傑富瑞 (Jefferies) 報告稱，7 月比特幣 (BTC) 挖礦盈利能力下降

7 月份，加密貨幣的價值下跌了 6% 以上，而網路哈希率（衡量挖礦運算能力的指標）相對保持不變

Bitcoin (BTC) mining profitability experienced a slight decline in July compared to the previous month, recent analysis from investment bank Jefferies shows.

投資銀行傑富瑞 (Jefferies) 最近的分析顯示，7 月比特幣 (BTC) 挖礦獲利能力較上月略有下降。

The report points to a drop in Bitcoin price as the primary factor impacting miners' margins, leading the institution to lower the target price for the largest Bitcoin miner on Wall Street, Marathon Digital Holdings (Nasdaq: MARA), by over 20%.

該報告指出，比特幣價格下跌是影響礦商利潤的主要因素，導致該機構將華爾街最大的比特幣礦商 Marathon Digital Holdings（納斯達克股票代碼：MARA）的目標價下調了 20% 以上。

Bitcoin Mining Profitability Dips in July - Jefferies Reports

傑富瑞報告 7 月比特幣挖礦獲利能力下降

The cryptocurrency's value fell by over 6% in July, while the network's hashrate - a measure of computational power dedicated to mining - remained relatively stable. This combination of factors put pressure on mining operations, despite an increase in production share for US-listed companies.

7 月份，加密貨幣的價值下跌了 6% 以上，而網路的哈希率（衡量挖礦運算能力的指標）則保持相對穩定。儘管美國上市公司的產量份額有所增加，但這些因素的結合給採礦業帶來了壓力。

Jefferies analysts noted that publicly traded mining firms expanded their collective output, capturing 21.1% of total Bitcoin production in July, up from 20.7% in June. This growth in market share was attributed to these companies bringing new capacity online at a faster rate than the overall network expansion.

Jefferies 分析師指出，上市礦業公司擴大了總產量，7 月佔比特幣總產量的 21.1%，高於 6 月的 20.7%。市場佔有率的成長歸因於這些公司以比整體網路擴張更快的速度上線新產能。

Jefferies cutting its price target on Marathon to $17 seems like the only choice left to make.

Jefferies 將 Marathon 的目標價下調至 17 美元似乎是唯一的選擇。

Marathon Digital Boosted Production as Others Fell Behind

馬拉松數位公司在其他公司落後的情況下提高了產量

Prominent in the sector, Marathon Digital saw a notable increase in production. The company mined 692 bitcoins in July, representing a 17% month-over-month rise. Marathon continues to lead the industry in terms of installed hashrate capacity.

Marathon Digital 是該領域的佼佼者，其產量顯著增加。該公司 7 月開採了 692 個比特幣，季增 17%。 Marathon 在已安裝算力容量方面繼續領先業界。

Riot Platforms also significantly boosted its production by 45%, producing 370 BTC last month, which is 115 BTC more than the previous month. However, not all companies experienced such positive results. Argo Blockchain managed to produce only 48 tokens, marking a 63% decrease compared to June. The fact that the price of Bitcoin is currently 21% below its historical highs certainly doesn't help the situation.

Riot Platforms 的產量也大幅增加了 45%，上個月生產了 370 BTC，比上個月增加了 115 BTC。然而，並非所有公司都取得如此積極的成果。 Argo Blockchain 只生產了 48 個代幣，與 6 月相比減少了 63%。事實上，比特幣的價格目前比歷史高點低 21%，這無疑對局勢沒有幫助。

MARA Shares Approaching Fair Value - What's Next?

MARA 股價接近公允價值 - 下一步是什麼？

Looking ahead, Jefferies anticipates more challenging conditions for miners in August. The bank's report highlights a further 5% decline in Bitcoin's price since the beginning of the month, coupled with renewed growth in network hashrate, which could squeeze profit margins even tighter.

展望未來，傑富瑞預計 8 月礦工的處境將更具挑戰性。該銀行的報告強調，自本月初以來，比特幣價格進一步下跌 5%，再加上網路算力重新成長，可能會進一步擠壓利潤率。

In light of these developments, Jefferies has adjusted its outlook on Marathon Digital. The bank lowered its price target for the company's stock from $22 to $17, while maintaining a "hold" rating.

鑑於這些事態發展，傑富瑞調整了對 Marathon Digital 的展望。該銀行將該公司股票的目標價從 22 美元下調至 17 美元，同時維持「持有」評級。

Is Jefferies right? Time will tell. For now, Marathon Digital Holdings is taking steps to capitalize on lower Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term prices by purchasing $249 million worth of BTC.

傑弗里斯說得對嗎？時間會證明一切。目前，馬拉松數位控股公司正在採取措施利用比特幣價格下跌雖然有些人可能仍然想知道什麼是比特幣，誰創造了比特幣，或者比特幣是如何運作的，但有一點是肯定的：比特幣已經改變了世界。真正的公司進行BTC 的第一筆正式商業交易以來，我們已經走了很長的路。是如何運作的，但有一件事是肯定的：比特幣改變了世界。與一家真正的公司進行BTC 的第一筆正式商業交易以來，我們已經走了很長的路。

“We currently own and operate approximately 54% of the 1.1 gigawatts of power in our diversified portfolio of digital asset compute,” commented Fred Thiel, MARA's Chairman and CEO. “We will continue making owned and operated sites a greater percentage of our fleet over time and expect to see cost savings on a cost per petahash basis as this occurs. Longer-term, our intention is to be amongst the lower cost operators in the industry."

MARA 董事長兼執行長 Fred Thiel 評論道：“我們目前擁有並經營我們多元化的數位資產計算投資組合中 1.1 吉瓦電力的約 54%。” 「隨著時間的推移，我們將繼續讓自有和營運的站點在我們的機群中所佔的比例更大，並期望在這種情況下能夠以每 Petahash 的成本為基礎節省成本。從長遠來看，我們的目標是成為業內成本較低的運營商之一。

The evolving landscape of Bitcoin mining underscores the industry's sensitivity to cryptocurrency price fluctuations and network dynamics. As the sector continues to mature, miners face the ongoing challenge of balancing operational costs with volatile market conditions.

比特幣挖礦不斷發展的格局凸顯了該產業對加密貨幣價格波動和網路動態的敏感度。隨著該行業的不斷成熟，礦商面臨著平衡營運成本與波動的市場條件的持續挑戰。

The Q2 2024 results published by HIVE Digital Technologies (NASDAQ: HIVE) and TeraWulf (NASDAQ: WULF) showed that Bitcoin miners are able to withstand negative market changes following the recent halving Halving Halving represents a phenomenon when crypto mining rewards are cut in half. Cryptocurrency networks that run on Proof-of-Work (PoW) algorithms require the computers (nodes) that uphold them to solve complex equations that are used to confirm transactions. This process is known as mining

HIVE Digital Technologies（納斯達克股票代碼：HIVE）和TeraWulf（納斯達克股票代碼：WULF）發布的2024 年第二季度業績表明，比特幣礦工能夠承受近期減半後的負面市場變化。半代表了加密貨幣挖礦獎勵減半的現象。基於工作量證明 (PoW) 演算法運行的加密貨幣網路需要支援這些演算法的電腦（節點）來求解用於確認交易的複雜方程式。這個過程稱為挖礦