Bitcoin Miners Embrace MicroStrategy Playbook: The Rise Of BTC Yield Strategies
Bitcoin Miners Embrace MicroStrategy Playbook: The Rise Of BTC Yield Strategies
It seems Bitcoin (CRYPTO: BTC) miners have found their muse—and it's none other than MicroStrategy Inc (NASDAQ:MSTR).
看起來比特幣(CRYPTO:BTC)礦工找到了靈感——而且這個靈感正是MicroStrategy Inc(納斯達克:MSTR)。
JPMorgan's Nikolaos Panigirtzoglou reveals that miners are mimicking the tech company's aggressive bitcoin accumulation strategy as they navigate a landscape of dwindling mining rewards and rising competition.
摩根大通的尼古拉斯·帕尼吉爾佐格透露,礦工們正在模仿這家科技公司激進的比特幣累積策略,因爲他們在不斷減少的挖礦獎勵和日益激烈的競爭中苦苦掙扎。
The result? A shift in how these digital prospectors approach profitability.
結果呢?這些數字探礦者在盈利方法上發生了變化。
MicroStrategy, led by Bitcoin evangelist Michael Saylor, helped start the corporate trend of turning cash flow and leverage into a Bitcoin treasure trove. Now, miners like MARA Holdings Inc (NASDAQ:MARA) are joining the game with their own twist: a 'BTC Yield' strategy designed to grow their bitcoin holdings per share.
MicroStrategy在比特幣推廣者邁克爾·塞勒的領導下,幫助啓動了將現金流和槓桿轉化爲比特幣財富的企業趨勢。現在,像MARA Holdings Inc(納斯達克:MARA)這樣的礦工也在參與這個遊戲,並提出了自己的獨特方案:一種旨在增加每股比特幣持有量的'BTC收益'策略。
Read Also: Bitcoin Reclaims $101,000 As Inflation Hits 2.7% In November: 'Outlook Remains Bullish,' Says Analyst
另請閱讀:比特幣在11月重新奪回$101,000,通脹率達到2.7%:'前景仍然看好,'分析師表示。
The 'BTC Yield' Strategy
'BTC收益'策略
The economics of mining have grown increasingly brutal. Post-halving, reduced block rewards and a surging network hashrate have squeezed miner revenues per terahash, leaving less breathing room for profitability.
挖礦經濟逐漸變得殘酷。減半後,區塊獎勵減少和網絡哈希率飆升壓縮了每太哈希的礦工收入,留給盈利的空間越來越少。
JPMorgan points out that daily revenues per terahash are at historical lows, forcing miners to rethink their playbooks.
摩根大通指出,每太哈希的每日收入處於歷史低點,迫使礦工們重新考慮他們的遊戲策略。
To stay afloat — and relevant — miners like MARA are doubling down on Bitcoin.
爲了保持競爭力和相關性,像MARA這樣的礦工正在加大對比特幣的投資。
The strategy involves issuing debt or equity to not only hoard mined bitcoin but also actively purchase more. In MARA's case, 60% of its Bitcoin acquisitions this year came from direct purchases, with the remaining 40% from expanded mining operations.
這項策略涉及發行債務或股權,不僅儲存已挖掘的比特幣,還積極購買更多。在MARA的案例中,今年60%的比特幣收購來自直接購買,其餘40%來自擴大挖礦業務。
The payoff? Marathon now boasts a stash of nearly 35,000 bitcoins, trailing only MicroStrategy among publicly listed companies.
收益如何?Marathon現在擁有近35,000個比特幣,僅次於MicroStrategy,成爲上市公司中比特幣儲備量第二的公司。
The ETF Effect
可交易ETF效應
Adding complexity to the equation is the U.S. debut of spot bitcoin ETFs, which provide institutional investors with a more direct path to bitcoin exposure. Shares of bitcoin miners, once a proxy for institutional bets on the leading crypto, have underperformed in light of this new competition.
美國首次推出現貨比特幣ETF,給制度投資者提供了更直接的比特幣投資渠道,這爲整個市場增添了複雜性。比特幣礦工的股票,曾被視爲對領先加密貨幣的制度押注的代理,但在這場新競爭中表現不佳。
Yet, miners like MARA are finding ways to thrive in this shifting landscape. By embracing BTC Yield strategies and leveraging low-interest convertible notes to fund their bitcoin spree, they are cementing their role as major players in the broader Bitcoin ecosystem.
然而,像MARA這樣的礦工正在尋找辦法在這一變化的環境中蓬勃發展。他們通過採用BTC收益策略和利用低息可轉債來資助其比特幣購物,鞏固了他們在更廣泛的比特幣生態系統中的重要角色。
Mining Or Stacking?
挖礦還是積累?
The lines between mining and investing are blurring, with miners increasingly resembling bitcoin-focused asset managers. If this trend continues, we could see more miners pivot toward holding and acquiring bitcoin rather than relying solely on mining operations.
挖礦和投資之間的界限越來越模糊,礦工們越來越像是專注於比特幣的資產管理者。如果這一趨勢持續下去,我們可能會看到更多的礦工轉向持有和收購比特幣,而不是僅僅依靠挖礦業務。
As Bitcoin's ecosystem matures, one thing is clear: the playbook is being rewritten, and it has Saylor's fingerprints all over it.
隨着比特幣生態系統的成熟,有一件事是明確的:遊戲規則正在被重寫,而這完全是賽勒的印記。
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