比特币矿工正在利用人工智能淘金热

距离我们上次分享有关公共比特币矿工的见解已经过去一周多了，但请放心，我们一直很忙！从扩大我们的团队到搬迁办公室，幕后发生了很多事情。

Bitcoin miners are branching out into high-performance computing (HPC) and artificial intelligence (AI) cloud services as they seek to diversify their revenue streams and navigate the challenges of the post-halving era.

比特币矿工正在将业务扩展到高性能计算（HPC）和人工智能（AI）云服务，以寻求收入来源多元化并应对减半后时代的挑战。

Part 1: Which Bitcoin Miners Are Leading in HPC Hosting & AI Cloud?

第 1 部分：哪些比特币矿工在 HPC 托管和人工智能云领域处于领先地位？

A few bitcoin miners are standing out when it comes to embracing HPC and AI hosting. These include Core Scientific (NASDAQ:CORZ), Iris Energy (NASDAQ:IREN), and Bit Digital (NYSE:BTBT), while others like Hut 8 (NASDAQ:HUT), TeraWulf (NASDAQ:WULF), and Bitdeer (NASDAQ:BTDR) have been a bit quieter on this front.

在拥抱高性能计算和人工智能托管方面，一些比特币矿工脱颖而出。这些公司包括 Core Scientific (纳斯达克股票代码：CORZ)、Iris Energy (纳斯达克股票代码：IREN) 和 Bit Digital (纽约证券交易所股票代码：BTBT)，而其他公司则包括 Hut 8 (纳斯达克股票代码：HUT)、TeraWulf (纳斯达克股票代码：WULF) 和 Bitdeer (纳斯达克股票代码：Bitdeer)。 BTDR）在这方面比较安静。

Let’s dive into the numbers:

让我们深入研究一下数字：

Bit Digital, despite being a smaller-cap company (ranking #15 out of 30 by market cap at the time of writing), generated a significant $12.497 million in revenue from their HPC hosting in Q2 2024, leaving peers far behind. According to their quarterly filing, they deployed 2,048 GPUs in early 2024 at a specialized data center and are considering an upgrade to newer-generation NVIDIA GPUs. This upgrade led to a temporary delay in their purchase order, but the company still received a $30 million non-refundable deposit from the customer. With HPC hosting accounting for 43.17% of their total revenue in Q2, it’s clear that Bit Digital is shifting focus from digital-asset mining — and they’re doing pretty well, especially when you consider their gross margins compared to peers.

Bit Digital 尽管是一家规模较小的公司（在撰写本文时在 30 家公司中排名第 15），但其 HPC 托管在 2024 年第二季度创造了 1249.7 万美元的收入，将同行远远抛在后面。根据他们的季度报告，他们于 2024 年初在一个专门的数据中心部署了 2,048 个 GPU，并正在考虑升级到新一代 NVIDIA GPU。这次升级导致他们的采购订单暂时延迟，但该公司仍然收到了客户 3000 万美元的不可退还押金。由于 HPC 托管占第二季度总收入的 43.17%，很明显 Bit Digital 正在将重点从数字资产挖掘上转移——而且他们做得相当不错，特别是当你考虑到他们与同行相比的毛利率时。

Core Scientific is well-known for their partnership with CoreWeave. The company has secured long-term contracts to host CoreWeave’s HPC operations. Currently, Core Scientific dedicates 16MW to CoreWeave operations in Austin, Texas, with plans for further expansions across multiple sites, totaling 200 MW. This deal is expected to bring in over $6.7 billion over the next 12 years. However, HPC hosting still contributes only a small portion of their total revenue. Despite this, with their significant investments in HPC infrastructure and ramped-up marketing and sales efforts, we can expect this sector to become increasingly important to their business.

Core Scientific 因与 CoreWeave 的合作而闻名。该公司已获得托管 CoreWeave 高性能计算业务的长期合同。目前，Core Scientific 将 16MW 专用于德克萨斯州奥斯汀的 CoreWeave 运营，并计划在多个地点进一步扩展，总计 200 MW。该交易预计将在未来 12 年内带来超过 67 亿美元的收入。然而，HPC 托管仍然只贡献其总收入的一小部分。尽管如此，随着他们对 HPC 基础设施的大量投资以及加大营销和销售力度，我们可以预期该领域对其业务将变得越来越重要。

Iris Energy is another miner making waves with its HPC/AI business. Just yesterday, they shared their FY 2024 results, highlighting rapid growth in their AI cloud services. According to their presentation slides, IREN operates 816 Nvidia H100 GPUs, serving multiple customers. Although this sector contributed only 1.64% to their total revenue last year, we can expect its contribution to grow.

