杰富瑞 (Jefferies) 报告称，7 月份比特币 (BTC) 挖矿盈利能力下降

7 月份，加密货币的价值下跌了 6% 以上，而网络哈希率（衡量挖矿计算能力的指标）相对保持不变

Bitcoin (BTC) mining profitability experienced a slight decline in July compared to the previous month, recent analysis from investment bank Jefferies shows.

投资银行杰富瑞 (Jefferies) 最近的分析显示，7 月份比特币 (BTC) 挖矿盈利能力较上月略有下降。

The report points to a drop in Bitcoin price as the primary factor impacting miners' margins, leading the institution to lower the target price for the largest Bitcoin miner on Wall Street, Marathon Digital Holdings (Nasdaq: MARA), by over 20%.

该报告指出，比特币价格下跌是影响矿商利润的主要因素，导致该机构将华尔街最大的比特币矿商 Marathon Digital Holdings（纳斯达克股票代码：MARA）的目标价格下调了 20% 以上。

Bitcoin Mining Profitability Dips in July - Jefferies Reports

杰富瑞报告称 7 月份比特币挖矿盈利能力下降

The cryptocurrency's value fell by over 6% in July, while the network's hashrate - a measure of computational power dedicated to mining - remained relatively stable. This combination of factors put pressure on mining operations, despite an increase in production share for US-listed companies.

7 月份，加密货币的价值下跌了 6% 以上，而网络的哈希率（衡量挖矿计算能力的指标）保持相对稳定。尽管美国上市公司的产量份额有所增加，但这些因素的结合给采矿业带来了压力。

Jefferies analysts noted that publicly traded mining firms expanded their collective output, capturing 21.1% of total Bitcoin production in July, up from 20.7% in June. This growth in market share was attributed to these companies bringing new capacity online at a faster rate than the overall network expansion.

Jefferies 分析师指出，上市矿业公司扩大了总产量，7 月份占比特币总产量的 21.1%，高于 6 月份的 20.7%。市场份额的增长归因于这些公司以比整体网络扩张更快的速度上线新产能。

Jefferies cutting its price target on Marathon to $17 seems like the only choice left to make.

Jefferies 将 Marathon 的目标价下调至 17 美元似乎是唯一的选择。

Marathon Digital Boosted Production as Others Fell Behind

马拉松数字公司在其他公司落后的情况下提高了产量

Prominent in the sector, Marathon Digital saw a notable increase in production. The company mined 692 bitcoins in July, representing a 17% month-over-month rise. Marathon continues to lead the industry in terms of installed hashrate capacity.

Marathon Digital 是该领域的佼佼者，其产量显着增加。该公司 7 月份开采了 692 个比特币，环比增长 17%。 Marathon 在已安装算力容量方面继续领先行业。

Riot Platforms also significantly boosted its production by 45%, producing 370 BTC last month, which is 115 BTC more than the previous month. However, not all companies experienced such positive results. Argo Blockchain managed to produce only 48 tokens, marking a 63% decrease compared to June. The fact that the price of Bitcoin is currently 21% below its historical highs certainly doesn't help the situation.

Riot Platforms 的产量也大幅增长了 45%，上个月生产了 370 BTC，比上个月增加了 115 BTC。然而，并非所有公司都取得了如此积极的成果。 Argo Blockchain 只生产了 48 个代币，与 6 月份相比减少了 63%。事实上，比特币的价格目前比历史高位低 21%，这无疑对局势没有帮助。

MARA Shares Approaching Fair Value - What's Next?

MARA 股价接近公允价值 - 下一步是什么？

Looking ahead, Jefferies anticipates more challenging conditions for miners in August. The bank's report highlights a further 5% decline in Bitcoin's price since the beginning of the month, coupled with renewed growth in network hashrate, which could squeeze profit margins even tighter.

