Marathon Digital Holdings (MARA) 通过比特币借贷计划突破运营创新的界限

Marathon Digital Holdings (MARA) 是全球最大的比特币挖矿公司之一，正在突破运营创新的界限。

Bitcoin mining company Marathon Digital (NASDAQ:MARA) has revealed that it lent out 7,377 BTC in 2024, forming 16% of its total 44,893 Bitcoin reserves. This move is part of a broader strategy by the company to generate additional income streams.

比特币挖矿公司 Marathon Digital（纳斯达克股票代码：MARA）透露，该公司在 2024 年借出了 7,377 枚比特币，占其 44,893 枚比特币储备总量的 16%。此举是该公司创造额外收入流的更广泛战略的一部分。

With reserves valued at approximately $4.4 billion as of December 31, this bold move reflects MARA’s dual focus on operational growth and innovative revenue generation.

截至 12 月 31 日，MARA 的储备价值约为 44 亿美元，这一大胆举措反映了 MARA 对运营增长和创新创收的双重关注。

Bitcoin Lending Program Gains Traction

比特币借贷计划受到关注

Marathon’s Bitcoin lending program, which was operational between the years 2024, also points towards the company’s desire to get the best return on its assets while at the same time managing cost of operations. As explained by Robert Samuels, Director of Investor Relations, the loans refer to ‘short-term arrangements with well-established third parties’ in order to achieve low to mid single-digit returns.

Marathon 的比特币借贷计划于 2024 年开始运营，这也表明该公司希望获得最佳资产回报，同时管理运营成本。正如投资者关系总监罗伯特·塞缪尔斯（Robert Samuels）所解释的那样，这些贷款是指“与成熟的第三方的短期安排”，以实现中低个位数的回报。

Although MARA has not revealed the identities of its borrowers, the move has attracted attention as the industry slowly recovers from the 2022 crypto lending saga. This period was characterized by the crypto industry’s biggest lenders, BlockFi, Genesis, and Celsius, precipitating failures owing to unsecured lending.

尽管 MARA 尚未透露借款人的身份，但随着该行业从 2022 年的加密贷款传奇中慢慢复苏，此举引起了人们的关注。这一时期的特点是加密货币行业最大的贷款机构 BlockFi、Genesis 和摄氏度，由于无担保贷款而加速破产。

On the other hand, the conservative strategy of Marathon and the fact that it operates with the help of partners increases the emphasis on the prevention of counterparty risks.

另一方面，马拉松的保守策略以及借助合作伙伴运营的事实，增加了对防范交易对手风险的重视。

For instance, the company made $3.9 million in the interest income in Q3 2024 from lending Bitcoin and cash. Adding the $4.8 million received in the first half of the year, Bitcoin lending has clearly become one of the biggest revenue generators for MARA.

例如，该公司在 2024 年第三季度通过借贷比特币和现金获得了 390 万美元的利息收入。加上今年上半年收到的 480 万美元，比特币借贷显然已成为 MARA 最大的收入来源之一。

Expanding Bitcoin Reserves and Mining Output

扩大比特币储备和挖矿产出

This is mainly because MARA has had a particularly strong Bitcoin accumulation strategy that supported its lending operation. In 2024 alone, the company mined 9,457 BTC and bought another 22,065 BTC at an average cost of $87,205 making the total reserve to be 44,893 BTC.

这主要是因为 MARA 拥有特别强大的比特币积累策略来支持其借贷业务。仅在 2024 年，该公司就开采了 9,457 BTC，并以平均成本 87,205 美元购买了另外 22,065 BTC，使总储备达到 44,893 BTC。

This strategic approach of integrating mining output with opportunities for acquisition has enabled MARA to build up its reserves considerably while at the same time keeping operational flexibility. The reserves are $4.4 billion, which make it possible to continue the company’s search for new yield-generation avenues and at the same time have some safety cushion against market volatility.

这种将采矿产出与收购机会相结合的战略方法使 MARA 能够大幅增加其储量，同时保持运营灵活性。储备金为 44 亿美元，这使得公司能够继续寻找新的收益产生途径，同时为应对市场波动提供一定的安全缓冲。

With MARA continuing to build up its reserves through active management, the company remains in the front-running position among Bitcoin mining companies. The model of collecting Bitcoin and using it to offer loans is an example of a diversified strategy that in its turn combines potential profit and risk.

随着MARA继续通过主动管理积累储备，该公司在比特币矿业公司中仍处于领先地位。收集比特币并用其提供贷款的模式是多元化策略的一个例子，该策略又结合了潜在的利润和风险。

High Hash Rate and High Efficiency in Operation

高算力、高运行效率

In practice, Marathon concluded the year 2024 with one of the most important goals met: an energized hashrate of 53 EH/s and a realized hashrate of 47 EH/s. This is similar to its November metrics where it has proved that it is capable of maintaining a high level of mining efficiency even in unstable market conditions.

实际上，Marathon 在 2024 年结束时实现了最重要的目标之一：活跃算力达到 53 EH/s，实现算力达到 47 EH/s。这与 11 月份的指标类似，证明即使在不稳定的市场条件下，它也能够保持高水平的挖矿效率。

Hash rate, the amount of computing power applied to mining, is an important parameter of a miner’s performance The realized hashrate of 47 EH/s of MARA shows that it can continue to produce Bitcoin at consistent rates regardless of the changes in the market.

算力，即用于挖矿的算力大小，是矿工性能的重要参数。MARA 实现的算力达到 47 EH/s，这表明无论市场如何变化，它都可以继续以一致的速度生产比特币。

This operational strength not only enhances MARA’s reserve accumulation capacity but also enhances its capacity for expansion. The enhancement of the mining capabilities combined with the right approach in lending makes it an industry leader in Bitcoin mining.

这种运营实力不仅增强了农业农村部的储备积累能力，也增强了其扩张能力。采矿能力的增强与正确的贷款方法相结合，使其成为比特币采矿领域的行业领导者。

Opportunities and Risks

机遇与风险

However, Marathon’s lending program has its own set of problems. The broader cryptocurrency market is still exposed to counterparty risk, especially after the 2022 failure of prominent Bitcoin lenders. However, MARA’s decision to use only 16% of its reserves is evidence of good risk management strategy.

然而，马拉松的贷款计划也有其自身的一系列问题。更广泛的加密货币市场仍然面临交易对手风险，尤其是在 2022 年著名比特币贷款机构倒闭之后。然而，MARA 决定仅使用其储备金的 16%，这证明了良好的风险管理策略。

This gives MARA an opportunity to manage the market forces or operational needs since it has a large reserve base. Also, its focus on short term funding with reliable counterparties eliminates on overall risks that are inherent in this business.

由于拥有庞大的储备基础，MARA 有机会管理市场力量或运营需求。此外，它专注于与可靠交易对手进行短期融资，消除了该业务固有的整体风险。

This conservative yet risky approach may pave the way for other mining companies that want to generate other sources of income without having to bear the risks of lending.

这种保守但有风险的做法可能为其他想要产生其他收入来源而不必承担贷款风险的矿业公司铺平道路。