伯恩斯坦预测，比特币矿工有望在减半前上涨

Bernstein 建议在减半事件之前购买比特币矿商 Riot Platforms 和 CleanSpark。此次减半是四年一度的事件，会减缓比特币供应的增长，预计在挖矿算力调整和 ETF 流入增加后，比特币将恢复看涨轨迹。

Bitcoin Miners Poised for Upswing Amidst Halving Anticipation: Bernstein Analysis

伯恩斯坦分析：比特币矿工在减半预期中有望上涨

Bernstein Research advises investors to acquire shares of Bitcoin miners Riot Platforms (RIOT) and CleanSpark (CLSK) in advance of the upcoming halving event, citing a bullish outlook for Bitcoin's price trajectory.

Bernstein Research 建议投资者在即将到来的减半事件之前购买比特币矿商 Riot Platforms (RIOT) 和 CleanSpark (CLSK) 的股票，理由是比特币价格轨迹看涨。

The imminent halving, scheduled for April 19-20, entails a 50% reduction in Bitcoin block rewards, a quadrennial occurrence intended to regulate supply growth. While this has raised profitability concerns among miners, Bernstein maintains optimism that Bitcoin's price surge will follow the halving, as historically observed.

即将到来的减半预计将于 4 月 19 日至 20 日进行，比特币区块奖励将减少 50%，这是四年一次的减半，旨在调节供应增长。尽管这引起了矿商盈利能力的担忧，但伯恩斯坦仍乐观地认为，正如历史上观察到的那样，比特币价格将在减半后飙升。

However, the market has witnessed an underperformance of mining stocks relative to Bitcoin year-to-date. This is attributed to apprehensions regarding profitability post-halving. Bernstein acknowledges this fear but emphasizes that Riot Platforms and CleanSpark are well-positioned to weather the storm.

然而，今年迄今为止，市场见证了矿业股相对于比特币的表现不佳。这是由于对减半后盈利能力的担忧。 Bernstein 承认这种担忧，但强调 Riot Platforms 和 CleanSpark 已经做好了应对这场风暴的准备。

The report underscores the exceptional execution and market leadership of these companies, particularly in self-mining hashrate, a metric reflecting computational power dedicated to mining. Bernstein believes their superior operational capabilities will enable them to navigate the halving successfully.

该报告强调了这些公司卓越的执行力和市场领导力，特别是在自挖矿算力方面，这是反映专用于挖矿的计算能力的指标。伯恩斯坦相信，他们卓越的运营能力将使他们能够成功应对减半。

Furthermore, Bernstein anticipates a resumption of Bitcoin's bullish trajectory after the halving, contingent on the adjustment of mining hashrates and a resurgence in ETF inflows. The introduction of spot Bitcoin ETFs by wirehouses and registered investment advisors (RIAs) is expected to bolster structural demand for Bitcoin.

此外，伯恩斯坦预计，比特币减半后将恢复看涨轨迹，这取决于采矿算力的调整和 ETF 资金流入的复苏。电线公司和注册投资顾问（RIA）推出现货比特币 ETF 预计将提振比特币的结构性需求。

Despite recent price declines, Bernstein remains steadfast in its prediction that Bitcoin will reach a cycle high of $150,000 by 2025. The firm's analysis highlights the potential for mergers and acquisitions (M&A) in the Bitcoin mining sector, as companies seek to consolidate and enhance their operations.

尽管最近价格下跌，伯恩斯坦仍然坚定地预测，到 2025 年，比特币将达到 150,000 美元的周期高点。该公司的分析强调了比特币采矿业的并购潜力，因为各公司寻求巩固和增强其业务。运营。

Investors seeking exposure to the Bitcoin mining industry are advised to consider Riot Platforms and CleanSpark ahead of the halving. These companies possess a competitive advantage and are poised to benefit from the anticipated upswing in Bitcoin's price.

建议寻求参与比特币挖矿行业的投资者在减半之前考虑 Riot Platforms 和 CleanSpark。这些公司拥有竞争优势，并准备从比特币价格的预期上涨中受益。

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