比特币 (BTC) 挖矿作为跑赢 BTC 的策略

由于两个主要因素——挖矿利润率和 ASIC 价格——与 BTC 价格相关，比特币矿商在牛市周期中拥有独特的优势，能够跑赢现货 BTC。

Bitcoin mining presents a unique opportunity to consistently outpace BTC performance without relying heavily on speculative strategies. Here's how it works:

比特币挖矿提供了一个独特的机会，可以在不严重依赖投机策略的情况下持续超越比特币的表现。它的工作原理如下：

Bitcoin miners tend to outperform spot BTC during bull cycles. This is because two key factors — mining profit margins and ASIC prices — are correlated to the BTC price.

在牛市周期中，比特币矿商的表现往往优于现货比特币。这是因为两个关键因素——挖矿利润率和 ASIC 价格——与 BTC 价格相关。

For example, if Bitcoin rises from $60,000 to $150,000, that's a 150% increase. In this scenario, here's how the monthly profitability for various ASICs would increase:

例如，如果比特币从 60,000 美元上涨到 150,000 美元，即上涨 150%。在这种情况下，各种 ASIC 的每月盈利能力将如何增加：

At Blockware, we refer to this phenomenon as the ‘Mining Profit Multiple.’ Many Bitcoin miners operate with a fixed energy cost, so revenue growth causes non-linear growth in net profit margins. This positions miners for exceptional benefits when the Bitcoin price rises.

在 Blockware，我们将这种现象称为“挖矿利润倍数”。许多比特币矿商以固定的能源成本运营，因此收入增长导致净利润率非线性增长。当比特币价格上涨时，这将使矿工获得特殊的利益。

ASIC prices, especially for the latest generation machines, have also been observed to move in tandem with the Bitcoin price during previous bull markets.

ASIC 价格，尤其是最新一代机器的价格，在之前的牛市期间也被观察到与比特币价格同步变化。

During the last cycle, the Antminer S19 started trading at ~$24/T in early 2020. By the top of the bull market in 2021, S19s were trading for more than $120/T. So during a time in which miners were seeing their profit margins increase exponentially, the value of their hardware was also keeping pace with the rising Bitcoin price.

在上一个周期中，蚂蚁矿机 S19 于 2020 年初开始交易价格约为 24 美元/吨。到 2021 年牛市顶峰时，S19 的交易价格超过 120 美元/吨。因此，在矿工利润率呈指数级增长的时期，他们的硬件价值也与比特币价格上涨保持同步。

Getting exposure to Bitcoin mining

接触比特币挖矿

A balanced portfolio of BTC-denominated assets might include a combination of spot Bitcoin, Bitcoin mining stocks, other BTC-exposed equities — such as MSTR and COIN — and ASICs.

以 BTC 计价的资产的平衡投资组合可能包括现货比特币、比特币矿业股票、其他 BTC 敞口股票（例如 MSTR 和 COIN）以及 ASIC 的组合。

When it comes to gaining exposure to Bitcoin mining, owning an ASIC has a few distinct advantages:

当涉及到比特币挖矿时，拥有 ASIC 有一些明显的优势：

ASICs offer a direct and tangible way to participate in Bitcoin mining, unlike stocks or ETFs, which provide only indirect exposure.

ASIC 提供了一种直接且有形的参与比特币挖矿的方式，这与仅提供间接风险敞口的股票或 ETF 不同。

ASICs can be purchased and deployed quickly, allowing miners to begin accumulating Bitcoin faster.

ASIC 可以快速购买和部署，使矿工能够更快地开始积累比特币。

ASICs are a portable, self-contained mining unit, making them easy to integrate into any mining operation, whether large or small.

ASIC 是一种便携式、独立的挖矿设备，使其能够轻松集成到任何挖矿作业中，无论规模大小。

ASICs in the secondary market can be bought or sold at any time, providing unparalleled liquidity in the mining space.

二级市场的 ASIC 可以随时买卖，为挖矿领域提供了无与伦比的流动性。

Marketplace to address hosted mining challenges

解决托管挖矿挑战的市场

Historically, one of the key challenges for hosted mining has been the long lead times associated with deploying mining equipment. Delays in receiving ASIC miners can be costly for miners and slow down Bitcoin accumulation.

从历史上看，托管挖矿的主要挑战之一是与部署挖矿设备相关的较长交付时间。延迟接收 ASIC 矿工可能会给矿工带来高昂的代价，并减缓比特币的积累。

Additionally, transparency issues and the lack of liquidity in the mining space have made it difficult for many investors to participate in hosted mining effectively.

此外，透明度问题和挖矿领域缺乏流动性使得许多投资者难以有效参与托管挖矿。

Blockware Marketplace aims to solve these problems. It was launched by Blockware, a pioneer in mining-as-a-service and a prominent name in the global landscape of Bitcoin mining since 2017.

Blockware Marketplace 旨在解决这些问题。它由 Blockware 推出，Blockware 是挖矿即服务领域的先驱，自 2017 年以来在全球比特币挖矿领域享有盛誉。

By offering zero lead time hosted mining, transparent, real-time analytics into ASIC uptime, and a liquid market for buying/selling ASICs, Blockware is revolutionizing the hosted mining industry.

通过提供零交付周期的托管挖矿、对 ASIC 正常运行时间的透明实时分析以及买卖 ASIC 的流动性市场，Blockware 正在彻底改变托管挖矿行业。

This innovation eliminates the barriers that have traditionally made hosted mining a challenge, allowing miners to focus on what really matters: accumulating more Bitcoin than they could by simply buying it on the open market.

这项创新消除了传统上使托管挖矿成为挑战的障碍，使矿工能够专注于真正重要的事情：积累比在公开市场上简单购买更多的比特币。

Institutional investors looking for bulk pricing on mining hardware with hosting services can contact the Blockware team.

寻求对具有托管服务的挖矿硬件进行批量定价的机构投资者可以联系 Blockware 团队。

Mitchell Askew is the Head Analyst at Blockware. He has been a full-time researcher since 2022, publishing hundreds of articles, podcasts, and threads covering Bitcoin and Bitcoin mining.

Mitchell Askew 是 Blockware 的首席分析师。自 2022 年以来，他一直是一名全职研究员，发表了数百篇涉及比特币和比特币挖矿的文章、播客和主题。