分析 Bit Digital (BTBT) 的比特幣挖礦和 HPC 多元化方法

成為最大的比特幣礦商並不是每家公司都可行，但在保持獲利能力的同時在專業領域表現出色應該是一個重點。

Bit Digital (BTBT) is navigating the post-halving era with a unique strategy, focusing on generating predictable revenue and expanding into high-margin sectors. While many miners are aggressively chasing hash rate expansion, Bit Digital is opting for a more balanced approach, aiming to become the next dark horse among Bitcoin mining stocks.

Bit Digital (BTBT) 正在以獨特的策略引領減半後時代，專注於產生可預測的收入並擴展到高利潤領域。儘管許多礦商都在積極追求算力擴張，但 Bit Digital 選擇了更平衡的做法，旨在成為比特幣礦業股中的下一個黑馬。

Analyzing Bit Digital's Approach to Bitcoin Mining and HPC Diversification

分析 Bit Digital 的比特幣挖礦和 HPC 多元化方法

This guest post comes from Bitcoinminingstock.io, the one-stop hub for all things bitcoin mining stocks, educational tools, and industry insights. Originally published on Oct. 23, 2024, it was penned by Bitcoinminingstock.io author Cindy Feng.

這篇客座文章來自 Bitcoinminingstock.io，這是比特幣礦業股票、教育工具和產業見解的一站式中心。最初發佈於 2024 年 10 月 23 日，由 Bitcoinminingstock.io 作者 Cindy Feng 撰寫。

Being the largest Bitcoin miner isn’t feasible for every company, but excelling in specialized areas while maintaining profitability should be a key focus. This philosophy underpins my primary reason for diving deep into Bit Digital (BTBT).

成為最大的比特幣礦商並不是每家公司都可行，但在保持獲利能力的同時在專業領域表現出色應該是一個重點。這個理念支撐了我深入研究 Bit Digital (BTBT) 的主要原因。

Prior to the halving, we saw many Bitcoin miners chase hash rate expansion aggressively and this trend has continued. Meanwhile, some miners are diversifying into the HPC (High-Performance Computing) and AI sector. Bit Digital first caught my attention during my analysis of public miners’ AI ventures. Unlike Core Scientific’s CoreWeave, which has attracted significant media attention, Bit Digital’s HPC business has been flying under the radar, yet it remains highly profitable. Their HPC revenue reached $12.497M, making up 43.17% of their total revenue – leading the AI charge among its peers.

在減半之前，我們看到許多比特幣礦工積極追求算力擴張，而這種趨勢仍在繼續。與此同時，一些礦商正在多元化進入 HPC（高效能運算）和人工智慧領域。在我對公共礦工的人工智慧企業進行分析時，Bit Digital 首次引起了我的注意。與引起媒體廣泛關注的 Core Scientific 的 CoreWeave 不同，Bit Digital 的 HPC 業務一直低調，但仍保持高利潤。他們的 HPC 收入達到 1,249.7 萬美元，佔總收入的 43.17%，在人工智慧領域處於領先地位。

With their recent acquisition of Enovum Data Centers and ongoing expansion in the AI space, Bit Digital is securing predictable revenue through long-term contracts. The shift in focus well positions the company to maintain profitability across Bitcoin market cycles.

透過最近收購 Enovum 資料中心以及在人工智慧領域的持續擴張，Bit Digital 正在透過長期合約確保可預測的收入。重點的轉變使該公司能夠在整個比特幣市場週期中保持獲利能力。

A Deeper Look into Bit Digital's Operation

深入了解 Bit Digital 的運營

Bit Digital currently ranks #14 on our Bitcoin Mining Stocks by Market Cap list, boasting an active hash rate of 2.43 EH/s as of September 30, 2024. Its operational footprint includes data centers in the United States, Canada, and Iceland, with approximately 86% of its energy coming from carbon-free sources.

Bit Digital 目前在我們的比特幣礦業股票市值排行榜上排名第14，截至2024 年9 月30 日，其活躍哈希率為2.43 EH/s。 ，大約 86% 的能源來自無碳能源。

Bitcoin Mining Operations: Profitable but No Longer the Sole Focus

比特幣挖礦業務：有利可圖但不再是唯一焦點

Bit Digital’s Bitcoin mining operation remains a core part of its business. According to Q2 2024 filings, mining revenue reached $16.079M, a 80.43% YoY increase driven by an improved Bitcoin price. Mining contributed 55.54% of their total revenue, a 43.07% decrease compared to the same period last year. The halving of Bitcoin block rewards in April 2024, along with increasing network difficulty, has significantly impacted profitability.

