<p><strong>比特币挖矿变得更加困难且利润下降，但围绕它建立的公司的股票却持续上涨，即使加密货币价格下滑。原因显而易见。</strong></p>
<p>这些公司拥有大型数据中心，消耗大量电力，而这些场所现在因与人工智能相关的计算工作而受到需求。</p>
<p>竞争压缩了挖矿操作的利润空间，同时电力和设备的成本持续上升。与此同时，大型科技集团需要现成的场地，配备土地、冷却系统和长期电力合同。</p>
<p>这种重叠促使几家矿工将其设施租给 Alphabet、Amazon、Meta、Microsoft 和其他追求更多计算能力的超大规模公司。</p>
<h3>数据中心吸引科技巨头，矿工追逐新收入</h3>
<p>比特币挖矿曾独立存在，作为一种依赖原始计算能力解决方程并释放新币的高回报业务。随着更多参与者的加入和奖励的减少，这一优势逐渐消失。正当这种放缓开始时，与人工智能相关的计算需求激增，吸引了对矿工已控制资产的关注。</p>
<p>这些转型并不简单。人工智能工作负载需要更强的冷却和更快的网络。它们还需要将比特币机器更换为图形处理单元。</p>
<p>尽管如此，与矿工签订租约使科技公司能够更快增长，且花费低于从头建设新场地。许多矿工在进行比特币挖矿的同时，也从资金雄厚的客户那里获得了更长期的合同。</p>
<p>“矿工转向人工智能的机会是我能想象的最大机会之一，” Core Scientific 首席执行官亚当·沙利文（Adam Sullivan）表示。亚当在保持一些比特币活动的同时，引导公司朝向人工智能中心。</p>
<p>这一举措提升了整个行业的股价。CoinShares 比特币挖矿 ETF 今年上涨了约 90%，尽管比特币已抹去 2025 年的涨幅。</p>
<p>该基金持有 Cipher Mining 和 IREN 等公司，这些公司在与 Amazon 和 Microsoft 签订长期协议后股价均大幅上涨。Core Scientific 的股价在 2024 年 2 月首次签署人工智能合同后翻了四倍，今年又上涨了 10%。该公司计划在 2028 年前退出比特币挖矿。</p>
<h3>电力灵活性使一些矿工与比特币业务保持联系</h3>
<p>对于其他公司而言，人工智能计划作为对挖矿本身固有限制的保护。比特币供应量被限制在 2100 万个，每四年减半一次，奖励再次减少。价格波动增加了压力，使得稳定收入更难获得。</p>
<p>CleanSpark 筹集了 11.5 亿美元以扩展数据中心基础设施，但保持了其比特币挖矿业务不变。一个原因在于公用事业公司。电力公司希望能够迅速减少用电的合作伙伴，而比特币场所可以快速关闭，这是始终在线的人工智能中心无法做到的。</p>
<p>CleanSpark 首席执行官马修·舒尔茨（Matthew Schultz）解释了其吸引力。“如果发生天气相关事件或其他情况，我们可以减少一部分投资组合的用电，以帮助稳定电网，” 马修说。“我们发现这种负载的需求要大得多。”</p>
<p>CleanSpark 的股价今年上涨了 25%。</p>
<p>并非每个矿工都符合条件。从比特币挖矿转向高性能计算需要大量资金，升级也很深。</p>
<p>“比特币矿工在理解电力及其使用方面具有优势，但挖矿与高性能计算支持之间有天壤之别，” H.C. Wainwright 的高级研究分析师凯文·迪德（Kevin Dede）表示。“这在强度和复杂性上是一个数量级的差异。”</p>
<p>向人工智能的推进也带来了风险。一些投资者担心估值被拉高，支出过重。</p>
<p>另一个结果可能更接近现实。随着越来越多的公司重新分配产能，美国的比特币挖矿产量可能下降并转移到海外，这与特朗普总统希望将比特币 “在美国开采、铸造和制造” 的目标相冲突。</p>
<p>注册 Bybit 并开始交易，获得$30,050 的欢迎礼品。</p>

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<p>比特币矿业公司因矿业盈利能力下降和对人工智能计算需求上升而开始多元化进入人工智能数据中心。这一转变推动了它们的股价上涨，像 Core Scientific 和 CleanSpark 这样的公司与科技巨头签署了协议。尽管人工智能提供了新的收入来源，但它需要大量投资并带来风险，包括对美国比特币矿业产出的潜在影响</p>

<p><strong>Bitcoin mining has become harder and less profitable, yet the stocks of companies built around it keep rising, even as crypto prices slide. The reason sits in plain sight.</strong></p>
<div class="lb-trans"><p><strong>比特币挖矿变得更加困难且利润下降，但围绕它建立的公司的股票却持续上涨，即使加密货币价格下滑。原因显而易见。</strong></p>
</div><p>These companies own large data centers that burn huge amounts of power, and those sites are now in demand for computer work tied to artificial intelligence.</p>
<div class="lb-trans"><p>这些公司拥有大型数据中心，消耗大量电力，而这些场所现在因与人工智能相关的计算工作而受到需求。</p>
</div><p>Competition has crushed margins across mining operations, while the cost of electricity and equipment keeps climbing. At the same time, big tech groups need ready-to-use sites with land, cooling, and long-term power contracts.</p>
<div class="lb-trans"><p>竞争压缩了挖矿操作的利润空间，同时电力和设备的成本持续上升。与此同时，大型科技集团需要现成的场地，配备土地、冷却系统和长期电力合同。</p>
