摘要
Summary
2020年底以來，比特幣“數字黃金”“抗通脹”的預期進一步強化，價格屢創新高，2021年中國春節期間更一舉突破5萬美元大關，比特幣挖礦行業水漲船高，最新日收入為3.8億元。 （2021.2.21）。據統計，全球包括海外挖礦股和特斯拉在內的40家公司，已經通過挖礦或直接購買等方式，擁有了超過131萬個比特幣，超過比特幣總量2100萬個的6% ，價值超730億美元（Bitcoin Treasuries，2021.2.20）。我們注意到，諸多在海外上市的公司披露了比特幣礦機購買數據，詳實度可觀，特此整理，以管窺礦機廠商市佔率，並分析挖礦/礦機/礦場/礦池/買幣股的投資機會。
By the end of 2020, Bitcoin's “digital gold” “anti-combustion” was further enhanced by the expected increase in prices, by over US$ 50,000 during the Chinese Spring Festival in 2021, and by more than US$ 73 billion (Bitcoin Treasuries, 2021.2.20) The latest daily income is $380 million. (2021.2. According to statistics, 40 companies worldwide, including overseas mining units and Tesla's internal companies, already have more than 13.1 million bitcoins, more than 21 million bitcoins, and more than US$ 73 billion worth of bitcoin deposits (Bitcoin Treasuries, 2021.2.20).
背景：幣價上漲，礦機芯片產能受限，利好前期已有較多算力的機構。幣價上漲對挖礦收入的影響並非線性的“幣價漲—收入增”，要注意的是，1）收入端，礦工可挖得的比特幣數量與“自有算力/全網算力”正相關。幣價上漲時，理論上全網算力增加，但去年以來，礦機芯片產能受半導體需求緊張，全網算力增加緩慢，因此礦工“自有算力/全網算力”不減，即礦工可挖得的比特幣數量不減，利好礦工；3）成本端，由於礦機廠商以回本週期定價，幣價上漲時，回本週期縮短，礦機提價，挖礦成本上升，挖礦淨收入增加承壓，利空礦工。因此，我們認為，短期內挖礦形勢利好前期已有較多算力儲備的機構，而礦機廠商加碼挖礦也將成為行業有力競爭者。
Background: When the currency price rises, the mineral chip production is limited, and there is already a more arithmetic structure in the early years. The impact of the rise in the currency price on mining revenues is not linear, and it is important to note that 1) the amount of bitcoins that miners can dig is related to the "self-calculated/full-networked" price increase, but that last year, when the price rises, the mineral chip production is under pressure from the semi-guided demand, the full-network calculation is slower, so that the miners do not lose their own arithmetic/full-net computing power, i.e., the amount of bitcoins that miners can dig, and the profits that they can make; 3) the cost rises, with the miners returning to the next week's fixed price, returning to the next week's price, returning to the current week's short-term demand, increasing the cost of mining, increasing the cost of mining, increasing the cost of mining, and increasing the cost of mining.
海外挖礦股已“狂攬”近21EH/s算力，佔比特幣全網算力16%。我們發現，截至2021年2月19日，有17家上市公司披露曾購買過比特幣礦機，其中16家披露了比特幣礦機台數（共33.5萬台），10家披露了這些礦機的算力（接近21EH/s），超過同期比特幣全網算力（136.18 EH/s）的16%。披露算力的10家機構礦機的單台平均算力是71 TH/s，單台平均功耗是2840W，“公司市值/算力”均值8，“算力/功耗”均值17。
The offshore mining unit has been “crazy” for nearly 21EH/s, accounting for 16% of the entire Bit currency net. We found that, as of 19 February 2021, 17 listed companies had disclosed that they had purchased bitcoins, of which 16 disclosed the number of bitcoins (a total of 335,000), 10 disclosed the value of these machines (almost 21EH/s), exceeding 16% of the entire Bitcoins net (136.18 EH/s) during the same period. The average unit capacity of the 10 institutions that disclosed them was 71 TH/s, the average unit capacity was 284 W, the average value of the company's market value/calculation was 8, and the average value of the “calculation/power” was 17.