Bit Digital 的比特幣挖礦業務仍然是其業務的核心部分。根據 2024 年第二季的文件顯示，在比特幣價格上漲的推動下，挖礦收入達到 1,607.9 萬美元，年增 80.43%。礦業貢獻了其總收入的55.54%，較去年同期下降了43.07%。 2024 年 4 月，比特幣區塊獎勵減半，加上網路難度不斷增加，對獲利能力產生了重大影響。

Bit Digital’s mining expansion strategy, according to CEO Sam Tabar, is “opportunistic, rather than growth at any cost”. This more cautious approach reflects the company’s focus on business diversification to limit exposure to Bitcoin’s volatility.

Bit Digital 執行長 Sam Tabar 表示，其挖礦擴張策略是「機會主義的，而不是不惜一切代價的成長」。這種更謹慎的做法反映了該公司對業務多元化的關注，以限制比特幣波動的風險。

Ethereum Exposure: A Unique Differentiator

以太坊曝光：獨特的差異化因素

Bit Digital has significant Ethereum (ETH) holdings, an asset many other miners do not hold. Not only that, the company accumulates extra ETH by selling a portion of its mined Bitcoin and reinvesting it into Ethereum. As of September 30, 2024, Bit Digital holds 27,389 ETH, valued at approximately $71.3M.

Bit Digital 持有大量以太坊（ETH），這是許多其他礦工不持有的資產。不僅如此，該公司還透過出售部分開採的比特幣並將其重新投資到以太坊來累積額外的 ETH。截至 2024 年 9 月 30 日，Bit Digital 持有 27,389 枚 ETH，價值約 7,130 萬美元。

With Ethereum’s consensus switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS), Bit Digital's Ethereum exposure provides a unique yield opportunity. During Q2, 2024, the company generated 109.4 ETH in staking rewards. This gives investors of Bit Digital indirect exposure to both Bitcoin and Ethereum, offering a more diversified investment than a typical Bitcoin mining company.

隨著以太坊共識從工作量證明 (PoW) 轉向權益證明 (PoS)，Bit Digital 的以太坊風險敞口提供了獨特的收益機會。 2024 年第二季度，該公司透過質押獎勵產生了 109.4 ETH。這使 Bit Digital 的投資者能夠間接接觸比特幣和以太坊，從而提供比典型的比特幣礦業公司更多元化的投資。

The launch of the spot Ethereum ETFs in mid-2024 has made companies with ETH holdings more attractive to those who seek diversified exposure without holding crypto directly. With their ETH staking strategy, Bit Digital is theoretically an alternative to spot ETH ETFs for investors who want to generate yield from the asset. However, it is worth noting that Ethereum’s price can be as volatile as Bitcoin, and many seasoned Bitcoin investors do not believe in ETH’s long-term value.

2024 年中期推出的現貨以太坊 ETF 使持有 ETH 的公司對那些尋求多元化投資而不直接持有加密貨幣的公司更具吸引力。憑藉其 ETH 質押策略，Bit Digital 理論上可以為希望從資產產生收益的投資者提供現貨 ETH ETF 的替代方案。然而，值得注意的是，以太坊的價格可能與比特幣一樣波動，許多經驗豐富的比特幣投資者並不相信以太坊的長期價值。

HPC and AI: The New Growth Engine

HPC 和 AI：新的成長引擎

Bit Digital’s strategic pivot into the HPC and AI sector, which started in late 2023, has proven highly profitable. Its AI business began earning revenue in January, with a three year contract for $150M. The company plans to subsequently upsize that by $42M per year. As of Q2 2024, HPC services contributed $12.5M in revenue, representing 43.17% of total company revenue. This is a massive (+54.3%) leap from Q1 202

Bit Digital 於 2023 年底開始進軍 HPC 和 AI 領域的戰略重點已被證明是高利潤的。其人工智慧業務於 1 月開始盈利，簽訂了價值 1.5 億美元的三年合約。該公司計劃隨後每年將規模擴大 4,200 萬美元。截至 2024 年第二季度，HPC 服務貢獻了 1,250 萬美元的收入，占公司總收入的 43.17%。與 202 年第一季相比，這是一個巨大的飛躍 (+54.3%)