分析 Bit Digital (BTBT) 的比特币挖矿和 HPC 多元化方法

成为最大的比特币矿商并不是每家公司都可行，但在保持盈利能力的同时在专业领域表现出色应该是一个重点。

Bit Digital (BTBT) is navigating the post-halving era with a unique strategy, focusing on generating predictable revenue and expanding into high-margin sectors. While many miners are aggressively chasing hash rate expansion, Bit Digital is opting for a more balanced approach, aiming to become the next dark horse among Bitcoin mining stocks.

Bit Digital (BTBT) 正在以独特的战略引领减半后时代，专注于产生可预测的收入并扩展到高利润领域。尽管许多矿商都在积极追求算力扩张，但 Bit Digital 却选择了更为平衡的做法，旨在成为比特币矿业股中的下一个黑马。

Analyzing Bit Digital's Approach to Bitcoin Mining and HPC Diversification

分析 Bit Digital 的比特币挖矿和 HPC 多元化方法

This guest post comes from Bitcoinminingstock.io, the one-stop hub for all things bitcoin mining stocks, educational tools, and industry insights. Originally published on Oct. 23, 2024, it was penned by Bitcoinminingstock.io author Cindy Feng.

这篇客座文章来自 Bitcoinminingstock.io，这是比特币矿业股票、教育工具和行业见解的一站式中心。最初发布于 2024 年 10 月 23 日，由 Bitcoinminingstock.io 作者 Cindy Feng 撰写。

Being the largest Bitcoin miner isn’t feasible for every company, but excelling in specialized areas while maintaining profitability should be a key focus. This philosophy underpins my primary reason for diving deep into Bit Digital (BTBT).

成为最大的比特币矿商并不是每家公司都可行，但在保持盈利能力的同时在专业领域表现出色应该是一个重点。这一理念支撑了我深入研究 Bit Digital (BTBT) 的主要原因。

Prior to the halving, we saw many Bitcoin miners chase hash rate expansion aggressively and this trend has continued. Meanwhile, some miners are diversifying into the HPC (High-Performance Computing) and AI sector. Bit Digital first caught my attention during my analysis of public miners’ AI ventures. Unlike Core Scientific’s CoreWeave, which has attracted significant media attention, Bit Digital’s HPC business has been flying under the radar, yet it remains highly profitable. Their HPC revenue reached $12.497M, making up 43.17% of their total revenue – leading the AI charge among its peers.

在减半之前，我们看到许多比特币矿工积极追求算力扩张，并且这种趋势仍在继续。与此同时，一些矿商正在多元化进入 HPC（高性能计算）和人工智能领域。在我对公共矿工的人工智能企业进行分析时，Bit Digital 首次引起了我的注意。与引起媒体广泛关注的 Core Scientific 的 CoreWeave 不同，Bit Digital 的 HPC 业务一直低调，但仍保持高利润。他们的 HPC 收入达到 1249.7 万美元，占总收入的 43.17%，在人工智能领域处于领先地位。

With their recent acquisition of Enovum Data Centers and ongoing expansion in the AI space, Bit Digital is securing predictable revenue through long-term contracts. The shift in focus well positions the company to maintain profitability across Bitcoin market cycles.

通过最近收购 Enovum 数据中心以及在人工智能领域的持续扩张，Bit Digital 正在通过长期合同确保可预测的收入。重点的转变使该公司能够在整个比特币市场周期中保持盈利能力。

A Deeper Look into Bit Digital's Operation

深入了解 Bit Digital 的运营

Bit Digital currently ranks #14 on our Bitcoin Mining Stocks by Market Cap list, boasting an active hash rate of 2.43 EH/s as of September 30, 2024. Its operational footprint includes data centers in the United States, Canada, and Iceland, with approximately 86% of its energy coming from carbon-free sources.

Bit Digital 目前在我们的比特币矿业股票市值排行榜上排名第 14，截至 2024 年 9 月 30 日，其活跃哈希率为 2.43 EH/s。其运营足迹包括位于美国、加拿大和冰岛的数据中心，大约 86% 的能源来自无碳能源。

Bitcoin Mining Operations: Profitable but No Longer the Sole Focus

比特币挖矿业务：有利可图但不再是唯一焦点

Bit Digital’s Bitcoin mining operation remains a core part of its business. According to Q2 2024 filings, mining revenue reached $16.079M, a 80.43% YoY increase driven by an improved Bitcoin price. Mining contributed 55.54% of their total revenue, a 43.07% decrease compared to the same period last year. The halving of Bitcoin block rewards in April 2024, along with increasing network difficulty, has significantly impacted profitability.

