比特幣（BTC）和相關股票對挖礦獎勵減半的反應

從現貨比特幣交易所交易基金的推出開始，比特幣（BTC 1.76%）加密貨幣在 2024 年上半年強勁成長

Bitcoin (CRYPTO: BTC) posted a powerful acquire within the first half of 2024, kicking off with the introduction of spot Bitcoin exchange-traded funds (ETFs) in January.

比特幣（加密貨幣：BTC）在 2024 年上半年發布了一次強勁的收購，從 1 月推出現貨比特幣交易所交易基金 (ETF) 開始。

Bitcoin mining rewards had been halved on April 19, hardly impacting crypto worth instantly however setting the stage for one more four-year cycle of increase and bust. By the top of June, Bitcoin had cruised to a strong 44.2% acquire in accordance with data from S&P Global Market Intelligence.

4 月 19 日，比特幣挖礦獎勵減半，幾乎沒有立即影響加密貨幣價值，但卻為另一個四年的成長和蕭條週期奠定了基礎。根據標準普爾全球市場情報的數據，截至 6 月底，比特幣的漲幅已達 44.2%。

MicroStrategy (NASDAQ:MSTR) rode Bitcoin’s coattails within the most amplified vogue 4 years in the past. MicroStrategy’s steadiness sheet held $7.5 billion value of Bitcoin however solely $81 million of money by the top of March. Mirroring Bitcoin’s rise with an additional shot of adrenaline, MicroStrategy shot up a whopping 118.1% in six months.

MicroStrategy（納斯達克股票代碼：MSTR）在過去四年裡乘著比特幣的風潮，掀起了最盛大的熱潮。 MicroStrategy 的資產負債表持有價值 75 億美元的比特幣，但截至 3 月底僅為 8,100 萬美元。隨著比特幣的上漲，MicroStrategy 在六個月內飆升了 118.1%。

Most crypto miners did not share the identical bullish destiny. The reward halving had an instantaneous impact on their monetary outcomes, and the main miners headed in several instructions. Marathon Digital Holdings (NASDAQ:MARA) noticed a 15.5% worth drop, whereas Riot Platforms (NASDAQ:RIOT) misplaced 40.9% of its market worth. Highlighting the complicated nature of as we speak’s crypto market, CleanSpark (NASDAQ:CLSK) managed to maintain tempo with Bitcoin’s beneficial properties, pocketing a 44.6% return.

大多數加密貨幣礦工的看漲命運並不相同。獎勵減半對他們的貨幣收益產生了即時影響，主要礦工發出了幾項指示。 Marathon Digital Holdings（納斯達克股票代碼：MARA）的市值下跌了 15.5%，而 Riot Platforms（納斯達克股票代碼：RIOT）的市值下跌了 40.9%。 CleanSpark（納斯達克股票代碼：CLSK）成功地利用比特幣的有利特性保持了節奏，獲得了 44.6% 的回報，凸顯了我們所說的加密貨幣市場的複雜性。

What occurred

發生了什麼事

CleanSpark acquired a complete of 13 new mining services from different corporations within the first half, criss-crossing the American map from Georgia to Wyoming.

CleanSpark 上半年從不同公司收購了總共 13 個新的採礦服務，橫跨從喬治亞州到懷俄明州的美國地圖。

As well as, the all-American Bitcoin miner additionally crushed Wall Road’s consensus estimates in February’s first-quarter report and Might’s second-quarter replace. This firm turned a revenue in these two earnings stories, each when it comes to free cash flows and adjusted earnings per share.

此外，這家全美比特幣礦商在二月的第一季報告和梅特的第二季報告中也打破了華爾街的一致預期。該公司在這兩個財報故事中實現了收入，每個故事都涉及自由現金流和調整後每股收益。

With confirmed profitability, a debt-free steadiness sheet, $323 million in money reserves, and the same quantity of Bitcoin holdings, CleanSpark appears able to experience out the decrease manufacturing charges of this rewards-halving cycle.

憑藉已確認的獲利能力、無債務的穩定表、3.23 億美元的貨幣儲備以及相同數量的比特幣持有量，CleanSpark 似乎能夠體驗到這個獎勵減半週期中製造成本的下降。

It is no shock to see this success story encourage rising share costs.

看到這個成功故事鼓勵股價上漲並不令人震驚。

Marathon skilled the identical rewards halving as CleanSpark and went on its personal manufacturing facility shopping spree. The corporate presently has 31.5 exahashes per second (EH/s) of put in mining gear, focusing on the Bitcoin mining enterprise. A a lot smaller machine park with a capability of 0.6 EH/s is mining the smaller Kaspa cryptocurrency as an alternative, diversifying Marathon’s crypto operations a bit.