“市值/算力”均值8（即1EH/s算力對應8億美元市值）。為了更方便地比較資本市場對各公司算力儲備的評價，我們定義了“市值/（公司擁有的）算力”比值。我們發現，10家披露了所持算力的海外挖礦股的“市值/算力”均值為8，如果九城達到比特幣全網算力的10%，其“市值/算力”比將進一步降低。要強調的是，1）並不是“市值/算力”比越低，公司的挖礦業務越被低估，因為公司可能並不以比特幣挖礦為主營業務2）與EPS不同，“市值/算力”僅與公司算力有關（即挖礦收入），而不能反映公司挖礦的成本，例如，比特幣牛市時，礦機購入成本走高，挖礦淨收入不一定高。
The average market value/calculus is 8 (i.e. 1EH/s for $800 million). To make it easier to compare the market's assessment of the company's arithmetic reserves, we have defined the value of the “market value/calculus” ratio. We have found that 10 countries have disclosed the average market value/calculation” of their calculated offshore mining shares to 8 and that if nine cities reach 10 per cent of their full net value of bitcoins, their “market value/calculus” is lower than the market value/calculus value, the lower the company's mining operations are undervalued, as companies may not be primarily engaged in mining on a single currency basis. Unlike EPS, the “market value/calculation” is not necessarily higher than the company's value (i.e., mining revenue), but does not reflect the cost of mining by companies, for example, when they are in the special cow market.
加速入場，狂攬算力，MARA、RIOT、BTBT佔先發優勢，九城增速較快。根據我們的統計，10家披露了所持算力的海外挖礦股共持有近21EH/s比特幣算力，佔全網16%，而這21EH/s中，MARA、RIOT、BTBT所持算力佔82%，分別為10.3 EH/s（52%）、3.8 EH/s（19%）、2.2EH/s（11%），先發優勢明顯。第九城市在宣布轉型後也加了礦機採購力度，增速較快。
Accelerating entry, RAMA, Riot, BTBT, pre-eminence, and faster growth in nine cities. According to our statistics, 10 overseas mining units that disclosed their capacity hold nearly 21 EH/sbit dollars, accounting for 16 per cent of the net, while among 21 EH/s, 82 per cent of MARA, RIOT, BTBT, with 10.3 EH/s (52 per cent), 3.8 EH/s (19 per cent), 2.2 EH/s (11 per cent), with a clear improvement.
投資建議。建議關注：1）挖礦股：MARA、第九城市、RIOT、BTBT。 2）礦機股：嘉楠科技、億邦國際、英偉達等。 3）礦場股：DMGI；4）礦池股（500.com）；5）買幣股：Microstrategy、特斯拉、GBTC等；6）交易所：火幣科技、歐科雲鏈；7）其他：中嘉博創、雄岸科技等。
It is recommended that: 1) mining units: MARA, Ninth City, RIOT, BTBT, 2) mining units: KANOT, Billion Nations International, Yvetteda, etc. 3) mining units: DMGI; 4) mining pool units (500.com); 5) currency units: Microstratey, Tesla, GBTC, etc.; 6) exchange offices: military currency technology, Ocowin chain; 7) other: Kinocarbot, Yujia technology, etc.
風險提示：幣價波動，監管收緊，數據統計偏差。
Risk alert: currency price movements, tight surveillance, statistical deviations.
比特幣挖礦是一門怎樣的生意？
What kind of business is bitcoin mining?
研究目的
Purpose of the study
“全網至少六成算力在中國”是比特幣挖礦行業的一大共識。即便如此，海外擁有的其餘四成算力亦不可小覷，尤其是2020年以來，包括Marathon Patent Group和Riot Blockchain在內的諸多海外上市公司公告了比特幣礦機和比特幣購買情況，數據詳實度可觀。
“At least 60% of the Internet in China” is a common understanding of bitcoin mining. Even so, the remaining 40% of overseas capacity is not insignificant, especially since 2020, when a number of overseas listed companies, including Marathon Patent Group and Riot Blockchain, announced the purchase of bitcoins and bitcoins.
我們整理、統計了這部分數據，梳理了礦機廠商的銷售情況和銷售政策，並總結了相關機構的行為特點，還計算、比較了各機構的“市值/擁有的比特幣算力”值。
We sorted out this part of the data, sorted out the sales and sales policies of the miners, summarized the agency's behaviour and calculated and compared the institution's “market value/possession of bit currency” values.
比特幣和比特幣挖礦是什麼？
What's a bitcoin and bitcoin mining?
比特幣是一種交易媒介和價值儲藏工具。它使用加密技術來控制貨幣單位的創建，並驗證資金的轉移。許多消費者使用比特幣，因為它提供了更便宜、更快的點對點支付選項，而不需要提供個人信息。
Bitcoins are a trade medium and a value storage tool. It uses encryption techniques to control the creation of currency units and to verify the transfer of funds. Many consumers use bitcoins because it provides cheaper and faster point-to-point payment options without the need for personal information.
