型，该模型通过自我所有权，硬件重新激活和基础设施控制结合了低成本的能量，以最大程度地灵活性。

Recently, MARA has been expanding its data centre infrastructure sales, positioning itself as a “picks-and-shovels” provider for the burgeoning AI and mining industries.

最近，玛拉（Mara）一直在扩大其数据中心基础设施销售，将自己定位为新兴的AI和采矿行业的“选择”提供商。

“We control our future,” MARA stated, reporting a remarkable 207% year-over-year surge in EBITDA to $794.4 million. Its Bitcoin reserves also experienced a 197% increase to $4.6 billion, providing a cushion against market volatility.

玛拉说：“我们控制了我们的未来，”玛拉报告说，EBITDA的同比增长了207％，至7.944亿美元。它的比特币储备还增加了197％，达到46亿美元，为市场波动提供了缓冲。

But Good Things Come In Threes

但是好事三分

The company also disclosed plans to sell a portion of its Bitcoin holdings to optimize its capital structure and fund strategic initiatives. Despite a slight decrease in hash rate from the previous quarter, MARA’s total capacity is set to rise further in 2024.

该公司还披露了出售其比特币持有量的一部分计划，以优化其资本结构和资助战略计划。尽管哈希速度比上一季度略有下降，但玛拉的总容量将在2024年进一步上升。

With an emphasis on a long-term strategy, MARA remains focused on its core strength: Bitcoin mining.

在重点是长期战略上，Mara仍然专注于其核心力量：比特币采矿。

As the 2028 halving approaches, industry analysts are highlighting the crucial role of renewable energy in ensuring the survival of Bitcoin miners.

随着2028年的减半方法，行业分析师强调了可再生能源在确保比特币矿工生存中的关键作用。

Miners who rely heavily on the power grid risk collapse as they face increasing energy costs and a reduction in mining rewards. In contrast, those with a focus on wind, solar, or hydropower will be better positioned to withstand these challenges.

矿工严重依赖电网风险崩溃，因为他们面临着增加的能源成本和采矿奖励的减少。相反，那些专注于风，太阳能或水电的人将得到更好的定位，以承受这些挑战。

Integration Key to Post-2028 Survival

2028年后生存的集成密钥

Those pivoting to new revenue streams, like AI or HPC, are also making progress, but industry expert Ben Perkins from Bit Innovation pointed out that these pivots alone might not be enough.

那些涉及新收入来源（例如AI或HPC）的人也在取得进步，但是来自Bit Innovation的行业专家Ben Perkins指出，仅这些枢纽可能还不够。

“The miners who will survive are those thinking outside the box, not just cutting costs. We need something new, something that will truly differentiate them in a post-halving world.”

“将要生存的矿工是开箱即用的人，而不仅仅是削减成本。我们需要一些新的东西，这将在备受关注后的世界中真正区分它们。”

MARA’s strategy of combining low-cost energy through a Texas wind farm acquisition with an expansion of data centre infrastructure sales showcases this broader diversification.

玛拉（Mara）通过得克萨斯州风电场的获取将低成本能源结合在一起的策略与数据中心基础设施销售的扩展展示了这种更广泛的多样化。

While competitors like RIVER (NASDAQ:RVNR) have been swift in deploying new miners post-2024 halving, Perkins noted that the urgency isn’t new.

虽然像River（NASDAQ：RVNR）这样的竞争对手在2024年后部署新矿工时已经迅速部署，但珀金斯指出，紧迫性并不新鲜。

“Everyone knew about the 2024 halving impact, yet many were slow. Those lagging now in green energy will face the same reckoning. It’s a matter of adaptation or extinction.”

“每个人都知道2024年的减半影响，但许多人都很慢。现在落后于绿色能源的人将面临同样的估计。这是适应或灭绝的问题。”

In a recent interview, MARA’s CEO, speaking on the Paychain podcast, touched upon the challenges faced by smaller mining firms.

在最近的一次采访中，玛拉（Mara）的首席执行官在薪链播客上发表讲话，谈到了较小的采矿公司面临的挑战。

Smaller miners, often operating with thinner margins and less diversified revenue streams, are bearing the brunt of the industry downturn.

较小的矿工（通常以更薄的利润率运行，收入流较少，都在行业衰退中首当其冲。

Moreover, smaller miners are typically more sensitive to changes in Bitcoin price and hashrate, which could affect their ability to generate profit and stay afloat.

此外，较小的矿工通常对比特币价格变化和哈希拉特的变化更加敏感，这可能会影响他们产生利润并保持维持的能力。

In a period of market stress, smaller miners may be forced to sell Bitcoin at a loss to cover operational costs, putting them at a disadvantage compared to larger miners with the capacity to hold onto their coins.

在市场压力的时期，较小的矿工可能会被迫以损失的价格出售比特币，以支付运营成本，使他们处于劣势，而较大的矿工具有持有硬币的能力。

In the case of a prolonged bear market or significant price correction, smaller miners could face difficulties in securing new capital.

在长时间的熊市或重大价格校正的情况下，较小的矿工可能会面临确保新资本的困难。

Despite the challenges, smaller miners are continuously innovating and seeking new opportunities to expand their operations and market share.

尽管面临挑战，较小的矿工仍在不断创新，并寻求扩大其业务和市场份额的新机会。

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