Iris Energy 是另一家凭借 HPC/AI 业务掀起波澜的矿商。就在昨天，他们分享了 2024 财年业绩，强调了人工智能云服务的快速增长。根据他们的演示幻灯片，IREN 运行 816 个 Nvidia H100 GPU，为多个客户提供服务。尽管该行业去年仅占其总收入的1.64%，但我们预计其贡献将会增长。

The Quieter Players in HPC Hosting

HPC 托管中更安静的玩家

Hut 8 brought in $3.365 million from HPC, accounting for nearly 10% of their total revenue. While they didn’t disclose details on their GPUs, we know their HPC operations span five locations in Canada, including Mississauga, Vaughan, Kelowna, and two sites in Vancouver. There’s definitely more to explore here.

Hut 8 从 HPC 获得了 336.5 万美元的收入，占其总收入的近 10%。虽然他们没有透露有关 GPU 的详细信息，但我们知道他们的 HPC 业务遍布加拿大的五个地点，包括密西沙加、旺市、基洛纳和温哥华的两个地点。这里肯定还有更多值得探索的地方。

Hive is a pioneer among Bitcoin miners when it comes to HPC hosting. They generated $221,000 from HPC in Q2 2023, which grew to $2.605 million in the same quarter of 2024 — a massive 1078.73% YoY growth. However, we should note that their associated sales costs for HPC also grew from $147,000 to $1.955 million (+1229.93% YoY). As a result, their HPC gross margin dropped from 33.48% (Q2 2023) to 24.95% (Q2 2024).

在 HPC 托管方面，Hive 是比特币矿工中的先驱。 2023 年第二季度，他们从 HPC 中获得了 221,000 美元的收入，2024 年同一季度增长到 260.5 万美元，同比增长 1078.73%。然而，我们应该注意到，他们的 HPC 相关销售成本也从 147,000 美元增长到 195.5 万美元（同比增长 1229.93%）。结果，他们的 HPC 毛利率从 33.48%（2023 年第二季度）下降至 24.95%（2024 年第二季度）。

Bitdeer is an interesting case. Despite being Nvidia’s preferred partner in Asia since last November and announcing the completion of their NVIDIA DGX SuperPOD H100 system deployment in March, their latest quarterly report doesn’t provide much insight into how this has impacted their overall business. It’s something to keep an eye on.

比特鹿是一个有趣的案例。尽管自去年 11 月以来一直是 Nvidia 在亚洲的首选合作伙伴，并于 3 月份宣布完成 NVIDIA DGX SuperPOD H100 系统部署，但他们最新的季度报告并未提供太多关于这对其整体业务有何影响的见解。这是值得关注的事情。

TeraWulf has been advancing its efforts to support a large-scale HPC and AI project at the Lake Mariner Facility. According to their latest quarterly report, TeraWulf committed an initial 2 MW block of power to this project, capable of supporting thousands of GPUs. In Q2 2024, they purchased a 128-GPU cluster from NVIDIA, financed by a leading OEM. To support this project, they’ve upgraded their internet interconnection and designed a closed-loop liquid cooling system for the GPUs – all to ensure power supply redundancy for 100% reliability.

TeraWulf 一直在努力支持 Lake Mariner 设施的大型 HPC 和 AI 项目。根据他们最新的季度报告，TeraWulf 承诺为该项目提供初始 2 MW 的电力，能够支持数千个 GPU。 2024 年第二季度，他们从 NVIDIA 购买了一个 128 GPU 集群，由一家领先的 OEM 提供资金。为了支持这个项目，他们升级了互联网互连，并为 GPU 设计了闭环液体冷却系统 - 所有这些都是为了确保电源冗余，实现 100% 的可靠性。

In the next post “How Bitcoin Miners Are Tapping Into the AI Gold Rush (Part 2)” we identified a few Bitcoin miners that were missed

在下一篇文章“比特币矿工如何利用人工智能淘金热（第 2 部分）”中，我们发现了一些被遗漏的比特币矿工