Bit Digital 的比特币挖矿业务仍然是其业务的核心部分。根据 2024 年第二季度的文件显示，在比特币价格上涨的推动下，挖矿收入达到 1607.9 万美元，同比增长 80.43%。矿业贡献了其总收入的55.54%，较去年同期下降了43.07%。 2024 年 4 月，比特币区块奖励减半，加上网络难度不断增加，对盈利能力产生了重大影响。

Bit Digital’s mining expansion strategy, according to CEO Sam Tabar, is “opportunistic, rather than growth at any cost”. This more cautious approach reflects the company’s focus on business diversification to limit exposure to Bitcoin’s volatility.

Bit Digital 首席执行官 Sam Tabar 表示，其挖矿扩张战略是“机会主义的，而不是不惜一切代价的增长”。这种更加谨慎的做法反映了该公司对业务多元化的关注，以限制比特币波动的风险。

Ethereum Exposure: A Unique Differentiator

以太坊曝光：独特的差异化因素

Bit Digital has significant Ethereum (ETH) holdings, an asset many other miners do not hold. Not only that, the company accumulates extra ETH by selling a portion of its mined Bitcoin and reinvesting it into Ethereum. As of September 30, 2024, Bit Digital holds 27,389 ETH, valued at approximately $71.3M.

Bit Digital 持有大量以太坊（ETH），这是许多其他矿工不持有的资产。不仅如此，该公司还通过出售部分开采的比特币并将其重新投资到以太坊来积累额外的 ETH。截至 2024 年 9 月 30 日，Bit Digital 持有 27,389 枚 ETH，价值约 7130 万美元。

With Ethereum’s consensus switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS), Bit Digital's Ethereum exposure provides a unique yield opportunity. During Q2, 2024, the company generated 109.4 ETH in staking rewards. This gives investors of Bit Digital indirect exposure to both Bitcoin and Ethereum, offering a more diversified investment than a typical Bitcoin mining company.

随着以太坊共识从工作量证明 (PoW) 转向权益证明 (PoS)，Bit Digital 的以太坊风险敞口提供了独特的收益机会。 2024 年第二季度，该公司通过质押奖励产生了 109.4 ETH。这使 Bit Digital 的投资者能够间接接触比特币和以太坊，从而提供比典型的比特币矿业公司更加多元化的投资。

The launch of the spot Ethereum ETFs in mid-2024 has made companies with ETH holdings more attractive to those who seek diversified exposure without holding crypto directly. With their ETH staking strategy, Bit Digital is theoretically an alternative to spot ETH ETFs for investors who want to generate yield from the asset. However, it is worth noting that Ethereum’s price can be as volatile as Bitcoin, and many seasoned Bitcoin investors do not believe in ETH’s long-term value.

2024 年中期推出的现货以太坊 ETF 使持有 ETH 的公司对那些寻求多元化投资而不直接持有加密货币的公司更具吸引力。凭借其 ETH 质押策略，Bit Digital 理论上可以为希望从资产中产生收益的投资者提供现货 ETH ETF 的替代方案。然而，值得注意的是，以太坊的价格可能与比特币一样波动，许多经验丰富的比特币投资者并不相信以太坊的长期价值。

HPC and AI: The New Growth Engine

HPC 和 AI：新的增长引擎

Bit Digital’s strategic pivot into the HPC and AI sector, which started in late 2023, has proven highly profitable. Its AI business began earning revenue in January, with a three year contract for $150M. The company plans to subsequently upsize that by $42M per year. As of Q2 2024, HPC services contributed $12.5M in revenue, representing 43.17% of total company revenue. This is a massive (+54.3%) leap from Q1 202

Bit Digital 于 2023 年底开始进军 HPC 和 AI 领域，事实证明其利润丰厚。其人工智能业务于 1 月份开始盈利，签订了价值 1.5 亿美元的三年合同。该公司计划随后每年将规模扩大 4200 万美元。截至 2024 年第二季度，HPC 服务贡献了 1250 万美元的收入，占公司总收入的 43.17%。与 202 年第一季度相比，这是一个巨大的飞跃 (+54.3%)