</div><p>That overlap has pushed several miners to rent out their facilities to Alphabet, Amazon, Meta, Microsoft, and other hyperscalers chasing more computing capacity.</p>
<div class="lb-trans"><p>这种重叠促使几家矿工将其设施租给 Alphabet、Amazon、Meta、Microsoft 和其他追求更多计算能力的超大规模公司。</p>
</div><h3>Data centers draw tech giants as miners chase new revenue</h3>
<div class="lb-trans"><h3>数据中心吸引科技巨头，矿工追逐新收入</h3>
</div><p>Bitcoin mining once stood on its own as a high-return business that relied on raw computing force to solve equations and release new coins. That edge faded as more players joined and rewards tightened. Just as that slowdown set in, demand for AI-related computing surged and pulled attention toward assets miners already controlled.</p>
<div class="lb-trans"><p>比特币挖矿曾独立存在，作为一种依赖原始计算能力解决方程并释放新币的高回报业务。随着更多参与者的加入和奖励的减少，这一优势逐渐消失。正当这种放缓开始时，与人工智能相关的计算需求激增，吸引了对矿工已控制资产的关注。</p>
</div><p>These conversions are not simple.AI workloads need stronger cooling and faster networks. They also require swapping Bitcoin machines for graphics processing units.</p>
<div class="lb-trans"><p>这些转型并不简单。人工智能工作负载需要更强的冷却和更快的网络。它们还需要将比特币机器更换为图形处理单元。</p>
</div><p>Still, signing leases with miners lets tech companies grow faster and spend less than building new sites from scratch. Many miners continue Bitcoin work while bringing in longer contracts from customers with deep pockets.</p>
<div class="lb-trans"><p>尽管如此，与矿工签订租约使科技公司能够更快增长，且花费低于从头建设新场地。许多矿工在进行比特币挖矿的同时，也从资金雄厚的客户那里获得了更长期的合同。</p>
</div><p>“The opportunity for miners to convert to AI is one of the greatest opportunities I could possibly imagine,” said Adam Sullivan, chief executive of Core Scientific. Adam led the company toward AI-focused centers while keeping some Bitcoin activity running.</p>
<div class="lb-trans"><p>“矿工转向人工智能的机会是我能想象的最大机会之一，” Core Scientific 首席执行官亚当·沙利文（Adam Sullivan）表示。亚当在保持一些比特币活动的同时，引导公司朝向人工智能中心。</p>
</div><p>That move has lifted share prices across the sector. The CoinShares Bitcoin Mining ETF is up about 90% this year, even as Bitcoin erased its gains for 2025.</p>
<div class="lb-trans"><p>这一举措提升了整个行业的股价。CoinShares 比特币挖矿 ETF 今年上涨了约 90%，尽管比特币已抹去 2025 年的涨幅。</p>
</div><p>The fund holds companies such as Cipher Mining and IREN, both of which jumped after signing long-term deals with Amazon and Microsoft. Core Scientific’s shares quadrupled in 2024 after its first AI contract in February and are up another 10% this year. The company plans to exit bitcoin mining by 2028.</p>
<div class="lb-trans"><p>该基金持有 Cipher Mining 和 IREN 等公司，这些公司在与 Amazon 和 Microsoft 签订长期协议后股价均大幅上涨。Core Scientific 的股价在 2024 年 2 月首次签署人工智能合同后翻了四倍，今年又上涨了 10%。该公司计划在 2028 年前退出比特币挖矿。</p>
</div><h3>Power flexibility keeps some miners tied to Bitcoin operations</h3>
<div class="lb-trans"><h3>电力灵活性使一些矿工与比特币业务保持联系</h3>
