比特币（BTC）和相关股票对挖矿奖励减半的反应

从现货比特币交易所交易基金的推出开始，比特币（BTC 1.76%）加密货币在 2024 年上半年出现强劲增长

Bitcoin (CRYPTO: BTC) posted a powerful acquire within the first half of 2024, kicking off with the introduction of spot Bitcoin exchange-traded funds (ETFs) in January.

比特币（加密货币：BTC）在 2024 年上半年发布了一次强劲的收购，从 1 月份推出现货比特币交易所交易基金 (ETF) 开始。

Bitcoin mining rewards had been halved on April 19, hardly impacting crypto worth instantly however setting the stage for one more four-year cycle of increase and bust. By the top of June, Bitcoin had cruised to a strong 44.2% acquire in accordance with data from S&P Global Market Intelligence.

4 月 19 日，比特币挖矿奖励减半，几乎没有立即影响加密货币价值，但却为又一个四年的增长和萧条周期奠定了基础。根据标准普尔全球市场情报的数据，截至 6 月底，比特币的涨幅已达到 44.2%。

MicroStrategy (NASDAQ:MSTR) rode Bitcoin’s coattails within the most amplified vogue 4 years in the past. MicroStrategy’s steadiness sheet held $7.5 billion value of Bitcoin however solely $81 million of money by the top of March. Mirroring Bitcoin’s rise with an additional shot of adrenaline, MicroStrategy shot up a whopping 118.1% in six months.

MicroStrategy（纳斯达克股票代码：MSTR）在过去四年里乘着比特币的风潮，掀起了最盛大的热潮。 MicroStrategy 的资产负债表持有价值 75 亿美元的比特币，但截至 3 月底仅为 8100 万美元。随着比特币的上涨，MicroStrategy 在六个月内飙升了 118.1%。

Most crypto miners did not share the identical bullish destiny. The reward halving had an instantaneous impact on their monetary outcomes, and the main miners headed in several instructions. Marathon Digital Holdings (NASDAQ:MARA) noticed a 15.5% worth drop, whereas Riot Platforms (NASDAQ:RIOT) misplaced 40.9% of its market worth. Highlighting the complicated nature of as we speak’s crypto market, CleanSpark (NASDAQ:CLSK) managed to maintain tempo with Bitcoin’s beneficial properties, pocketing a 44.6% return.

大多数加密货币矿工的看涨命运并不相同。奖励减半对他们的货币收益产生了即时影响，主要矿工发出了几项指示。 Marathon Digital Holdings（纳斯达克股票代码：MARA）的市值下跌了 15.5%，而 Riot Platforms（纳斯达克股票代码：RIOT）的市值下跌了 40.9%。 CleanSpark（纳斯达克股票代码：CLSK）成功地利用比特币的有利特性保持了节奏，获得了 44.6% 的回报，凸显了我们所说的加密货币市场的复杂性。

What occurred

发生了什么

CleanSpark acquired a complete of 13 new mining services from different corporations within the first half, criss-crossing the American map from Georgia to Wyoming.

CleanSpark 上半年从不同公司收购了总共 13 个新的采矿服务，横跨从佐治亚州到怀俄明州的美国地图。

As well as, the all-American Bitcoin miner additionally crushed Wall Road’s consensus estimates in February’s first-quarter report and Might’s second-quarter replace. This firm turned a revenue in these two earnings stories, each when it comes to free cash flows and adjusted earnings per share.

此外，这家全美比特币矿商在二月份的第一季度报告和梅特的第二季度报告中也打破了华尔街的一致预期。该公司在这两个财报故事中实现了收入，每个故事都涉及自由现金流和调整后每股收益。

With confirmed profitability, a debt-free steadiness sheet, $323 million in money reserves, and the same quantity of Bitcoin holdings, CleanSpark appears able to experience out the decrease manufacturing charges of this rewards-halving cycle.

凭借已确认的盈利能力、无债务的稳定表、3.23 亿美元的货币储备以及相同数量的比特币持有量，CleanSpark 似乎能够体验到这个奖励减半周期中制造成本的下降。

It is no shock to see this success story encourage rising share costs.

看到这个成功故事鼓励股价上涨并不令人震惊。

Marathon skilled the identical rewards halving as CleanSpark and went on its personal manufacturing facility shopping spree. The corporate presently has 31.5 exahashes per second (EH/s) of put in mining gear, focusing on the Bitcoin mining enterprise. A a lot smaller machine park with a capability of 0.6 EH/s is mining the smaller Kaspa cryptocurrency as an alternative, diversifying Marathon’s crypto operations a bit.

