宾夕法尼亚矿业公司 Stronghold 考虑在比特币市场低迷之际出售

上市矿业公司 Stronghold 正在探索潜在出售方案，以实现股东价值最大化。尽管开创了一种能够自行发电的环保模式，但 Stronghold 在比特币减半事件后仍面临挑战。在与同行相比估值存在差异的情况下，首席执行官格雷格·比尔德将公司独特的发电能力视为潜在的差异化因素。

Pennsylvania-Based Stronghold Explores Sale Amidst Bitcoin Market Downturn

总部位于宾夕法尼亚州的 Stronghold 在比特币市场低迷之际探索出售

Pennsylvania-based Stronghold Digital Mining, a publicly traded company in the burgeoning Bitcoin mining industry, has announced its intention to explore a potential sale of all or part of its operations. This move comes amidst a recent downturn in the Bitcoin market following the halving event in April.

总部位于宾夕法尼亚州的 Stronghold Digital Mining 是一家新兴比特币挖矿行业的上市公司，该公司宣布打算探索出售其全部或部分业务的潜在可能性。此举正值四月份减半事件之后比特币市场近期低迷之际。

Stronghold, with a current market capitalization of approximately $40 million, has carved a unique niche in the mining landscape. Unlike other mining firms that rely on the existing power grid to fuel their operations, Stronghold operates two facilities that burn coal refuse, a waste material that the state pays companies to reclaim. By generating its own electricity through this process, Stronghold effectively serves as its own power plant, positioning itself as the "only public, vertically integrated miner."

Stronghold 目前的市值约为 4000 万美元，在采矿业中占据了独特的地位。与其他依靠现有电网为其运营提供燃料的矿业公司不同，Stronghold 运营着两个燃烧煤炭垃圾的设施，这些垃圾是国家付钱给公司回收的。通过这一过程自行发电，Stronghold 实际上充当了自己的发电厂，将自己定位为“唯一的公共垂直整合矿工”。

Despite its innovative approach and the surge in Bitcoin prices following the introduction of Bitcoin ETFs in January, the outlook for mining companies like Stronghold has darkened after the April halving event. While some analysts predicted that publicly traded companies would thrive due to rising operating costs and the closure of inefficient operations, the stocks of mining firms have failed to keep pace with Bitcoin's meteoric ascent.

尽管采用了创新方法，并且在 1 月份推出比特币 ETF 后比特币价格飙升，但在 4 月份减半事件之后，像 Stronghold 这样的矿业公司的前景已经变得黯淡。尽管一些分析师预测，由于运营成本上升和低效业务关闭，上市公司将蓬勃发展，但矿业公司的股票未能跟上比特币的迅速上涨。

Stronghold's shares, which were valued at around $11.25 in late December 2024, plummeted to approximately $3 on Wednesday. Regulatory filings revealed that CEO Greg Beard, who holds a 10% stake in the company, sold nearly 40,000 shares in late December, although he had also acquired around 1,000,000 shares during the preceding year.

Stronghold 的股价在 2024 年 12 月下旬约为 11.25 美元，周三暴跌至约 3 美元。监管文件显示，持有该公司 10% 股份的首席执行官格雷格·比尔德 (Greg Beard) 在 12 月底出售了近 40,000 股股票，尽管他在前一年还购买了约 1,000,000 股股票。

Stronghold's press release did not explicitly link its decision to sell to the post-halving price drop, but Beard had previously emphasized the importance of self-generated power in this context. "Our value proposition is that if power is expensive, we can quickly turn the Bitcoin mining data centers off because it's not an essential service," he said in a March interview with Kitco News.

Stronghold 的新闻稿并未明确将其出售决定与减半后价格下跌联系起来，但 Beard 此前曾强调过在此背景下自发电的重要性。 “我们的价值主张是，如果电力昂贵，我们可以迅速关闭比特币挖矿数据中心，因为这不是一项基本服务，”他在三月份接受 Kitco News 采访时表示。

Instead, the press release attributed the decision to a "valuation dislocation" between Stronghold's market value and the valuations of other publicly traded Bitcoin mining companies, merchant power companies, and data centers. Beard stated in a statement that the company's existing capacity could be expanded for either Bitcoin mining or advanced computing applications in artificial intelligence (AI), a growing trend among other firms. A company spokesperson declined to provide further comment.

相反，新闻稿将这一决定归因于 Stronghold 的市值与其他上市比特币矿业公司、商业电力公司和数据中心的估值之间的“估值错位”。 Beard 在一份声明中表示，该公司现有的产能可以扩大到比特币挖矿或人工智能（AI）的高级计算应用，这是其他公司不断增长的趋势。公司发言人拒绝提供进一步评论。

Stronghold's decision to explore a sale underscores the challenges facing mining companies in the post-halving era. With Bitcoin prices stabilizing at lower levels and operating costs rising, many miners have been grappling with profitability issues. The company's move to burn coal refuse as fuel, while offering potential environmental benefits, has not been able to fully insulate it from the industry downturn.

Stronghold 探索出售的决定凸显了矿业公司在减半后时代面临的挑战。随着比特币价格稳定在较低水平和运营成本上升，许多矿商一直在努力解决盈利问题。该公司燃烧煤炭垃圾作为燃料的举措虽然带来了潜在的环境效益，但未能完全使其免受行业低迷的影响。

As the Bitcoin mining landscape continues to evolve, it remains to be seen whether Stronghold will find a suitable buyer or continue to operate as an independent entity. However, the company's decision to explore its options sends a clear message: the mining industry is facing significant headwinds, and even innovative approaches may not be enough to withstand the market's volatility.

随着比特币挖矿格局的不断发展，Stronghold 是否会找到合适的买家或继续作为独立实体运营还有待观察。然而，该公司探索其选择的决定发出了一个明确的信息：采矿业面临着巨大的阻力，即使是创新的方法也可能不足以抵御市场的波动。