</div><p>For other companies, AI plans act as protection against the limits baked into mining itself. Bitcoin supply is capped at 21 million coins, and the halving every four years cuts rewards again. Price swings add more pressure, making steady income harder to find.</p>
<div class="lb-trans"><p>对于其他公司而言，人工智能计划作为对挖矿本身固有限制的保护。比特币供应量被限制在 2100 万个，每四年减半一次，奖励再次减少。价格波动增加了压力，使得稳定收入更难获得。</p>
</div><p>CleanSpark raised $1.15 billion to expand data-center infrastructure but kept its Bitcoin mining business intact. One reason lies with utilities. Power companies want partners that can quickly reduce usage when grids strain. Bitcoin sites can shut down fast, something always-on AI centers cannot do.</p>
<div class="lb-trans"><p>CleanSpark 筹集了 11.5 亿美元以扩展数据中心基础设施，但保持了其比特币挖矿业务不变。一个原因在于公用事业公司。电力公司希望能够迅速减少用电的合作伙伴，而比特币场所可以快速关闭，这是始终在线的人工智能中心无法做到的。</p>
</div><p>Matthew Schultz, chief executive of CleanSpark, explained the appeal. “If and when there’s a weather-related event or anything else, we can curtail a portion of the portfolio to help stabilize the grid,” Matthew said. “And what we found is the demand for that type of load is much greater.”</p>
<div class="lb-trans"><p>CleanSpark 首席执行官马修·舒尔茨（Matthew Schultz）解释了其吸引力。“如果发生天气相关事件或其他情况，我们可以减少一部分投资组合的用电，以帮助稳定电网，” 马修说。“我们发现这种负载的需求要大得多。”</p>
</div><p>CleanSpark shares are up 25% this year.</p>
<div class="lb-trans"><p>CleanSpark 的股价今年上涨了 25%。</p>
</div><p>Not every miner fits the bill. Moving from Bitcoin mining to high-performance computing costs serious money, and upgrades run deep.</p>
<div class="lb-trans"><p>并非每个矿工都符合条件。从比特币挖矿转向高性能计算需要大量资金，升级也很深。</p>
</div><p>“Bitcoin miners have an advantage in understanding power and its use but there’s a night and day difference between mining and HPC support,” said Kevin Dede, senior research analyst at H.C. Wainwright. “It’s more than an order of magnitude of intensity and complexity.”</p>
<div class="lb-trans"><p>“比特币矿工在理解电力及其使用方面具有优势，但挖矿与高性能计算支持之间有天壤之别，” H.C. Wainwright 的高级研究分析师凯文·迪德（Kevin Dede）表示。“这在强度和复杂性上是一个数量级的差异。”</p>
</div><p>The push into AI also carries risk. Some investors worry valuations are stretched, and spending is heavy.</p>
<div class="lb-trans"><p>向人工智能的推进也带来了风险。一些投资者担心估值被拉高，支出过重。</p>
</div><p>Another outcome could hit closer to home. As more companies redirect capacity, U.S. Bitcoin mining output could fall and move overseas, clashing with President Trump’s goal of keeping Bitcoin “mined, minted and made in the United States.”</p>
<div class="lb-trans"><p>另一个结果可能更接近现实。随着越来越多的公司重新分配产能，美国的比特币挖矿产量可能下降并转移到海外，这与特朗普总统希望将比特币 “在美国开采、铸造和制造” 的目标相冲突。</p>
</div><p>Sign up to Bybit and start trading with $30,050 in welcome gifts</p>
<div class="lb-trans"><p>注册 Bybit 并开始交易，获得$30,050 的欢迎礼品。</p>
</div>

比特币挖矿公司通过兼任 AI 数据中心来获取额外收入