區塊鍊是比特幣的底層技術。它是去中心化的數字賬本，能在沒有第三方中介的情況下記錄並實現安全的點對點交易，實現數字資產的確權。當用戶請求區塊鍊網絡處理一筆交易時，由礦機（專用計算機）組成的點對點網絡使用已知的算法驗證交易，爭奪交易的記賬權。
Blocks are bottom-level technologies for bitcoins. They are decentralized digital accounts that record and deliver secure point-to-point transactions without a third-party intermediary, with the right to realize digital assets. When a user requests a block-to-line network to handle a transaction, a point-to-point network made up of a miner (a specialized computer) uses known algorithms to authenticate transactions and compete for rights to account for transactions.
交易被驗證之後，區塊鏈上生成一個新的數據塊。新的區塊以永久和難以篡改的方式添加到現有的區塊鏈中，交易就完成了。每一筆交易以及流通中的每一筆數字資產的所有權都記錄在區塊鏈中。
Once the transaction has been validated, a new data plate is created on the chain. The new block is permanently and irretrievablely added to the existing chain, and the transaction is complete. Every transaction and every digital asset in circulation is recorded in the chain.
成功驗證交易的礦機獲得比特幣獎勵和交易手續費（比特幣通過這樣的方式實現公開發行）。每次交易時，礦機都會更新BTC賬本。
Each time the transaction is conducted, the mine will update the BTC account book.
比特幣挖礦行業規模多大？
What's the size of the bitcoin mining business?
已知以下事實，
The following facts are known:
事實1：2009年比特幣上線，“挖”出新區塊的礦機可以獲得50個比特幣獎勵，其後每4年，該獎勵減半1次。當前比特幣的出塊獎勵為6.25個比特幣（注：比特幣獎勵依次為50-25-12.5-6.25）。
Fact 1: In 2009, when Bitcoins went online, mining machines that “draw” out new blocks received 50 bits of reward, which was reduced by one half every four years. The then bitcoin prize was 6.25 bits (note: Bitcoins reward is 50-25-12.5-6.25).
事實2：不管比特幣全網算力多少，比特幣網絡大約每10分鐘會出現1個新的區塊。全網算力多，則比特幣網絡會降低挖礦難度，反之則反，即出塊速度保持恆定。
Fact 2: No matter how much Bitcoins are fully networked, the Bitcoinsnet network is about one new block every 10 minutes. The whole network is more powerful, and the Bitcoin network is less difficult to dig, and vice versa, i.e., the speed of output is constant.
事實3：每天有24小時，即144個10分鐘（24*6）。
Fact 3: 24 hours per day, or 144 10 minutes (24*6).
事實4：當前比特幣價格約為56833美元（Bitinfocharts，2021.2.21）。
Fact 4: The price of the current bitcoin was approximately US$5683 (Bitinfocharts, 2021.2.21).
可以得知，比特幣日產900個（6.25*144），比特幣挖礦行業的出塊獎勵規模為每日5115萬美元（56833*6.25*144），交易手續費為765萬美元（134.56個比特幣，佔比特幣日均產量900個的15%，截至本報告寫作時的2021年2月21日14時的24小時），總計5880萬美元（約3.8億元）。
It is known that the Bitcoins produce 900 per day (6.25*144) and the Bitcoins mining industry receive a bonus of $51.15 million per day (56833*6.25*144) and the transaction fee is $7.65 million (134.56 bits, 15 per cent of the daily average of 900 bitcoins and 24 hours as of 21 February 2021 at the time of writing of the present report), for a total of $58.8 million (approximately $380 million).
幣價上漲，挖礦一定盈利嗎？
Do mining have to be profitable when the money goes up?
影響比特幣礦工賬面收益的因素主要是礦工所能挖到的比特幣的數量和比特幣的價格，而前者的影響因素主要是礦工所持有的算力佔全網算力的比例，這一比例越大，礦工在全網記賬權的爭奪中獲勝的概率越大，能挖到的比特幣的數量越多。
The main factors affecting the profits from the Bitcoin mine account are the amount of bitcoins that miners can dig up and the price of bitcoins, whereas the impact of the former is mainly on the proportion of full-network computing that miners hold, and the greater the probability that miners will win in the competition for full-network accounts, the greater the number of bitcoins that they can dig.
