Marathon Digital在第四季度获得了创纪录的收入，但分析师仍然没有盘滴

本周的公共钥匙以比特币矿工马拉松在第四季度取得的重大成就的重点，以及为什么这种成功并没有摇摆分析师来提高其收视率。

Public Keys: Marathon hits record revenue amid lagging analyst interest

公共钥匙：马拉松在分析师的利益落后

Hello, readers. Welcome back for another edition of Public Keys, Decrypt's weekly coverage of the major publicly traded cryptocurrency companies. This term encompasses a wide scope, including crypto exchange Coinbase, Michael Saylor's Bitcoin-accumulating strategy, Jack Dorsey's crypto payments platform Block, Inc., and various publicly listed crypto mining firms.

您好，读者。欢迎回到另一个版本的公共钥匙，这是解密对主要公开交易的加密货币公司的每周报道。这个术语涵盖了广泛的范围，包括加密交易所Coinbase，Michael Saylor的比特币蓄积策略，Jack Dorsey的Crypto Payments Platform Block Block，Inc。以及各种公开上市的加密货币矿业公司。

This week, we'll be highlighting a significant achievement by Bitcoin miner Marathon, which achieved a peak in Q4, and examining why analysts haven't responded by boosting their ratings.

本周，我们将重点介绍比特币矿工马拉松的重大成就，该马拉松在第四季度达到了高峰，并研究了为什么分析师没有通过提高评级来做出回应。

Moreover, we'll be covering the dismissal of the SEC lawsuit against Coinbase, the upcoming announcement of full-year earnings by miner Hut 8 on Monday, and approval for Bitfarms to proceed with its merger with Stronghold.

此外，我们将介绍针对Coinbase的SEC诉讼，这是Miner Hut 8周一宣布的全年收益，并批准Bitfarms与Stronthold合并。

MARA hits record revenue

玛拉（Mara）达到创纪录的收入

Marathon Digital, the largest publicly traded cryptocurrency mining company with a market cap of $4.7 billion, announced a record-high Q4 quarterly revenue of $214 million on Wednesday.

Marathon Digital是最大的公共交易加密货币矿业公司，市值为47亿美元，宣布在周三创下的第4季度季度季度收入为2.14亿美元。

It's worth noting that the company recently changed its name to MARA, but we'll continue to refer to it as Marathon to avoid any confusion with its stock ticker.

值得注意的是，该公司最近将其名称更改为Mara，但我们将继续将其称为马拉松，以避免与股票股票的任何混乱。

This figure represents a 37% increase over its Q4 2023 performance, exceeding analysts' expectations. The gain is particularly significant considering that last year's Bitcoin halving dramatically reduced the rewards received by miners. This mechanism, designed to control Bitcoin's inflation rate and embedded in its code, becomes a talking point every four years as miners and traders adjust to the new conditions.

该数字比其Q4 2023的性能增长了37％，超出了分析师的期望。考虑到去年的比特币减少了矿工的奖励，收益尤其重要。这种机制旨在控制比特币的通货膨胀率并嵌入其代码中，随着矿工和贸易商适应新条件，每四年成为一个谈话点。

However, one might expect that analysts following Marathon, trading on the Nasdaq under the MARA ticker, would be praising the company's performance. But that hasn't been the case.

但是，人们可能会期望马拉松比赛之后的分析师在Mara Ticker领导下的纳斯达克贸易，这会赞扬该公司的表现。但事实并非如此。

It has become increasingly challenging to maintain low costs for each Bitcoin mined. As the current block reward is now 3.125 Bitcoin, miners are striving to gain an advantage by deploying additional mining rigs and reducing energy expenses.

维持每个开采比特币的低成本已经变得越来越具有挑战性。由于目前的奖励是3.125比特币，矿工正在努力通过部署其他采矿钻机并减少能源费用来获得优势。

Marathon has addressed this issue by aiming to evolve into a "vertically integrated energy and technology solutions provider." According to CEO Fred Thiel, the company successfully tripled its energy capacity in 2024 from 0.5 to 1.7 gigawatts by harnessing excess natural gas and wind farms.

马拉松已经通过发展为“垂直整合的能源和技术解决方案提供商”来解决这个问题。据首席执行官弗雷德·泰尔（Fred Thiel）表示，该公司通过利用多余的天然气和风电场，在2024年成功将其能源容量从0.5吉瓦特增加了两倍。

But like many of its peers, Marathon's profitability is heavily influenced by Bitcoin prices—something analyst Stephen Ayers describes as "inherently unpredictable."

