标题：比特币BTC/USD矿工刚刚有记录的最好的宿舍之一

比特币BTC/USD矿工刚刚拥有最好的季度之一，但真正的赢家不仅是那些挖掘最多的硬币的赢家，而且是那些保留费用的胜利者。

JPMorgan analyst Reginald L. Smith took a closer look at the latest trends in the Bitcoin (BTC) miner sector, upgrading IREN Ltd (NYSE: IREN) to Overweight and moving Cipher Mining Inc (NASDAQ:CIFR) to Neutral.

摩根大通分析师雷金纳德·史密斯（Reginald L. Smith）仔细研究了比特币（BTC）矿工领域的最新趋势，将Iren Ltd（NYSE：IREN）升级到超重和移动密码矿业公司（NASDAQ：CIFR）到中性。

Four out of the five major publicly traded bitcoin miners – Cipher, CleanSpark Inc (NYSE: CLSK), IREN, MARA Holdings Inc (NYSE: MARA) and Riot Platforms Inc (NASDAQ: RIOT) – reported record revenues and adjusted earnings in the fourth quarter, largely driven by Bitcoin's price surge and improvements in mining efficiency.

在五个主要公开交易的比特币矿工中，有四个 - Cipher，Cleanspark Inc（NYSE：CLSK），Iren，Mara Holdings Inc（NYSE：MARA）和RIOT Platforms Inc（NASDAQ：RIOT） - 报道了第四季度的创纪录的收入和调整后的收入，很大程度上由BitCoin的价格提高效率，并提高了BitcoIn的价格高度效率，并提高了效率。

MARA mined the most coins with 2,514 BTC, while IREN boasted a 65% increase in production quarter-over-quarter, bringing in 1,347 BTC. However, IREN also excelled in efficiency, producing BTC at the lowest all-in cash cost of ~$36,100 per coin. In contrast, Riot reported the highest cost at ~$72,400 per BTC, still a high price considering BTC averaged ~$83,300 in the fourth quarter.

玛拉（Mara）以2,514 BTC的价格挖掘了最多的硬币，而Iren的产量四分之一季度则增加了65％，带来了1,347 BTC。但是，Iren在效率方面也表现出色，以最低的全国现金成本生产BTC，每枚硬币约为36,100美元。相比之下，Riot报告的最高成本约为每BTC 72,400美元，考虑到BTC在第四季度平均约为83,300美元，价格仍然很高。

MARA had the lowest cash SG&A costs at $9,600 per coin, making it a lean operator despite its relatively high power costs of $52,400 per BTC.

Mara的现金SG＆A成本最低，每枚硬币为9,600美元，尽管电力相对较高的电源成本为每BTC $ 52,400，但它还是一辆精益运营商。

After an aggressive 180% increase in hashrate in 2024, outpacing even network growth, the five miners are slowing down in 2025.

在2024年的哈希酸盐增长了180％，甚至超过网络增长之后，五个矿工在2025年正在放慢速度。

CleanSpark and MARA are shifting toward more disciplined capital management, cutting back on hashrate expansion and focusing on profitability.

CleanSpark和Mara正在转向更具纪律严明的资本管理，削减了哈希底的扩张并专注于盈利能力。

On the other hand, IREN, Cipher, and Riot are evaluating hashrate expansion versus high-performance computing (HPC) opportunities.

另一方面，Iren，Cipher和Riot正在评估哈希酸盐扩展与高性能计算（HPC）机会。

Riot and IREN are trimming their hashrate targets to free up capacity for HPC projects, and Cipher is also considering reallocating resources.

Riot和Iren正在修剪其哈希底靶标，以释放HPC项目的容量，而Cipher也在考虑重新分配资源。

HPC: The Next Big Pivot

HPC：下一个大枢轴

Smith sees HPC data centers as a key growth driver in the coming year, with Cipher best positioned to strike a deal in the near term. IREN is constructing a 75 MW multi-tenant, liquid-cooled HPC data center, expected to go live in 2H25, though financing and tenant details remain largely disclosed.

史密斯（Smith）认为，HPC数据中心是来年的关键增长推动力，而密码则可以在短期内达成协议。 Iren正在建造一个75兆瓦的多租户，液冷HPC数据中心，预计将在2H25上线，尽管融资和租户细节仍在很大程度上披露。

Both Riot and IREN continue active talks with hyperscalers, but deals are taking longer to materialize.

Riot和Iren都继续与大型评分者进行积极的谈判，但交易需要更长的时间来实现。

In terms of stock ratings, Smith is upgrading IREN to Overweight with a $12 price target, highlighting its low-cost structure and strong production growth.

在股票评级方面，史密斯（Smith）以12美元的价格目标将Iren升级为超重，强调了其低成本结构和强劲的生产增长。

CleanSpark, also rated Overweight, gets a revised $12 price target (down from $17) due to deteriorating mining economics.

CleanSpark也获得了超重，由于采矿经济学不断恶化，因此获得了12美元的价格目标（低于17美元）。

Meanwhile, Cipher moves to Neutral, as its 2025 hashrate target lags behind competitors, and capital raises appear likely.

同时，随着其2025年的哈希特目标滞后落后于竞争对手，密码转移到中立，并且大笔资本似乎似乎很可能。

MARA and Riot remain Neutral and Overweight, respectively, with price targets of $18 and $13.

Mara和Riot分别保持中性和超重，价格目标为18美元和13美元。

As miners slow expansion, pivot toward HPC, and manage capital more cautiously, 2025 is a year of strategic recalibration. Bitcoin's price will still dictate the sector's fate, but those with the lowest costs and diversified revenue streams will have the edge.

随着矿工的扩大减慢，向HPC转移并更加谨慎地管理资本，2025年是战略重新校准的一年。比特币的价格仍将决定该行业的命运，但是成本最低和多样化的收入来源的价格将具有优势。