影響比特幣礦工成本的因素主要是買入礦機的價格、礦機功耗和電費等，其中，礦機購置價格是固定成本，礦機功耗是礦機本身的屬性，電費是可變成本，與功耗相關。
The cost of the bitcoin mine is mainly affected by the purchase price of the miner, its power and electricity, in which the price of the miner is fixed, the power of the mine is a property of the mine itself, and the electricity is a variable and related to the power consumption.
當比特幣價格上漲時，對礦機的需求增加，礦機提價，此時購買礦機的成本上升。另外，比特幣價格上漲，更多礦機加入挖礦，由於比特幣出塊速度恆定（每10分鐘1個塊，每塊獎勵6.25個BTC），挖礦難度上升。因此，比特幣價格上漲並不會帶來挖礦盈利線性增長，除非具備購買礦機的成本合理（例如比特幣價格低迷時購入礦機）、電費較低（有較好的電力資源）、礦機功耗較低等因素。
When the price of Bitcoins rises, the demand for miners rises, and the cost of buying miners rises. Moreover, Bitcoins rise, and more miners join the diggers because of the constant speed of bitcoins (one dollar per 10 minutes, 6.25 BTCs per dollar), which rises.
海外比特幣挖礦股數據總結
Foreign bitcoin mining stock summary
“狂攬”近21EH/s算力，佔比特幣全網算力16%
"The Madness" is close to 21EH/s and accounts for 16% of the Bitcoins' full-network computing power.
根據我們的統計，截至2021年2月19日，以Marathon Patent Group、Riot Blockchain和BTBT為代表的挖礦股已經“狂掃”33萬台礦機，公告算力近21EH/s，超過比特幣全網算力（136.18 EH/s）的16%。
According to our statistics, as of 19 February 2021, the mining unit, represented by Marathon Patent Group, Riot Blockchain and BTBT, had “scrowded” 330,000 mining machines, with a public announcement of nearly 21EH/s, exceeding 16 per cent of the Bitcoins' full Internet capacity (136.18 EH/s).
“市值/算力”均值8，“算力/功耗”表現亦有差異
Average value of “market value/calculus” is 8 and there are differences in the performance of “calculation/power consumption”
根據我們的統計，2021年2月18日，挖礦股除Riot Blockchain外，市值均在50億美元以下，除Marathon Patent Group擁有的算力在1萬PH/s（相當於10EH/s）以上，其他均不到5EH/s。
According to our statistics, on 18 February 2021, the mining unit, with the exception of Riot Blockchain, had a market value of less than $5 billion, and with the exception of Marathon Patent Group, which had a capacity of more than 10,000 PH/s (equivalent to 10 EH/s), less than 5 EH/s.
我們計算了“市值/算力”指標以比較資本市場對挖礦股算力的定價情況，還計算了它們的“總算力/總功耗”以表徵成本。
We have calculated the “market value/numeric” indicator to compare the price of mining stock calculations in the capital market, and their “total value/total power consumption” to indicate the cost.
我們發現，“市值/算力”值低說明公司的挖礦業務被有所低估。當然，並不是“市值/算力”比越低，公司的挖礦業務越被低估，因為公司可能並不以比特幣挖礦為主營業務。另外，“市值/算力”比僅能反映公司挖礦收入端的情況，不能反映成本端。
We find that “market value/numeracy” is an underestimation of the company’s mining operations. Of course, it is not “market value/numeracy” that is lower, and the company’s mining operations are undervalued, because the company may not be primarily mining bitcoins.
“總算力/總功耗”指標則反映出公司所購礦機的性能，其值越大，則同等功耗水平下，算力越高。此項數據披露並不完整，據已有數據可以看出，Ault Global Holdings的礦機性能較好。
The "total power/total power consumption" indicator reflects the performance of the company's miner, the higher its value, and the higher its capacity at the same level of power consumption. This data disclosure is incomplete, and data already show that Ault Global Holdings has better mining performance.
我們注意到，各公司均在“大攬”算力，部分給出了中長期目標，在短期不可證偽中，市場預期將同步更新。例如算力增速彈性最大的NCTY，其計劃達到比特幣全網算力的10%，屆時其“市值/算力”進一步降低。
We note that companies are “big” numeric, partly giving medium- and long-term targets, and that in the short term the market is expected to be updated simultaneously. For example, NCTY, which is the most aggressive, has a plan to reach 10% of the full web capacity of the Bitcoins, and its “market value/numeracy” is reduced at that time.