但是，像许多同行一样，马拉松的盈利能力受到比特币价格的很大影响 - 分析师斯蒂芬·艾尔斯（Stephen Ayers）形容“本质上是不可预测的”。

For instance, Marathon saw an increase in the value of its BTC treasury by $443 million in Q4. But this can fluctuate; the market recently saw Bitcoin dip below $80,000.

例如，马拉松比赛的价值增加了​​4.43亿美元，4.43亿美元。但这可能会波动；市场最近看到比特币下降到80,000美元以下。

The research firm Bernstein has previously praised Bitcoin miners, yet it has expressed more favorable comments about smaller competitors like Cleanspark and Riot Platforms compared to the Florida-based company.

这家研究公司伯恩斯坦（Bernstein）以前曾称赞比特币矿工，但与总部位于佛罗里达州的公司相比，它对较小的竞争对手（如CleanSpark和Riot Platform）表达了更有利的评论。

Coinbase SEC lawsuit dismissed

Coinbase SEC诉讼被驳回

Last week, the Securities and Exchange Commission agreed in principle to dismiss its lawsuit against crypto exchange Coinbase. Consequently, Coinbase, traded on the Nasdaq under the COIN ticker, finished the week above $235.

上周，证券交易委员会原则上同意驳回其针对加密交易所Coinbase的诉讼。因此，Coinbase在纳斯达克股票的股票股票下以235美元的价格完成了一周。

By the time the SEC officially confirmed the dismissal this week, the positive impact on the company's share price had diminished, closing at approximately $208.37 yesterday.

到SEC本周正式确认该解雇时，对公司股价的积极影响已经下降，昨天收盘价约为208.37美元。

Observers have noted that the company and its executives have invested tens of millions in political donations, including $70 million to Fairshake, a super PAC supportive of crypto.

观察家指出，该公司及其高管已经投资了数千万的政治捐款，其中包括7,000万美元向Fairshake提供的，这是Crypto的Super Pac支持。

Meanwhile, the recent market downturn has significantly increased trading volumes on the exchange. In just one day, Coinbase reported a 65% spike in volume, according to data from CoinGecko.

同时，最近的市场下滑大大增加了交易所交易量。根据Coingecko的数据，Coinbase仅在短短一天中报告了65％的峰值。

Ones to watch: Hut 8 earnings and Bitfarms merger

值得关注的人：小屋8收入和比特弗姆斯合并

Hut 8, which trades on the Nasdaq under the HUT ticker, will announce its full-year 2024 results on Monday, March 3. Although the presentation will cover the previous year, analysts will likely focus on updates regarding its Vega Project.

在纳斯达克股票下进行交易的小屋8将于3月3日星期一宣布其全年2024年业绩。尽管演讲将涵盖上一年，但分析师可能会重点介绍有关其Vega项目的更新。

In a performance update from January, Hut 8 CEO Asher Genoot hinted that the project—which features a “~15 EH/s colocation agreement with BITMAIN”—is expected to be ready for “energization” in Q2 of this year. The company has also been directing investments toward AI data center development.

在一月份的表演更新中，HUT 8首席执行官Asher Genoot暗示，该项目（与Bitmain与Bitmain的约15 EH/S托管协议都有”，预计将在今年的第二季度为“充满活力”做好准备。该公司还一直将投资用于AI数据中心开发。

Bitmain, a privately owned Chinese manufacturer of crypto mining equipment, specifically ASICs (application-specific integrated circuits), currently holds approximately 80% of the global market for Bitcoin mining hardware, according to Bitstamp, a Luxembourg-based crypto exchange.

总部位于卢森堡的加密货币交易所Bitstamp表示，Bitmain是一家私人中国加密矿业设备制造商，特别是ASICS（特定于应用程序的集成电路），目前占据了比特币采矿硬件的全球市场约80％。

Additionally, Bitfarms, trading on Nasdaq under the BITF ticker, has received approval from shareholders to proceed with its merger with Stronghold. This is the same Bitcoin mining company that successfully resisted a hostile takeover attempt from Riot Platforms a few months back.

此外，Bitfarms在BITF股票下进行的纳斯达克交易，已获得股东的批准，以与据点合并。这是几个月前成功抵抗Riot Platform的敌对接管尝试的同一家比特币矿业公司。