Bitcoin Miners Embrace MicroStrategy Playbook: The Rise Of BTC Yield Strategies
Bitcoin Miners Embrace MicroStrategy Playbook: The Rise Of BTC Yield Strategies
MicroStrategy, led by Bitcoin evangelist It seems Bitcoin (CRYPTO: BTC) miners have found their muse—and it's none other than MicroStrategy Inc (NASDAQ:MSTR).
比特幣（加密貨幣：BTC）礦工似乎找到了靈感——而這個靈感正是MicroStrategy Inc（納斯達克：MSTR）。
JPMorgan's Nikolaos Panigirtzoglou reveals that miners are mimicking the tech company's aggressive bitcoin accumulation strategy as they navigate a landscape of dwindling mining rewards and rising competition.
摩根大通的Nikolaos Panigirtzoglou透露，礦工們正在模仿這家科技公司積極的比特幣積累策略， navigating 一個日益減少的挖礦獎勵和競爭日益加劇的環境。
The result? A shift in how these digital prospectors approach profitability.
結果呢？這些數字尋寶者在盈利方式上的轉變。
MicroStrategy, led by Bitcoin evangelist Michael Saylor, helped start the corporate trend of turning cash flow and leverage into a Bitcoin treasure trove. Now, miners like MARA Holdings Inc (NASDAQ:MARA) are joining the game with their own twist: a 'BTC Yield' strategy designed to grow their bitcoin holdings per share.
MicroStrategy在比特幣傳播者Michael Saylor的帶領下，幫助開啓了將現金流和槓桿轉變爲比特幣寶藏的企業趨勢。現在，像MARA Holdings Inc（納斯達克：MARA）這樣的礦工們也加入了這個遊戲，採用了自己的變奏：一個旨在增加每股比特幣持有量的'BTC收益'策略。
Read Also: Bitcoin Reclaims $101,000 As Inflation Hits 2.7% In November: 'Outlook Remains Bullish,' Says Analyst
另請閱讀：比特幣在11月重返101,000美元，通貨膨脹達到2.7%：'前景依然看好，'分析師表示
The 'BTC Yield' Strategy
『BTC收益』策略
The economics of mining have grown increasingly brutal. Post-halving, reduced block rewards and a surging network hashrate have squeezed miner revenues per terahash, leaving less breathing room for profitability.
挖礦經濟變得愈發殘酷。減半後，區塊獎勵減少，網絡哈希率飆升，擠壓了每個泰拉哈希的礦工收益，留給盈利的空間越來越小。
JPMorgan points out that daily revenues per terahash are at historical lows, forcing miners to rethink their playbooks.
摩根大通指出，每個泰拉哈希的每日收入處於歷史低點，迫使礦工們重新思考他們的行動方案。
To stay afloat — and relevant — miners like MARA are doubling down on Bitcoin.
爲了保持競爭力，像MARA這樣的礦工正在加大對比特幣的投入。
The strategy involves issuing debt or equity to not only hoard mined bitcoin but also actively purchase more. In MARA's case, 60% of its Bitcoin acquisitions this year came from direct purchases, with the remaining 40% from expanded mining operations.
該策略涉及發行債務或股權，不僅囤積挖掘的比特幣，還積極購買更多。在MARA的案例中，今年60%的比特幣收購來自直接購買，其餘40%來自擴大的採礦業務。
The payoff? Marathon now boasts a stash of nearly 35,000 bitcoins, trailing only MicroStrategy among publicly listed companies.
結果？馬拉松現在擁有近35,000個比特幣，僅次於MicroStrategy，在上市公司中排名第二。
The ETF Effect
ETF效應
Adding complexity to the equation is the U.S. debut of spot bitcoin ETFs, which provide institutional investors with a more direct path to bitcoin exposure. Shares of bitcoin miners, once a proxy for institutional bets on the leading crypto, have underperformed in light of this new competition.
美國的現貨比特幣ETF首次亮相，爲機構投資者提供了更直接的比特幣投資途徑。曾經是機構對這一領先加密貨幣投資的替代品的比特幣礦工股票，在這一新競爭的影響下表現不佳。
Yet, miners like MARA are finding ways to thrive in this shifting landscape. By embracing BTC Yield strategies and leveraging low-interest convertible notes to fund their bitcoin spree, they are cementing their role as major players in the broader Bitcoin ecosystem.
然而，像MARA這樣的礦工正在尋找在這一變革趨勢中生存的方式。通過採用BTC收益策略和利用低利率可轉換票據來資助他們的比特幣購買，他們正在鞏固自己作爲更大範圍比特幣生態系統中的重要參與者的角色。
Mining Or Stacking?
挖掘還是積累？
The lines between mining and investing are blurring, with miners increasingly resembling bitcoin-focused asset managers. If this trend continues, we could see more miners pivot toward holding and acquiring bitcoin rather than relying solely on mining operations.
挖礦和投資之間的界限正在模糊，礦工們越來越像以比特幣爲重點的資產管理者。如果這一趨勢繼續下去，我們可能會看到更多的礦工轉向持有和收購比特幣，而不是隻依賴於挖礦業務。
As Bitcoin's ecosystem matures, one thing is clear: the playbook is being rewritten, and it has Saylor's fingerprints all over it.
隨着比特幣生態系統的成熟，一件事變得明確：遊戲規則正在被重新制定，並且此中有Saylor的深刻影響。
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Image: Shutterstock
圖片：shutterstock
譯文內容由第三人軟體翻譯。