算力之爭方始：MARA、RIOT、BTBT佔比領先，後來者“兇猛”
Arithmetic arguments begin: MARA, RIOT, BTBT take the lead, and then they're "hard."
根據我們的統計，8家披露了所持算力的海外挖礦股共持有近21EH/s比特幣算力，佔全網16%，而這21EH/s中，Marathon Patent Group、Riot Blockchain、Bit Digital所持算力佔82%，分別為10.3 EH/s（52%）、3.8 EH/s（19%）、2.2EH/s（11%）。
According to our statistics, eight of the overseas mining units that disclosed their capacity held nearly 21 EH/sbit dollars, accounting for 16 per cent of the net, while among these 21 EH/s, the calculated capacity of Marathon Patent Group, Riot Blockchain, Bit Digital accounted for 82 per cent, divided by 10.3 EH/s (52 per cent), 3.8 EH/s (19 per cent) and 2.2 EH/s (11 per cent).
在礦機公司所屬的交易所方面也有“二八”現象，根據我們的統計，熱衷於購買比特幣及其礦機的上市公司的上市地多為美、加兩地（並不意味著是當地公司），其中，披露了算力的10家挖礦股有3家的上市地是多倫多交易所創業板，4家在紐交所，3家在紐交所，按算力佔比統計，納斯達克擁有的算力最多，接近82%。例如，佔據挖礦股“半壁江山”的Marathon Patent Group即為美國公司，這主要受制於地方政府對BTC的態度。
There is also a “28” phenomenon in the exchanges of mining companies, where, according to our statistics, the listed companies that are interested in buying bitcoins and their mining machines are listed more frequently in the United States and more in both places (not to say in local companies), in which three of the 10 mining units revealed their ability to do so are listed on the Toronto Exchange’s start-up board, four in New York, three in New York, and three in New York, where they account for the largest amount of accounting available to Nasdak, nearly 82 per cent. For example, the Marathon Patent Group, who owns the Diggering Unit, is an American company, largely governed by the local government’s attitude towards BTC.
比特大陸、神馬市佔率較高，嘉楠後市產能充足，現貨“一機難求”
There's a lot more on the continent and in the city of San Francisco, there's plenty in the post-Kana city, and there's a "one shot" in the market.
根據我們的統計，比特大陸、神馬市佔率較高，有4家挖礦股（Riot Blockchain、MGT Capital Investment、Ault Global Holdings、Argo Blockchain）的全部礦機均為比特大陸的螞蟻礦機， 1家挖礦股（第九城市）的新購機型為神馬礦機。但值得注意的是，嘉楠作為唯一一家與三家主流的礦機晶圓代工廠均有合作的礦機廠商，2021年屢獲大單，值得關注。
According to our statistics, the city of Bitt, which has a higher share, has four mining companies (Riot Blockchain, MGT Capital Investment, Ault Global Holdings, Argo Blockchain) all of which are ants on the Bitland, and a new buying machine for a mining unit (the ninth city), which is a pma miner. But it is worth noting that, as the only miner that works with the three dominant mineral mills, Carnan is worth noting in 2021.
關於近況，在這一輪挖礦潮中，由於比特幣價格的暴漲，加之疫情持續、芯片短缺等問題，使得礦機供不應求。在市場上，一手礦機紛紛售罄，二手礦機大量溢價。
In recent times, the surge in bitcoin prices, coupled with the persistence of the epidemic and the shortage of chips, has left the mine unsatisfied. On the market, one-hand mines have been sold out, and second-hand mines have run out of money.
在比特大陸官網可以發現，在售的螞蟻礦機S19、S19 Pro 和T19 均已售罄，發貨時間要到2021年8月，並且價格相比之前大幅度提升。而在比特微官網，所有類型的礦機都已售罄。
The sales of the ants S19, S19 Pro, and T19 have been exhausted in Bitland, where the delivery time is up until August 2021, with a substantial increase in prices compared to that of the others. In Bitwig, all types of mines have been sold out.
部分公司從生產商如比特大陸直接購買，不僅價格相對較高，而且到付部署時間也較遲。 Marathon Patent Group在比特大陸訂購的1.7億美元礦機需要在2021年12月才能交付完成。
Some companies buy directly from producers like Bitland, not only for relatively high prices, but also for late deployment. Marathon Patent Group’s 170 million-dollar mineral order on Bitland will have to be delivered by December 2021.