展望未来，杰富瑞预计 8 月份矿工的处境将更具挑战性。该银行的报告强调，自本月初以来，比特币价格进一步下跌 5%，再加上网络算力重新增长，这可能会进一步挤压利润率。

In light of these developments, Jefferies has adjusted its outlook on Marathon Digital. The bank lowered its price target for the company's stock from $22 to $17, while maintaining a "hold" rating.

鉴于这些事态发展，杰富瑞调整了对 Marathon Digital 的展望。该银行将该公司股票的目标价从 22 美元下调至 17 美元，同时维持“持有”评级。

Is Jefferies right? Time will tell. For now, Marathon Digital Holdings is taking steps to capitalize on lower Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term prices by purchasing $249 million worth of BTC.

杰弗里斯说得对吗？时间会证明一切。目前，马拉松数字控股公司正在采取措施利用比特币价格下跌虽然有些人可能仍然想知道什么是比特币，谁创造了比特币，或者比特币是如何运作的，但有一点是肯定的：比特币已经改变了世界。没有人可以留下来对这种革命性的、去中心化的数字资产及其区块链技术漠不关心。事实上，自从佛罗里达州居民 Laszlo Hanyecz 用 10,000 比特币换 2 个披萨，与一家真正的公司进行 BTC 的第一笔正式商业交易以来，我们已经走了很长的路。现在有人可能会说，虽然有些人可能仍然想知道什么是比特币，谁创造了比特币，或者比特币是如何运作的，但有一件事是肯定的：比特币改变了世界。没有人可以对这一革命无动于衷，事实上，自从佛罗里达州居民 Laszlo Hanyecz 在当地棒约翰店用 10,000 比特币换取 2 个披萨，与一家真正的公司进行 BTC 的第一笔正式商业交易以来，我们已经走了很长的路。现在有人可能会说，阅读本条款的价格是购买了价值 2.49 亿美元的 BTC。

“We currently own and operate approximately 54% of the 1.1 gigawatts of power in our diversified portfolio of digital asset compute,” commented Fred Thiel, MARA's Chairman and CEO. “We will continue making owned and operated sites a greater percentage of our fleet over time and expect to see cost savings on a cost per petahash basis as this occurs. Longer-term, our intention is to be amongst the lower cost operators in the industry."

MARA 董事长兼首席执行官 Fred Thiel 评论道：“我们目前拥有并运营着我们多元化的数字资产计算投资组合中 1.1 吉瓦电力的约 54%。” “随着时间的推移，我们将继续让自有和运营的站点在我们的机群中所占的比例更大，并期望在这种情况下能够以每 Petahash 的成本为基础节省成本。从长远来看，我们的目标是成为业内成本较低的运营商之一。”

The evolving landscape of Bitcoin mining underscores the industry's sensitivity to cryptocurrency price fluctuations and network dynamics. As the sector continues to mature, miners face the ongoing challenge of balancing operational costs with volatile market conditions.

比特币挖矿不断发展的格局凸显了该行业对加密货币价格波动和网络动态的敏感性。随着该行业的不断成熟，矿商面临着平衡运营成本与波动的市场条件的持续挑战。

The Q2 2024 results published by HIVE Digital Technologies (NASDAQ: HIVE) and TeraWulf (NASDAQ: WULF) showed that Bitcoin miners are able to withstand negative market changes following the recent halving Halving Halving represents a phenomenon when crypto mining rewards are cut in half. Cryptocurrency networks that run on Proof-of-Work (PoW) algorithms require the computers (nodes) that uphold them to solve complex equations that are used to confirm transactions. This process is known as mining

HIVE Digital Technologies（纳斯达克股票代码：HIVE）和 TeraWulf（纳斯达克股票代码：WULF）发布的 2024 年第二季度业绩表明，比特币矿工能够承受近期减半后的负面市场变化。减半代表了加密货币挖矿奖励减半的现象。基于工作量证明 (PoW) 算法运行的加密货币网络需要支持这些算法的计算机（节点）来求解用于确认交易的复杂方程。这个过程称为挖矿