Marathon 获得了与 CleanSpark 相同的奖励，并继续对其自己的生产设施进行疯狂收购。该公司目前拥有每秒 31.5 EH/s 的挖矿设备，专注于比特币挖矿业务。一个容量为 0.6 EH/s 的小得多的机器园区正在开采较小的 Kaspa 加密货币作为替代方案，从而使 Marathon 的加密操作更加多样化。

The crypto miner can be exploring worldwide manufacturing past its Texas services, working a small check venture in Finland and an vitality grid partnership in Kenya. Marathon consumes more money than it generates, and its Bitcoin holdings outweigh the money steadiness by a ratio of 4 to 1.

这家加密货币矿商可以在德克萨斯州的服务之外探索全球制造业，在芬兰经营一家小型支票企业，并在肯尼亚建立能源网格合作伙伴关系。 Marathon 消耗的资金多于其产生的资金，其持有的比特币与货币稳定性的比例为 4 比 1。

Traders see this as a riskier construction, making Marathon’s inventory extra susceptible to economy-based challenges.

交易员认为这是一个风险较高的建设，使得马拉松的库存更容易受到经济挑战的影响。

Riot Platforms runs a smaller Bitcoin mining operation than Marathon or CleanSpark. Its common manufacturing capability stops at 11.4 EH/s, focusing on 31 EH/s by the top of 2024. Each Marathon and CleanSpark goal for a 50 EH/s capability on the identical calendar milestone.

Riot Platforms 运营的比特币挖矿业务规模比 Marathon 或 CleanSpark 规模较小。其常见制造能力停留在 11.4 EH/s，重点是到 2024 年年底达到 31 EH/s。每个 Marathon 和 CleanSpark 的目标都是在同一日历里程碑上达到 50 EH/s 的能力。

This firm dietary supplements its Bitcoin revenues with vitality credit earned by reducing or stopping its mining operations when the Texan energy grid wants a lift. The corporate is embroiled in an tried stock-swapping buyout of smaller rival Bitfarms (NASDAQ:BITF), constructing a 14% possession stake whereas Bitfarms adopted a poison tablet coverage.

当德克萨斯州能源网需要提升时，该公司通过减少或停止采矿作业获得能源信用来补充其比特币收入。该公司正试图以股票置换方式收购规模较小的竞争对手 Bitfarms（纳斯达克股票代码：BITF），获得 14% 的股权，而 Bitfarms 则采用了毒药片策略。

The takeover is up within the air and traders usually hate uncertainty, so Riot Platforms’ inventory efficiency is not impressing anybody in 2024.

收购尚未确定，而交易者通常讨厌不确定性，因此 Riot Platforms 的库存效率在 2024 年不会给任何人留下深刻的印象。

Now what

怎么办

MicroStrategy is a unique story. The corporate does not run any Bitcoin mining machines, so it does not care a lot in regards to the decrease mining rewards.

MicroStrategy 是一个独特的故事。该公司没有运行任何比特币矿机，因此对于挖矿奖励的减少并不太在意。

Founder and chairman Michael Saylor’s firm does care deeply about Bitcoin’s worth, now and in the long term, since virtually all of its money reserves have been transformed into Bitcoin holdings. Furthermore, the corporate retains shopping for extra Bitcoin at each alternative.

创始人兼董事长 Michael Saylor 的公司确实非常关心比特币的价值，无论是现在还是长期，因为几乎所有的货币储备都已转化为比特币持有量。此外，该公司仍然在每种选择中购买更多的比特币。

The purchases have been financed by MicroStrategy’s software program enterprise income, gross sales of further inventory, new debt, and in a single short-lived check, even a mortgage secured by a number of the firm’s Bitcoin holdings. This coin-buying technique amplifies Bitcoin’s beneficial properties when instances are good, but in addition exposes traders to extra danger when Bitcoin costs are down.

这些购买的资金来自 MicroStrategy 的软件业务收入、更多库存的销售总额、新债务，以及一张短期支票，甚至是由该公司持有的一些比特币作为抵押的抵押贷款。当情况良好时，这种代币购买方式会放大比特币的优势，但当比特币价格下跌时，也会使交易者面临更大的风险。

The cryptocurrency is up this 12 months, so MicroStrategy’s inventory worth advantages from the crypto pattern.

加密货币在这 12 个月里上涨，因此 MicroStrategy 的库存价值从加密货币模式中获益。

The halving of Bitcoin’s mining rewards makes it tougher to run

比特币挖矿奖励减半，运行难度加大