Marathon 獲得了與 CleanSpark 相同的獎勵，並繼續對其自己的生產設施進行瘋狂收購。該公司目前擁有每秒 31.5 EH/s 的挖礦設備，專注於比特幣挖礦業務。一個容量為 0.6 EH/s 的小得多的機器園區正在開採較小的 Kaspa 加密貨幣作為替代方案，使 Marathon 的加密操作更加多樣化。

The crypto miner can be exploring worldwide manufacturing past its Texas services, working a small check venture in Finland and an vitality grid partnership in Kenya. Marathon consumes more money than it generates, and its Bitcoin holdings outweigh the money steadiness by a ratio of 4 to 1.

這家加密貨幣礦商可以在德克薩斯州的服務之外探索全球製造業，在芬蘭經營小型支票企業，並在肯亞建立能源網格合作夥伴關係。 Marathon 消耗的資金多於其產生的資金，其持有的比特幣與貨幣穩定性的比例為 4 比 1。

Traders see this as a riskier construction, making Marathon’s inventory extra susceptible to economy-based challenges.

交易員認為這是一個風險較高的建設，使得馬拉鬆的庫存更容易受到經濟挑戰的影響。

Riot Platforms runs a smaller Bitcoin mining operation than Marathon or CleanSpark. Its common manufacturing capability stops at 11.4 EH/s, focusing on 31 EH/s by the top of 2024. Each Marathon and CleanSpark goal for a 50 EH/s capability on the identical calendar milestone.

Riot Platforms 營運的比特幣挖礦業務規模比 Marathon 或 CleanSpark 規模較小。其常見製造能力停留在 11.4 EH/s，重點是到 2024 年底達到 31 EH/s。 每個 Marathon 和 CleanSpark 的目標都是在同一日曆里程碑上達到 50 EH/s 的能力。

This firm dietary supplements its Bitcoin revenues with vitality credit earned by reducing or stopping its mining operations when the Texan energy grid wants a lift. The corporate is embroiled in an tried stock-swapping buyout of smaller rival Bitfarms (NASDAQ:BITF), constructing a 14% possession stake whereas Bitfarms adopted a poison tablet coverage.

當德州能源網需要提升時，該公司透過減少或停止採礦作業獲得能源信用來補充其比特幣收入。該公司正試圖以股票置換方式收購規模較小的競爭對手 Bitfarms（NASDAQ：BITF），以取得 14% 的股權，而 Bitfarms 則採用了毒藥片策略。

The takeover is up within the air and traders usually hate uncertainty, so Riot Platforms’ inventory efficiency is not impressing anybody in 2024.

收購尚未確定，而交易者通常討厭不確定性，因此 Riot Platforms 的庫存效率在 2024 年不會給任何人留下深刻的印象。

Now what

怎麼辦

MicroStrategy is a unique story. The corporate does not run any Bitcoin mining machines, so it does not care a lot in regards to the decrease mining rewards.

MicroStrategy 是一個獨特的故事。該公司沒有運行任何比特幣礦機，因此對於挖礦獎勵的減少並不太在意。

Founder and chairman Michael Saylor’s firm does care deeply about Bitcoin’s worth, now and in the long term, since virtually all of its money reserves have been transformed into Bitcoin holdings. Furthermore, the corporate retains shopping for extra Bitcoin at each alternative.

創辦人兼董事長 Michael Saylor 的公司確實非常關心比特幣的價值，無論是現在還是長期，因為幾乎所有的貨幣儲備都已轉換為比特幣持有量。此外，該公司仍然在每個選項中購買更多的比特幣。

The purchases have been financed by MicroStrategy’s software program enterprise income, gross sales of further inventory, new debt, and in a single short-lived check, even a mortgage secured by a number of the firm’s Bitcoin holdings. This coin-buying technique amplifies Bitcoin’s beneficial properties when instances are good, but in addition exposes traders to extra danger when Bitcoin costs are down.

這些購買的資金來自 MicroStrategy 的軟體業務收入、更多庫存的銷售總額、新債務，以及一張短期支票，甚至是由該公司持有的一些比特幣作為抵押的抵押貸款。當情況良好時，這種代幣購買方式會放大比特幣的優勢，但當比特幣價格下跌時，也會使交易者面臨更大的風險。

The cryptocurrency is up this 12 months, so MicroStrategy’s inventory worth advantages from the crypto pattern.

加密貨幣在這 12 個月裡上漲，因此 MicroStrategy 的庫存價值從加密貨幣模式中獲益。

The halving of Bitcoin’s mining rewards makes it tougher to run

比特幣挖礦獎勵減半，運作難度加大