在我們統計的數據中，2020年，部分挖礦公司購買二手礦機或從第三方渠道購買礦機。我們認為，主要原因還是價格和到付部署時間。二手礦機不僅價格相對較低，而且多是打包出售，不需要生產週期，安裝部署時間短，能更早的趕上這波上漲行情，創造收益，是相對理性的策略。
In our statistics, in 2020, some mining companies bought second-hand mining machines or bought them from third-party channels. We believe that the main reason is price and time to deploy. Second-hand mining machines are not only relatively low prices, but are often packaged for sale, do not need a production period, have short deployment time, be able to catch up with the wave earlier and generate benefits, and are a strategy of relative rationality.
傳統礦業、投資、互聯網公司先後入局，2018年現專業挖礦股
Traditional mining, investment, Internet companies first came in.
我們認為，挖礦股的發展大致可以分為3個階段：
We believe that the development of the mining unit can be broadly divided into three stages:
1）2017Q4-2018Q1，從事傳統礦產探測（如黃金）的公司最先入局，這或許與這類公司有較為充足的廠房資源和低廉電價有關；
1) 2017Q4-2018Q1, the first company to enter the business of traditional mining exploration (e.g. gold), which may be related to the fact that such companies have a more adequate supply of plant housing and a lower price of electricity;
2）2018-2019，比特幣熊市，除個別投資公司外，入局挖礦行業的公司較少，但這一時期開始出現以比特幣挖礦為主業的上市公司（Digihost Technology）；但是，在礦機訂購數量上，2018年是挖礦公司訂購礦機的大年。
2) 2018-2019, Bitco Bear City, where fewer mining companies, with the exception of other investment companies, began to appear as a listed company with Bitcoin as its main mining industry (Digihost Technology); however, in 2018, the number of mining bookings was the year of mining company subscriptions.
3）2020年至今，開始有IT行業的公司（如網絡遊戲、信息安全等）入局挖礦，這一現像或與2020年比特幣幣值出現攀升有關。 2020年第二季度以來Riot Blockchain新購超過3萬台礦機，Marathon Patent Group則更是訂購了超過10萬台礦機。
3) From 2020 to the present, companies in the IT industry (e.g. Internet games, information security, etc.) began mining operations, either in connection with the increase in the value of the bitcoins in 2020. Riot Blockchain purchased more than 30,000 new miners in the second quarter of 2020, and Marathon Patent Group ordered more than 100,000.
另外，相比於其他行業，比特幣挖礦並非勞力密集型行業。理論上來說，只要有礦機和電力就可以進行挖礦業務。我們在調查中發現，即使是專營比特幣挖礦公司，其正式員工數量也很少。如Marathon Patent Group，截至2021年1月11日只擁有3名全職員工。
Moreover, Bitcoin mining is not a labour-intensive business compared to other industries. Theoretically, mining can be done as long as there is a miner and electric power. We found in our investigation that even a bitcoin mining company has a small number of official employees. For example, Marathon Patent Group, with only three full-time employees as of 11 January 2021.
因此在成本（買入礦機的價格、礦機功耗和電費）可控的情況下，如果比特幣價格保持高位，由於比特幣挖礦業務的特殊性，只要收益大於成本，那麼可以預見未來會有越來越多的其他行業公司開展比特幣挖礦業務。
Thus, if the price of bitcoin remains high, due to the special nature of bitcoin mining, and if the return is greater than the cost, it can be expected that there will be more and more other industry companies in the future to open bitcoin mining if the price of bitcoin remains high.
部分挖礦股還採購了其他幣種礦機
Part of the mining unit also purchased other coin-based machines.
在我們統計的數據中，大多數海外公司購入的都是比特幣礦機，也有部分公司在購入比特幣礦機的同時購買了少批次的其他幣種的礦機，例如以太坊的顯卡礦機。隨著DeFi（去中心化金融）的興起，以太坊生態交易激增，帶來礦工收益大幅提升，顯卡礦機的回本週期一度好於BTC礦機。
In our statistics, most overseas companies buy bitcoins, and some buy smaller quantities of other coins at the same time as bitcoins, such as the Ether bank’s credit card machine. As DeFi (decentralized finance) rises, there is a dramatic increase in the profits of miners, and the trucker’s return was better than the BTC miner’s.
除此以外，匿名幣礦機也有少量增加。
In addition to this, there has been a slight increase in anonymous coin machines.
