比特幣礦工處於有利地位，可以駕馭人工智慧的繁榮

Bernstein 分析師在他們的新 Blackbook 中指出，按照一項衡量標準，比特幣礦商的交易價格相對於傳統資料中心有 90% 的折扣

Bitcoin miners are well positioned to ride the boom in artificial intelligence, promising a safety net for the industry during energy price spikes or cryptocurrency downturns, according to a new report from Bernstein.

伯恩斯坦的一份新報告稱，比特幣礦商處於有利地位，可以駕馭人工智慧的繁榮，承諾在能源價格飆升或加密貨幣低迷期間為該行業提供安全網。

The report, published Monday, highlights the growing appetite for energy among AI providers, which is creating opportunities for miners that have the capacity to provide cheap, reliable power.

週一發布的這份報告強調了人工智慧提供者對能源日益增長的需求，這為有能力提供廉價、可靠電力的礦工創造了機會。

"Bitcoin miners find themselves in a unique position, led by their disproportionate 'power access' in a power-constrained world," Bernstein analysts wrote in their new Blackbook, an annual deep dive into the cryptocurrency.

伯恩斯坦分析師在他們的新黑皮書中寫道：「比特幣礦工發現自己處於一個獨特的位置，在權力受限的世界中，他們擁有不成比例的『權力獲取』。」這是對加密貨幣的年度深入研究。

"This access to 'ready,' cheap power, combined with data centre capabilities, positions Bitcoin miners as attractive partners for AI cloud providers looking to accelerate time-to-market."

“這種‘現成的’廉價電力與數據中心功能相結合，使比特幣礦工成為尋求加快上市時間的人工智能雲提供商有吸引力的合作夥伴。”

While legacy data centres are valued at $30 million to $50 million per megawatt, Bitcoin miners are valued at just $2 million to $4 million per megawatt, the analysts noted.

分析師指出，雖然傳統資料中心的價值為每兆瓦 3,000 萬至 5,000 萬美元，但比特幣礦機的價值僅為每兆瓦 200 萬至 400 萬美元。

"We believe the market is underestimating this value of 'power access' and penalising miners for Bitcoin cyclical volatility," the analysts wrote.

分析師寫道：“我們認為市場低估了‘權力獲取’的價值，並因比特幣週期性波動而懲罰礦工。​​”

"Thus, AI DC diversification would enable miners to trade closer to their potential as 'energy' assets."

“因此，AI DC 多元化將使礦工能夠更接近其作為‘能源’資產的潛力進行交易。”

Core Scientific, a miner that has embraced a pivot to AI, has seen its shares rise almost 300% in 2024.

Core Scientific 是一家擁抱人工智慧的礦業公司，其股價在 2024 年上漲了近 300%。

The company secured a 12-year, $6.7 billion contract with Nvidia partner CoreWeave in which it will build and run an AI data centre while CoreWeave pays for the hardware, power, and more, the analysts noted.

分析師指出，該公司與 Nvidia 合作夥伴 CoreWeave 簽訂了一份為期 12 年、價值 67 億美元的合同，其中將建設和運營一個人工智能數據中心，而 CoreWeave 則支付硬體、電力等費用。

"This contract highlights the value proposition of Bitcoin miners to AI cloud providers, as CoreWeave gains access to cheap, reliable power and data centre capacity," the analysts wrote.

分析師寫道：“隨著 CoreWeave 獲得廉價、可靠的電力和數據中心容量，這份合約凸顯了比特幣礦工對人工智慧雲端提供者的價值主張。”

"Importantly, Core Scientific is able to pivot a portion of its energy capacity to AI while maintaining its Bitcoin mining operations, a key advantage over legacy data centres."

“重要的是，Core Scientific 能夠將其部分能源能力轉向人工智慧，同時維持其比特幣挖礦業務，這是相對於傳統數據中心的關鍵優勢。”

According to the analysts, one-fifth of Bitcoin miners' energy will be dedicated to artificial intelligence by 2027.

分析師稱，到 2027 年，比特幣礦工五分之一的精力將投入人工智慧領域。

The report also highlights the potential forластиBitcoin miners to benefit from any upswing in Bitcoin prices, which are currently trading at around $70,000.

該報告還強調了比特幣礦商有可能從比特幣價格上漲中受益，目前比特幣價格約為 7 萬美元。

Bernstein is notably bullish on this front, having predicted earlier this year that Bitcoin is headed to $200,000 by the end of 2025 and $1 million by 2033, driven by institutional adoption.

伯恩斯坦在這方面尤其看好，他今年稍早預測，在機構採用的推動下，比特幣到 2025 年底將達到 20 萬美元，到 2033 年將達到 100 萬美元。

In fact, the analysts expect Wall Street to become the largest holder of Bitcoin by year's end, surpassing even Bitcoin's pseudonymous creator, Satoshi Nakamoto.

事實上，分析師預計，到年底，華爾街將成為比特幣的最大持有者，甚至超過比特幣的化名創造者中本聰。

Nakamoto holds an estimated 1.1 billion Bitcoins, though it is unknown whether they have access to those tokens or whether they are still alive.

中本聰估計持有 11 億枚比特幣，但尚不清楚他們是否有權使用這些代幣，或者這些代幣是否還活著。