尽管比特币上涨，矿业公司股价仍暴跌

尽管这一年比特币大幅飙升，但矿业公司仍难以利用这一势头。

The performance of bitcoin, often seen as a barometer for the entire crypto sector, reveals a paradox this year. Indeed, the price of the leading asset has risen by 128 % over a twelve-month period, with levels reminiscent of its glory days. However, this exceptional momentum does not seem to benefit companies specializing in mining, whose stocks have experienced dramatic declines. This situation reflects a gap between the skyrocketing rise of bitcoin and the stock performance of mining companies. Investors and analysts are questioning: what are the factors behind this divergence? While bitcoin continues to attract attention with its resilience and the growing enthusiasm for ETFs and institutional purchases, mining companies are facing major structural challenges, particularly related to energy costs, regulatory pressures, and operational inefficiencies.

比特币的表现通常被视为整个加密行业的晴雨表，但今年却揭示了一个悖论。事实上，这一领先资产的价格在 12 个月内上涨了 128%，其水平让人想起它的辉煌岁月。然而，这种特殊的势头似乎并没有让专门从事采矿业的公司受益，这些公司的股票经历了大幅下跌。这种情况反映出比特币的暴涨与矿业公司的股票表现之间的差距。投资者和分析师纷纷质疑：这种差异背后的因素是什么？尽管比特币以其弹性以及人们对 ETF 和机构购买的热情日益高涨而继续吸引人们的关注，但矿业公司却面临着重大的结构性挑战，特别是与能源成本、监管压力和运营效率低下相关的挑战。

Mining companies’ stocks plummet despite the bitcoin rally

尽管比特币上涨，矿业公司股价仍暴跌

Despite a year marked by a spectacular bitcoin surge, mining companies struggle to capitalize on this momentum. Among the most affected players, Argo Blockchain, a British pioneer in the sector with a hashing power of 1,500 PH/s, illustrates the severity of the situation. The value of its shares has fallen by 84.31 % over the year, with an additional 5 % drop recorded in just 24 hours. This case is not isolated. Greenidge, which operates data centers in the United States, reports an annual loss of 74 %, while Sphere 3D, specialized in mining-related hardware and software, has seen its market capitalization erode by 71.32 % since January.

尽管这一年比特币大幅飙升，但矿业公司仍难以利用这一势头。在受影响最严重的参与者中，英国该领域的先驱 Argo Blockchain 的哈希能力达到 1,500 PH/s，这说明了情况的严重性。其股价全年下跌84.31%，短短24小时内又下跌5%。这个案例并不是孤立的。在美国运营数据中心的 Greenidge 报告年度亏损达 74%，而专门从事挖矿相关硬件和软件的 Sphere 3D 自 1 月份以来市值缩水了 71.32%。

These results shed light on an instability that goes beyond simple market fluctuations. Even large-cap companies, often perceived as more robust, are experiencing significant setbacks. Riot Platforms, which operates one of the highest mining capacities at 29,400 PH/s, has recorded a 29.92 % decline in its share value this year. For its part, Marathon Digital has seen a decrease of 16.05 %, a less severe drop but still critical. These contrasting performances highlight structural vulnerabilities in the sector, exacerbated by high operational costs and increased market volatility.

这些结果揭示了超出简单市场波动范围的不稳定性。即使是通常被认为更稳健的大盘股公司也正在经历重大挫折。 Riot Platforms 是采矿能力最高的公司之一，其采矿能力为 29,400 PH/s，今年其股价下跌了 29.92%。就 Marathon Digital 而言，下降了 16.05%，下降幅度较小，但仍然很严重。这些对比鲜明的表现突显了该行业的结构性脆弱性，而高运营成本和市场波动性加剧加剧了这种脆弱性。

Exceptions that illuminate a struggling sector

照亮陷入困境的行业的例外情况

The mining sector, although generally in difficulty, still presents some notable successes. TeraWulf, a leading player, has seen its stock value soar by 152.61 % this year. This spectacular progression is, however, tempered by a brutal correction of 12 % in a single day, illustrating the inherent volatility of this type of investment. Bitdeer, another remarkable example, has also posted exceptional results. Supported by strategic decisions and substantial capital, the company recorded a 131 % increase in its stock value in 2023.

采矿业虽然普遍困难重重，但仍然取得了一些显著成就。龙头企业TeraWulf今年以来股价飙升152.61%。然而，这一惊人的进展受到单日 12% 的残酷调整的影响，说明了此类投资的固有波动性。另一个引人注目的例子——比特鹿也取得了优异的成绩。在战略决策和大量资本的支持下，该公司2023年股价增长了131%。

These performances, although atypical in an overall gloomy context, find their explanations in precise strategic choices. Thus, companies like TeraWulf and Bitdeer have managed to diversify their activities and adapt to the rapid fluctuations of the markets. Similarly, firms such as Hut 8 Mining and Northern Data, which report increases of 71.83 % and 65.73 % respectively, prove that a well-defined and adapted strategy can generate positive results, even in the face of major structural challenges. These successes underscore the importance of rigorous management and the ability to act in an environment as unpredictable as that of bitcoin mining.

这些表现虽然在总体黯淡的背景下非典型，但可以从精确的战略选择中找到解释。因此，像 TeraWulf 和 Bitdeer 这样的公司已经成功实现业务多元化并适应市场的快速波动。同样，Hut 8 Mining 和 Northern Data 等公司的增长率分别为 71.83% 和 65.73%，这证明，即使面临重大的结构性挑战，明确且适应性强的战略也可以产生积极的成果。这些成功强调了严格管理的重要性以及在比特币挖矿这样不可预测的环境中采取行动的能力。

This stark contrast highlights the structural challenges facing mining companies, particularly the impact of energy costs, increasing regulatory uncertainties, and the unpredictable nature of the crypto market. These difficulties remind us of the need for strategic adaptation to seize opportunities and mitigate risks. The disparity between bitcoin’s performance and that of mining companies could prompt investors to reassess their criteria, with a view to valuing operational resilience and technological innovation more highly. As bitcoin continues to assert its influence in the crypto ecosystem, understanding the nuances of the mining industry becomes essential to anticipate its prospects and leverage all its potential.

这种鲜明的对比凸显了矿业公司面临的结构性挑战，特别是能源成本的影响、监管不确定性的增加以及加密货币市场的不可预测性。这些困难提醒我们需要进行战略调整，抓住机遇、化解风险。比特币与矿业公司表现之间的差异可能会促使投资者重新评估他们的标准，以更加重视运营弹性和技术创新。随着比特币继续在加密生态系统中发挥影响力，了解采矿业的细微差别对于预测其前景并利用其所有潜力至关重要。

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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

我毕业于图卢兹政治学院，并持有 Alyra 颁发的区块链顾问认证，于 2019 年加入了 Cointribune 冒险之旅。我坚信区块链具有改变经济许多部门的潜力，因此我致力于提高人们的认识并告知公众公众了解这个不断发展的生态系统。我的目标是让每个人都能更好地了解区块链并抓住它提供的机会。我每天都努力对时事进行客观分析，解读市场趋势，传播最新的技术创新，并透视这场正在进行的革命的经济和社会问题。