全球比特幣“涉幣”股數據總結
Summary of global Bitcoin “associated” shares
自2020年以來，因為全球央行流動性寬鬆等因素，許多海外公司都開始購買比特幣作為儲備置換現金對抗通脹。根據門戶網站bitcointreasuries.org的相關數據，截至2021年2月20日，全球包括海外挖礦股在內的40家公司，已經擁有了超過131萬個比特幣，超過比特幣總量2100萬個的6%，價值超730億美元。
Since 2020, as a result of the bloated liquidity of the global central bank, many overseas companies have been buying bitcoins as a reserve to replace cash against currency. According to the homeline bitcointreasuries.org, as of 20 February 2021, 40 companies, including offshore mining units, had more than 1.31 million bits, 6% of a total of 21 million bitcoins and a value of over $73 billion.
這些公司共分為三種類型：公開上市交易、私人持有、類ETF持有人。其中，持有比特幣最多的是美國的Grayscale Bitcoin Trust，高達64.9萬個，佔比特幣總量的3%，價值達360億美元；上市公司中持有比特幣最多的是美國的MicroStrategy，高達71079個（佔比特幣總量的0.34%），價值達39億美元。
These companies are divided into three types: publicly traded, privately held, and type ETF holders. Among them, the largest in bit currency is the United States, Grayscale Bitcoin Trust, with 649,000, or 3 per cent of the total, worth $36 billion; and among listed companies, the largest in bitcoins is the United States, MicroStrategy, with 71,079 (0.34 per cent of the total) worth $3.9 billion.
市場關注的投資要點
It's important to invest in market attention.
如何看待比特幣挖礦/礦機/礦場/礦池/買幣股的投資價值？ 2021年是最好年份嗎？
What about the investment value of bitcoin diggers/miners/miners/mineries/mines/pollions? 2021 is the best year?
首先需要明確的是，二級市場的涉幣概念股本質上都是BTC在股票市場的映射，買入這個板塊的本質是看漲BTC。因商業模式的差異，這類股票都或多或少地對BTC現貨存在一定槓桿，其波動也會較BTC現貨更大。
First of all, it needs to be clear that the second-tier equity concept is based on BTC's mapping of the stock market, and the buying of the plate is based on the BTC upswing. Because of differences in business patterns, the stock has more or less a stick to BTC's currents, and the wave is bigger than the BTC's.
近期，比特幣價格上漲較快，礦工收入上漲。另外，比特幣礦機產能受到芯片代工廠產能限制，全網算力上漲幅度受限。因此，不管是看比特幣價格還是礦工算力佔全網算力的比例，均利好礦工收入端，回本週期縮短。
In recent times, the price of bitcoins has risen faster, and mining revenues have risen. Moreover, bitcoin mining can be limited by chip-for-work capacity, with full network capacity rising.
礦工的回本週期也是礦機廠商定價時考慮的重要因素。當礦工的回本週期縮短，礦機廠商大概率抬升礦機價格，礦機購置成本增加，新入場的礦工回本週期大概率不如前期已購入充足算力的礦工。
The miner’s return period is also an important consideration when agreeing on a price for the mine. When the miner’s return is shorter, the miner’s recovery rate is likely to raise the mine’s price, the mine’s purchase costs are higher, and the new miner’s return is probably less likely than the miner’s already well-counted miner’s return this week.
據礦機公司報價，其春節前後相比，單位算力價格已經出現大幅增長，如果回歸盈利預測，預期將進一步上修，這是礦業概念股的彈性所在。
According to the company, the value of the unit value has increased significantly since the spring season and is expected to be improved further if it returns to the forecast of profit, which is the strength of the concept of the mining sector.
因此，我們認為，對不同的挖礦、買幣概念股，商業模式、投資節奏會略有差異。
So, we think that business models and investment rhythms will be slightly different for different mining, currency concepts and shares.
1、挖礦股（MARA、RIOT、BTBT、第九城市等）：受比特幣價格上漲（礦工收入增加）和芯片產能受限（全網算力上漲承壓，礦工自有算力佔全網算力比例提升）影響，2021年或將成為比特幣挖礦的好年份，但主要是對前期已購入充足算力的礦工而言，利好前期已有較多算力儲存的挖礦概念股。新購礦機將是一輪“軍備競賽”，價格和數量均需關注。
The mining unit (MARA, RIOT, BTBT, Ninth City, etc.) is influenced by the higher price of bitcoins (the increase in mineral revenues) and the limited ability of chips to produce (the increase in all-web capacity and the increase in all-web capacity of miners) and will be a good year for bitcoin mining in 2021, but it is mainly for miners who have acquired sufficient value in the previous period that the concept of mining has been more productively saved in the previous period. The new miner will be a round of “military reserve competitions” in which the price and quantity will be noted.
