加密貨幣礦業股在減半和避險情緒中暴跌

Marathon Digital Holdings Inc.、Riot Platforms Inc. 和 CleanSpark Inc. 等加密貨幣礦業公司繼續面臨低迷，股價下跌，Valkyrie 比特幣礦工 ETF 暴跌 28%。此次減半是一項預先編程的比特幣軟體更新，將使礦工獎勵從每天 900 個代幣減少到 450 個代幣。儘管面臨挑戰，公司執行長仍保持樂觀，理由是低成本營運、高效設備以及現貨 ETF 推動的需求成長。

Crypto Mining Stocks Face Downward Spiral Amidst Halving and Risk-Off Sentiment

在減半和避險情緒中，加密礦業股票面臨螺旋式下跌

The crypto mining industry is grappling with a relentless sell-off, with shares of Marathon Digital Holdings Inc., Riot Platforms Inc., and CleanSpark Inc. plummeting for the third consecutive day on Tuesday. The Valkyrie Bitcoin Miners exchange-traded fund has also taken a beating, tumbling by approximately 28% this month.

加密貨幣挖礦行業正面臨持續的拋售，Marathon Digital Holdings Inc.、Riot Platforms Inc. 和 CleanSpark Inc. 的股價週二連續第三天暴跌。 Valkyrie 比特幣礦工交易所交易基金也遭受重創，本月下跌約 28%。

This industry-wide decline is largely attributed to a surge in short interest in crypto-mining stocks, coupled with heightened risk aversion among investors following Iran's attacks against Israel over the weekend. However, despite the bearish sentiment, executives of these companies remain optimistic about the long-term prospects for Bitcoin mining.

整個產業的下跌主要歸因於加密貨幣礦業股票的空頭興趣激增，加上週末伊朗襲擊以色列後投資者的避險情緒加劇。然而，儘管市場情緒悲觀，這些公司的高層仍然對比特幣挖礦的長期前景持樂觀態度。

Halving Impact and Revenue Mitigation Strategies

減半影響和收入緩解策略

Bitcoin mining is an energy-intensive process that involves using specialized computers to validate blockchain transactions in exchange for token rewards. Crucially, this reward is halved every four years due to a preprogrammed event known as the halving. The upcoming halving, scheduled for 2024, will reduce the daily Bitcoin reward to 450 tokens from 900.

比特幣挖礦是一個能源密集型過程，涉及使用專用計算機來驗證區塊鏈交易以換取代幣獎勵。至關重要的是，由於稱為減半的預編程事件，該獎勵每四年減半。即將到來的減半計畫於 2024 年進行，每日比特幣獎勵將從 900 個減少至 450 個。

Despite the potential revenue loss from the halving, analysts believe that miners can mitigate these losses through a combination of operational efficiency, equipment upgrades, and increased demand for Bitcoin.

儘管減半可能帶來收入損失，但分析師認為，礦商可以透過營運效率、設備升級和比特幣需求增加相結合來減輕這些損失。

Jason Les, CEO of Riot Platforms, expressed confidence in the long-term viability of Bitcoin mining. "Riot is committed to the long term," he stated in a Bloomberg Television interview. "Our investment thesis on Bitcoin is unwavering, and we anticipate a positive upswing in its value over the next several months."

Riot Platforms 執行長 Jason Les 對比特幣挖礦的長期可行性表示信心。 「Riot 致力於長期發展，」他在接受彭博電視台採訪時表示。 “我們對比特幣的投資理念堅定不移，我們預計未來幾個月其價值將出現積極上漲。”

Tyler Page, CEO of Cipher Mining, emphasized the growing adoption of Bitcoin as a key factor in driving future demand. "Predicting Bitcoin prices in the short term is challenging," he said. "However, over time, we have witnessed steady adoption. This long-term trend bodes well for the network's overall adoption."

Cipher Mining 執行長 Tyler Page 強調，比特幣的日益普及是推動未來需求的關鍵因素。 「短期內預測比特幣價格具有挑戰性，」他說。 “然而，隨著時間的推移，我們見證了穩定的採用。這種長期趨勢對於網絡的整體採用來說是個好兆頭。”

Spot ETFs Fuel Optimism

現貨 ETF 助長樂觀情緒

Miners are also pinning their hopes on the recent influx of Bitcoin spot exchange-traded funds (ETFs). These ETFs have attracted billions of dollars from a broader investor base, extending beyond the traditional crypto community. This increased institutional interest is seen as a positive sign for the long-term growth of Bitcoin.

礦工們也將希望寄託在最近湧入的比特幣現貨交易所交易基金（ETF）上。這些 ETF 吸引了更廣泛的投資者群體數十億美元的投資，超越了傳統的加密貨幣社群。機構興趣的增加被視為比特幣長期成長的正面訊號。

Tim Stenovec, a Bloomberg analyst, highlighted the role of spot ETFs in potentially mitigating the negative impact of the halving. "Spot ETFs provide an accessible entry point for institutional investors to participate in the Bitcoin market," he said. "This can drive demand and potentially offset the effects of the halving."

彭博分析師 Tim Stenovec 強調了現貨 ETF 在減輕減半負面影響方面的作用。 「現貨 ETF 為機構投資者參與比特幣市場提供了一個方便的切入點，」他說。 “這可以推動需求並可能抵消減半的影響。”

Challenges and Opportunities

挑戰與機遇

While the crypto mining industry faces challenges in the short term, it remains a sector with significant growth potential. Miners are adapting to the upcoming halving by embracing operational efficiency, investing in cutting-edge equipment, and tapping into new demand sources.

儘管加密貨幣挖礦行業在短期內面臨挑戰，但它仍然是一個具有巨大成長潛力的行業。礦商正在透過提高營運效率、投資尖端設備並利用新的需求來源來適應即將到來的減半。

As the crypto asset class matures and gains wider acceptance, the long-term outlook for Bitcoin mining appears promising. The industry is well-positioned to navigate the current headwinds and emerge as a major player in the digital asset ecosystem.

隨著加密資產類別的成熟並獲得更廣泛的接受，比特幣挖礦的長期前景似乎充滿希望。該行業處於有利地位，可以應對當前的逆風，並成為數位資產生態系統的主要參與者。