Bitcoin Halving Squeezes Miners, But Marathon, CleanSpark Stand Out: JPMorgan
Bitcoin Halving Squeezes Miners, But Marathon, CleanSpark Stand Out: JPMorgan
Bitcoin miners faced a challenging second quarter of 2024, navigating the fourth Bitcoin (CRYPTO: BTC) halving event that slashed their daily coin yields in half.
比特幣礦工在2024年第二季度面臨了挑戰，應對第四次比特幣（加密貨幣：BTC）減半事件，將其每日產幣量減半。
The halving led to lower margins and profitability across the sector, with total bitcoin mined down 28% sequentially, according to a recent report by JPMorgan analyst Reginald L. Smith. Despite the tougher landscape, Marathon Digital Holdings Inc (NASDAQ:MARA) maintained its lead, mining 2,056 bitcoins, while Riot Platforms Inc (NASDAQ:RIOT) ramped up its hashrate the most.
減半導致整個行業板塊的利潤率和盈利能力降低，根據摩根大通分析師雷金納德·史密斯最近的報告，總比特幣產量按季下降了28%。儘管環境更加嚴峻，馬拉松數字控股有限公司（納斯達克：MARA）仍然保持領先地位，挖出了2056個比特幣，而Riot平台公司（納斯達克：RIOT）則大幅提升了其算力。
Marathon Digital: Cost-Cutting Champion
馬拉松數字：削減成本的冠軍
Marathon leveraged its scale to achieve the industry's lowest cash SG&A cost per coin, coming in at just $14,000.
馬拉松利用其規模實現了行業內最低的每枚比特幣現金銷售、總務和行政費用，僅爲14,000美元。
Meanwhile, Cipher Mining Inc (NASDAQ:CIFR) boasted the lowest overall costs at $44,600 per coin.
與此同時，Cipher Mining公司（納斯達克：CIFR）以每枚比特幣44,600美元的最低總成本自豪。
In contrast, Riot recorded the highest operational costs at $62,000 per coin, despite benefiting from favorable power contracts, Smith noted.
相比之下，Riot記錄了每枚比特幣62,000美元的最高運營成本，儘管受益於有利的電力合同，史密斯指出。
CleanSpark, Riot: Expansion Vs. Efficiency
CleanSpark、Riot：擴張與效率
Cash-rich players like Riot and CleanSpark Inc (NASDAQ:CLSK) expanded aggressively, acquiring turn-key facilities to boost their hashrates and power capacity.
像Riot和CleanSpark公司（納斯達克：CLSK）這樣的現金充裕的參與者大舉擴張，收購一攬子設施以提升其算力和電力容量。
Meanwhile, capital-constrained firms like Iris Energy Ltd (NASDAQ:IREN) and Cipher focused on greenfield projects requiring less immediate investment. Notably, Iris remains the only miner in the group operating high-performance computing (HPC) GPUs, positioning itself uniquely as others, including Cipher and CleanSpark, cautiously explore this potential revenue stream, according to JPMorgan.
與此同時，資金受限的公司如Iris Energy Ltd（納斯達克：IREN）和Cipher專注於需要較少即時投資的綠field項目。值得注意的是，Iris仍然是該集團中唯一從事高性能計算（HPC）GPU挖礦的公司，這使其在其他公司（包括Cipher和CleanSpark）謹慎探索這一潛在收入來源時獨特地定位自己，根據摩根大通的說法。
Read Also: CleanSpark Stock Falls After Bitcoin Miner Postpones Q3 Earnings
閱讀還有：比特幣礦工延遲Q3業績後，CleanSpark股價下跌
Marathon, Iris Energy: Big Spenders In Capital Markets
馬拉松數字，Iris Energy：資本市場的大額支出
The report also highlighted the miners' capital moves, with over $1.2 billion raised via at-the-market (ATM) offerings in Q2 2024.
該報告還強調了礦工的資本動向，其中超過12億美元是通過市場銷售（ATM）發行籌集的。
Marathon and Iris Energy led the pack, raising $345 million and $457 million, respectively. Collectively, the miners deployed $720 million in capital, marking a 165% year-over-year increase, that analyst noted.
馬拉松數字和Iris Energy領跑，分別籌集了3450萬和4570萬美元。據分析師指出，這些礦工共投入了7200萬美元的資本，同比增長了165%。
CleanSpark, Cipher: Margins Under Pressure
CleanSpark，Cipher：利潤率承壓
Despite increased costs, power expenses alone reached $1.8 billion, and gross margins dropped to 44% from 58% in Q1 2024. Yet, CleanSpark and Cipher continue to hold a favorable position due to their cost efficiencies.
儘管成本增加，但僅電力支出就達到了18億美元，毛利潤率從2024年第一季度的58%下降到44%。然而，由於其成本效益，CleanSpark和Cipher仍然保持着有利的地位。
As the year progresses, Marathon and Iris are expected to add significant hashrate, which could reshape the landscape further.
隨着時間的推移，馬拉松數字和Iris預計將增加大量的哈希率，這可能進一步改變格局。
While the sector grapples with halved revenues and increased operational costs, the leading players' strategic diversification and cost management might give them an edge in a competitive environment.
在板塊營業收入減半且運營成本增加的情況下，領先企業的戰略多元化和成本管理可能使它們在競爭環境中佔據優勢。
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Image created using artificial intelligence via Midjourney.
圖像由Midjourney通過人工智能創建。