比特币矿工处于有利地位，可以驾驭人工智能的繁荣

Bernstein 分析师在他们的新 Blackbook 中指出，按照一项衡量标准，比特币矿商的交易价格相对于传统数据中心有 90% 的折扣

Bitcoin miners are well positioned to ride the boom in artificial intelligence, promising a safety net for the industry during energy price spikes or cryptocurrency downturns, according to a new report from Bernstein.

伯恩斯坦的一份新报告称，比特币矿商处于有利地位，可以驾驭人工智能的繁荣，承诺在能源价格飙升或加密货币低迷期间为该行业提供安全网。

The report, published Monday, highlights the growing appetite for energy among AI providers, which is creating opportunities for miners that have the capacity to provide cheap, reliable power.

周一发布的这份报告强调了人工智能提供商对能源日益增长的需求，这为有能力提供廉价、可靠电力的矿工创造了机会。

"Bitcoin miners find themselves in a unique position, led by their disproportionate 'power access' in a power-constrained world," Bernstein analysts wrote in their new Blackbook, an annual deep dive into the cryptocurrency.

伯恩斯坦分析师在他们的新黑皮书中写道：“比特币矿工发现自己处于一个独特的位置，在权力受限的世界中，他们拥有不成比例的‘权力获取’。”这是对加密货币的年度深入研究。

"This access to 'ready,' cheap power, combined with data centre capabilities, positions Bitcoin miners as attractive partners for AI cloud providers looking to accelerate time-to-market."

“这种‘现成的’廉价电力与数据中心功能相结合，使比特币矿工成为寻求加快上市时间的人工智能云提供商有吸引力的合作伙伴。”

While legacy data centres are valued at $30 million to $50 million per megawatt, Bitcoin miners are valued at just $2 million to $4 million per megawatt, the analysts noted.

分析师指出，虽然传统数据中心的价值为每兆瓦 3000 万至 5000 万美元，但比特币矿机的价值仅为每兆瓦 200 万至 400 万美元。

"We believe the market is underestimating this value of 'power access' and penalising miners for Bitcoin cyclical volatility," the analysts wrote.

分析师写道：“我们认为市场低估了‘权力获取’的价值，并因比特币周期性波动而惩罚矿工。”

"Thus, AI DC diversification would enable miners to trade closer to their potential as 'energy' assets."

“因此，AI DC 多元化将使矿工能够更接近其作为‘能源’资产的潜力进行交易。”

Core Scientific, a miner that has embraced a pivot to AI, has seen its shares rise almost 300% in 2024.

Core Scientific 是一家拥抱人工智能的矿业公司，其股价在 2024 年上涨了近 300%。

The company secured a 12-year, $6.7 billion contract with Nvidia partner CoreWeave in which it will build and run an AI data centre while CoreWeave pays for the hardware, power, and more, the analysts noted.

分析师指出，该公司与 Nvidia 合作伙伴 CoreWeave 签订了一份为期 12 年、价值 67 亿美元的合同，其中将建设和运营一个人工智能数据中心，而 CoreWeave 则支付硬件、电力等费用。

"This contract highlights the value proposition of Bitcoin miners to AI cloud providers, as CoreWeave gains access to cheap, reliable power and data centre capacity," the analysts wrote.

分析师写道：“随着 CoreWeave 获得廉价、可靠的电力和数据中心容量，这份合同凸显了比特币矿工对人工智能云提供商的价值主张。”

"Importantly, Core Scientific is able to pivot a portion of its energy capacity to AI while maintaining its Bitcoin mining operations, a key advantage over legacy data centres."

“重要的是，Core Scientific 能够将其部分能源能力转向人工智能，同时维持其比特币挖矿业务，这是相对于传统数据中心的一个关键优势。”

According to the analysts, one-fifth of Bitcoin miners' energy will be dedicated to artificial intelligence by 2027.

分析师称，到 2027 年，比特币矿工五分之一的精力将投入到人工智能领域。

The report also highlights the potential forластиBitcoin miners to benefit from any upswing in Bitcoin prices, which are currently trading at around $70,000.

该报告还强调了比特币矿商有可能从比特币价格上涨中受益，目前比特币价格约为 70,000 美元。

Bernstein is notably bullish on this front, having predicted earlier this year that Bitcoin is headed to $200,000 by the end of 2025 and $1 million by 2033, driven by institutional adoption.

伯恩斯坦在这方面尤其看好，他今年早些时候预测，在机构采用的推动下，比特币到 2025 年底将达到 20 万美元，到 2033 年将达到 100 万美元。

In fact, the analysts expect Wall Street to become the largest holder of Bitcoin by year's end, surpassing even Bitcoin's pseudonymous creator, Satoshi Nakamoto.

事实上，分析师预计，到年底，华尔街将成为比特币的最大持有者，甚至超过比特币的化名创造者中本聪。

Nakamoto holds an estimated 1.1 billion Bitcoins, though it is unknown whether they have access to those tokens or whether they are still alive.

中本聪估计持有 11 亿枚比特币，但尚不清楚他们是否有权使用这些代币，或者这些代币是否还活着。