<p><strong>比特幣挖礦變得更加困難且利潤下降，但圍繞它建立的公司的股票卻持續上漲，即使加密貨幣價格下滑。原因顯而易見。</strong></p>
<p>這些公司擁有大型數據中心，消耗大量電力，而這些場所現在因與人工智能相關的計算工作而受到需求。</p>
<p>競爭壓縮了挖礦操作的利潤空間，同時電力和設備的成本持續上升。與此同時，大型科技集團需要現成的場地，配備土地、冷卻系統和長期電力合同。</p>
<p>這種重疊促使幾家礦工將其設施租給 Alphabet、Amazon、Meta、Microsoft 和其他追求更多計算能力的超大規模公司。</p>
<h3>數據中心吸引科技巨頭，礦工追逐新收入</h3>
<p>比特幣挖礦曾獨立存在，作為一種依賴原始計算能力解決方程並釋放新幣的高回報業務。隨着更多參與者的加入和獎勵的減少，這一優勢逐漸消失。正當這種放緩開始時，與人工智能相關的計算需求激增，吸引了對礦工已控制資產的關注。</p>
<p>這些轉型並不簡單。人工智能工作負載需要更強的冷卻和更快的網絡。它們還需要將比特幣機器更換為圖形處理單元。</p>
<p>儘管如此，與礦工簽訂租約使科技公司能夠更快增長，且花費低於從頭建設新場地。許多礦工在進行比特幣挖礦的同時，也從資金雄厚的客户那裏獲得了更長期的合同。</p>
<p>“礦工轉向人工智能的機會是我能想象的最大機會之一，” Core Scientific 首席執行官亞當·沙利文（Adam Sullivan）表示。亞當在保持一些比特幣活動的同時，引導公司朝向人工智能中心。</p>
<p>這一舉措提升了整個行業的股價。CoinShares 比特幣挖礦 ETF 今年上漲了約 90%，儘管比特幣已抹去 2025 年的漲幅。</p>
<p>該基金持有 Cipher Mining 和 IREN 等公司，這些公司在與 Amazon 和 Microsoft 簽訂長期協議後股價均大幅上漲。Core Scientific 的股價在 2024 年 2 月首次簽署人工智能合同後翻了四倍，今年又上漲了 10%。該公司計劃在 2028 年前退出比特幣挖礦。</p>
<h3>電力靈活性使一些礦工與比特幣業務保持聯繫</h3>
<p>對於其他公司而言，人工智能計劃作為對挖礦本身固有限制的保護。比特幣供應量被限制在 2100 萬個，每四年減半一次，獎勵再次減少。價格波動增加了壓力，使得穩定收入更難獲得。</p>
<p>CleanSpark 籌集了 11.5 億美元以擴展數據中心基礎設施，但保持了其比特幣挖礦業務不變。一個原因在於公用事業公司。電力公司希望能夠迅速減少用電的合作伙伴，而比特幣場所可以快速關閉，這是始終在線的人工智能中心無法做到的。</p>
<p>CleanSpark 首席執行官馬修·舒爾茨（Matthew Schultz）解釋了其吸引力。“如果發生天氣相關事件或其他情況，我們可以減少一部分投資組合的用電，以幫助穩定電網，” 馬修説。“我們發現這種負載的需求要大得多。”</p>
<p>CleanSpark 的股價今年上漲了 25%。</p>
<p>並非每個礦工都符合條件。從比特幣挖礦轉向高性能計算需要大量資金，升級也很深。</p>
<p>“比特幣礦工在理解電力及其使用方面具有優勢，但挖礦與高性能計算支持之間有天壤之別，” H.C. Wainwright 的高級研究分析師凱文·迪德（Kevin Dede）表示。“這在強度和複雜性上是一個數量級的差異。”</p>
<p>向人工智能的推進也帶來了風險。一些投資者擔心估值被拉高，支出過重。</p>
<p>另一個結果可能更接近現實。隨着越來越多的公司重新分配產能，美國的比特幣挖礦產量可能下降並轉移到海外，這與特朗普總統希望將比特幣 “在美國開採、鑄造和製造” 的目標相沖突。</p>
<p>註冊 Bybit 並開始交易，獲得$30,050 的歡迎禮品。</p>

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<p>比特幣礦業公司因礦業盈利能力下降和對人工智能計算需求上升而開始多元化進入人工智能數據中心。這一轉變推動了它們的股價上漲，像 Core Scientific 和 CleanSpark 這樣的公司與科技巨頭簽署了協議。儘管人工智能提供了新的收入來源，但它需要大量投資並帶來風險，包括對美國比特幣礦業產出的潛在影響</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>比特幣挖礦變得更加困難且利潤下降，但圍繞它建立的公司的股票卻持續上漲，即使加密貨幣價格下滑。原因顯而易見。</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>這些公司擁有大型數據中心，消耗大量電力，而這些場所現在因與人工智能相關的計算工作而受到需求。</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>競爭壓縮了挖礦操作的利潤空間，同時電力和設備的成本持續上升。與此同時，大型科技集團需要現成的場地，配備土地、冷卻系統和長期電力合同。</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>這種重疊促使幾家礦工將其設施租給 Alphabet、Amazon、Meta、Microsoft 和其他追求更多計算能力的超大規模公司。</p>
