矿商正在持有比特币并扩展到人工智能/高性能计算以应对市场压力

摩根大通在周三发布的一份报告中指出，与 MicroStrategy 一样，矿商专注于积累比特币，而不是清算比特币

Semler Scientific, a medical device company, has joined the bitcoin accumulation race, purchasing $144 million in BTC. This move comes as miners are shifting their focus to accumulating bitcoin rather than liquidating their reserves.

医疗设备公司 Semler Scientific 加入了比特币积累竞赛，购买了 1.44 亿美元的 BTC。此举发生之际，矿商正将注意力转向积累比特币，而不是清算其储备。

The strategic shift is a response to increased competition and mining difficulty, triggered by the April halving event and the expanding network hashrate. To combat these challenges, miners are not only hoarding bitcoin but are also diversifying into areas like artificial intelligence and high-performance computing (AI/HPC).

这一战略转变是对四月份减半事件和不断扩大的网络算力引发的竞争加剧和挖矿难度的回应。为了应对这些挑战，矿工不仅囤积比特币，还向人工智能和高性能计算（AI/HPC）等领域多元化发展。

According to JPMorgan analysts, led by Nikolaos Panigirtzoglou, this move helps them weather the pressure on their bottom line. Among the key players adopting this model is Marathon Digital Holdings (MARA), which now holds 35,000 bitcoins, valued at around $3.5 billion. This makes it the second-largest publicly traded holder of Bitcoin after MicroStrategy.

以 Nikolaos Panigirtzoglou 为首的摩根大通分析师表示，此举有助于他们应对盈利压力。采用这种模式的主要参与者之一是 Marathon Digital Holdings (MARA)，该公司目前持有 35,000 个比特币，价值约 35 亿美元。这使其成为继 MicroStrategy 之后第二大公开交易的比特币持有者。

Miners are not the only entities getting into bitcoin accumulation. Semler Scientific, a medical device manufacturer, has also jumped on the bandwagon, acquiring $144 million in bitcoin.

矿工并不是唯一参与比特币积累的实体。医疗设备制造商 Semler Scientific 也加入了这一行列，收购了价值 1.44 亿美元的比特币。

One of the key drivers of this shift is the introduction of U.S. spot bitcoin ETFs in January, which offer institutional investors an easier way to gain exposure to bitcoin directly, rather than through mining company shares. This has led to underperformance in the shares of mining companies, which were previously seen as a proxy for bitcoin.

这一转变的关键驱动力之一是一月份美国现货比特币 ETF 的推出，它为机构投资者提供了一种更简单的方式来直接获得比特币，而不是通过矿业公司股票。这导致矿业公司的股票表现不佳，这些公司此前被视为比特币的代表。

To fund operations, miners are increasingly turning to debt and equity offerings instead of selling their Bitcoin holdings. In fact, miners have raised more than $10 billion in equity so far this year, surpassing the previous record of $9.5 billion set in 2021.

为了为运营提供资金，矿商越来越多地转向债务和股票发行，而不是出售其持有的比特币。事实上，今年迄今为止，矿商已筹集了超过 100 亿美元的股本，超过了 2021 年创下的 95 亿美元的纪录。