比特幣 (BTC) 挖礦作為跑贏 BTC 的策略

由於兩個主要因素——挖礦利潤率和 ASIC 價格——與 BTC 價格相關，比特幣礦商在牛市週期中擁有獨特的優勢，能夠跑贏現貨 BTC。

Bitcoin mining presents a unique opportunity to consistently outpace BTC performance without relying heavily on speculative strategies. Here's how it works:

比特幣挖礦提供了一個獨特的機會，可以在不嚴重依賴投機策略的情況下持續超越比特幣的表現。它的工作原理如下：

Bitcoin miners tend to outperform spot BTC during bull cycles. This is because two key factors — mining profit margins and ASIC prices — are correlated to the BTC price.

在牛市週期中，比特幣礦商的表現往往優於現貨比特幣。這是因為兩個關鍵因素——挖礦利潤率和 ASIC 價格——與 BTC 價格相關。

For example, if Bitcoin rises from $60,000 to $150,000, that's a 150% increase. In this scenario, here's how the monthly profitability for various ASICs would increase:

例如，如果比特幣從 60,000 美元上漲到 150,000 美元，即上漲 150%。在這種情況下，各種 ASIC 的每月獲利能力將如何增加：

At Blockware, we refer to this phenomenon as the ‘Mining Profit Multiple.’ Many Bitcoin miners operate with a fixed energy cost, so revenue growth causes non-linear growth in net profit margins. This positions miners for exceptional benefits when the Bitcoin price rises.

在 Blockware，我們將這種現象稱為「挖礦利潤倍數」。許多比特幣礦商以固定的能源成本運營，因此收入成長導致淨利潤率非線性成長。當比特幣價格上漲時，這將使礦工獲得特殊的利益。

ASIC prices, especially for the latest generation machines, have also been observed to move in tandem with the Bitcoin price during previous bull markets.

ASIC 價格，尤其是最新一代機器的價格，在先前的牛市期間也被觀察到與比特幣價格同步變化。

During the last cycle, the Antminer S19 started trading at ~$24/T in early 2020. By the top of the bull market in 2021, S19s were trading for more than $120/T. So during a time in which miners were seeing their profit margins increase exponentially, the value of their hardware was also keeping pace with the rising Bitcoin price.

在上一個週期中，當螞蟻礦機 S19 於 2020 年初開始交易價格約為 24 美元/噸。因此，在礦工利潤率呈指數級增長的時期，他們的硬體價值也與比特幣價格上漲保持同步。

Getting exposure to Bitcoin mining

接觸比特幣挖礦

A balanced portfolio of BTC-denominated assets might include a combination of spot Bitcoin, Bitcoin mining stocks, other BTC-exposed equities — such as MSTR and COIN — and ASICs.

以 BTC 計價的資產的平衡投資組合可能包括現貨比特幣、比特幣礦業股票、其他 BTC 曝險股票（例如 MSTR 和 COIN）以及 ASIC 的組合。

When it comes to gaining exposure to Bitcoin mining, owning an ASIC has a few distinct advantages:

當涉及到比特幣挖礦時，擁有 ASIC 有一些明顯的優勢：

ASICs offer a direct and tangible way to participate in Bitcoin mining, unlike stocks or ETFs, which provide only indirect exposure.

ASIC 提供了一種直接且有形的參與比特幣挖礦的方式，這與僅提供間接風險敞口的股票或 ETF 不同。

ASICs can be purchased and deployed quickly, allowing miners to begin accumulating Bitcoin faster.

ASIC 可以快速購買和部署，使礦工能夠更快地開始累積比特幣。

ASICs are a portable, self-contained mining unit, making them easy to integrate into any mining operation, whether large or small.

ASIC 是一種便攜式、獨立的挖礦設備，使其能夠輕鬆整合到任何挖礦作業中，無論規模大小。

ASICs in the secondary market can be bought or sold at any time, providing unparalleled liquidity in the mining space.

二級市場的 ASIC 可以隨時買賣，為挖礦領域提供了無與倫比的流動性。

Marketplace to address hosted mining challenges

解決託管挖礦挑戰的市場

Historically, one of the key challenges for hosted mining has been the long lead times associated with deploying mining equipment. Delays in receiving ASIC miners can be costly for miners and slow down Bitcoin accumulation.

從歷史上看，託管挖礦的主要挑戰之一是與部署挖礦設備相關的較長交付時間。延遲接收 ASIC 礦工可能會給礦工帶來高昂的代價，並減緩比特幣的累積。

Additionally, transparency issues and the lack of liquidity in the mining space have made it difficult for many investors to participate in hosted mining effectively.

此外，透明度問題和挖礦領域缺乏流動性使得許多投資者難以有效參與託管挖礦。

Blockware Marketplace aims to solve these problems. It was launched by Blockware, a pioneer in mining-as-a-service and a prominent name in the global landscape of Bitcoin mining since 2017.

Blockware Marketplace 旨在解決這些問題。它由 Blockware 推出，Blockware 是挖礦即服務的先驅，自 2017 年以來在全球比特幣挖礦領域享有盛譽。

By offering zero lead time hosted mining, transparent, real-time analytics into ASIC uptime, and a liquid market for buying/selling ASICs, Blockware is revolutionizing the hosted mining industry.

透過提供零交付週期的託管挖礦、對 ASIC 正常運行時間的透明即時分析以及買賣 ASIC 的流動性市場，Blockware 正在徹底改變託管挖礦行業。

This innovation eliminates the barriers that have traditionally made hosted mining a challenge, allowing miners to focus on what really matters: accumulating more Bitcoin than they could by simply buying it on the open market.

這項創新消除了傳統上使託管挖礦成為挑戰的障礙，使礦工能夠專注於真正重要的事情：累積比在公開市場上簡單購買更多的比特幣。

Institutional investors looking for bulk pricing on mining hardware with hosting services can contact the Blockware team.

尋求對具有託管服務的挖礦硬體進行批量定價的機構投資者可以聯繫 Blockware 團隊。

Mitchell Askew is the Head Analyst at Blockware. He has been a full-time researcher since 2022, publishing hundreds of articles, podcasts, and threads covering Bitcoin and Bitcoin mining.

Mitchell Askew 是 Blockware 的首席分析師。自 2022 年以來，他一直是一名全職研究員，發表了數百篇涉及比特幣和比特幣挖礦的文章、播客和主題。