</div><h3>Data centers draw tech giants as miners chase new revenue</h3>
<div class="lb-trans"><h3>數據中心吸引科技巨頭，礦工追逐新收入</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>比特幣挖礦曾獨立存在，作為一種依賴原始計算能力解決方程並釋放新幣的高回報業務。隨着更多參與者的加入和獎勵的減少，這一優勢逐漸消失。正當這種放緩開始時，與人工智能相關的計算需求激增，吸引了對礦工已控制資產的關注。</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>這些轉型並不簡單。人工智能工作負載需要更強的冷卻和更快的網絡。它們還需要將比特幣機器更換為圖形處理單元。</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>儘管如此，與礦工簽訂租約使科技公司能夠更快增長，且花費低於從頭建設新場地。許多礦工在進行比特幣挖礦的同時，也從資金雄厚的客户那裏獲得了更長期的合同。</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>“礦工轉向人工智能的機會是我能想象的最大機會之一，” Core Scientific 首席執行官亞當·沙利文（Adam Sullivan）表示。亞當在保持一些比特幣活動的同時，引導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>這一舉措提升了整個行業的股價。CoinShares 比特幣挖礦 ETF 今年上漲了約 90%，儘管比特幣已抹去 2025 年的漲幅。</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>該基金持有 Cipher Mining 和 IREN 等公司，這些公司在與 Amazon 和 Microsoft 簽訂長期協議後股價均大幅上漲。Core Scientific 的股價在 2024 年 2 月首次簽署人工智能合同後翻了四倍，今年又上漲了 10%。該公司計劃在 2028 年前退出比特幣挖礦。</p>
</div><h3>Power flexibility keeps some miners tied to Bitcoin operations</h3>
<div class="lb-trans"><h3>電力靈活性使一些礦工與比特幣業務保持聯繫</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>對於其他公司而言，人工智能計劃作為對挖礦本身固有限制的保護。比特幣供應量被限制在 2100 萬個，每四年減半一次，獎勵再次減少。價格波動增加了壓力，使得穩定收入更難獲得。</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 籌集了 11.5 億美元以擴展數據中心基礎設施，但保持了其比特幣挖礦業務不變。一個原因在於公用事業公司。電力公司希望能夠迅速減少用電的合作伙伴，而比特幣場所可以快速關閉，這是始終在線的人工智能中心無法做到的。</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 首席執行官馬修·舒爾茨（Matthew Schultz）解釋了其吸引力。“如果發生天氣相關事件或其他情況，我們可以減少一部分投資組合的用電，以幫助穩定電網，” 馬修説。“我們發現這種負載的需求要大得多。”</p>
</div><p>CleanSpark shares are up 25% this year.</p>
<div class="lb-trans"><p>CleanSpark 的股價今年上漲了 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>並非每個礦工都符合條件。從比特幣挖礦轉向高性能計算需要大量資金，升級也很深。</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>“比特幣礦工在理解電力及其使用方面具有優勢，但挖礦與高性能計算支持之間有天壤之別，” H.C. Wainwright 的高級研究分析師凱文·迪德（Kevin Dede）表示。“這在強度和複雜性上是一個數量級的差異。”</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>向人工智能的推進也帶來了風險。一些投資者擔心估值被拉高，支出過重。</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>另一個結果可能更接近現實。隨着越來越多的公司重新分配產能，美國的比特幣挖礦產量可能下降並轉移到海外，這與特朗普總統希望將比特幣 “在美國開採、鑄造和製造” 的目標相沖突。</p>
</div><p>Sign up to Bybit and start trading with $30,050 in welcome gifts</p>
<div class="lb-trans"><p>註冊 Bybit 並開始交易，獲得$30,050 的歡迎禮品。</p>
</div>

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