2、礦機股（嘉楠科技、億邦國際等）：對於比特幣礦機廠商股而言，其業績較比特幣價格有一定滯後性（從礦機廠商向台積電、三星和中芯國際等晶圓代工廠流片到整機交付給礦工約需1個季度），尤其是2021年上半年，比特幣挖礦芯片產能有限，幾無現貨，礦機交貨期多為6、7月份或更晚，而根據我們的統計，礦機客戶多分批付款，直至礦機交付，因此，礦機廠商的業績釋放更為滯後。
Miner Unit (Canadian Technology, Billion States International, etc.): For Bitcoin Miners Unit, its performance is somewhat lower than that of bitcoin (a quarter from the miner to the miller to the miller, the tristar and the central core, etc.). In particular, in the first half of 2021, Bitcoins were limited in their ability to dig chips, few of which were available, the miner was delivered in June, July or later, and according to our statistics, miner clients paid more in instalments until the miner was delivered, so that the miner's business was released more after it was released.
值得關注的是，以太坊礦機目前仍以顯卡為主，全球主力供應商英偉達高端顯卡目前也一機難求，公司也明確表示將為挖礦推出專門機型，顯然也是這輪加密資產浪潮的受益者。
Of note is the fact that the industry is still dominated by cards, that the world’s leading suppliers of high-end high-profile cards are currently difficult to obtain, and that companies have clearly indicated that they will launch a special type of machine for mining, apparently also for the benefit of this wave of encryption assets.
但值得注意的是，嘉楠科技已經表示會在2021年第一季度末或者第二季度初開展海外自營挖礦業務。而2021年2月17日，億邦國際也宣布啟動比特幣挖礦業務。我們認為，這些舉措有望平滑礦機廠商收入和提前業績的釋放。
But it is worth noting that KANO has indicated that it will open its own mining operations abroad by the end of the first quarter of 2021 or the beginning of the second quarter. On February 17, 2021, Billion International announced the launch of Bitcoin mining operations.
3、礦場（DMG Blockchain Solutions等）：一般擁有低廉的電力資源，業務模式為為礦工提供場地與電力，由於與礦工簽訂的價格合同約定的服務期限較長，受比特幣價格影響較小，業績彈性一般。
3. Mines (DMG Blockchain Solutions, etc.): Low-cost electricity is generally available, with the industry model providing land and power to miners. The duration of the service under the contract with the miners is longer, influenced by the price of bitcoins, and performance is more modest.
4、礦池股（500.com）：2021年2月16日，500.com發佈公告稱，將以約10%的股份，收購BTC.com礦池，包括BTC.com的全部礦池業務、 BTC.com域名和BTC.com加密貨幣錢包。該礦池在截至2021年2月21日的1年市佔率為12%（歐科雲鏈瀏覽器）。
4 (500.com): On February 16, 2021, 500.com issued an announcement stating that the BTC.com pond, including all BTC.com mining businesses, BTC.com domain names and BTC.com encrypted currency wallets, will be bought with about 10% of the shares.
礦池是當前比特幣挖礦產業鏈較少被上市公司涉足的領域，這一商業模式存在的意義是聚集礦工分散的算力，為礦工平滑收益。行業競爭格局較為分散。
The mining pond is the domain where the former bitcoin digs mining chains are less involved by listed companies, a business model that has the meaning of bringing together the spread of the miners and smoothing the profits for the miners. The pattern of competition is more fragmented.
5、買幣股（Microstrategy、特斯拉等）：受比特幣價格影響較大，不管是收入還是成本端，需關注各機構的購入比特幣的成本和售出時幣價。
Microstrategy, Tesla, etc.: The price of bitcoins is much higher, both in terms of income and cost, and attention is paid to the cost of buying and selling bitcoins from institutions.
6、交易所股（火幣科技、歐科雲鍊等）：主流交易所火幣、OKcoin在港股的映射主體，目前尚未涉足本體交易所資產，但未來存在整合預期。美國coinbase有望登陸資本市場將對這類標的產生直接催化。
6. Exchange shares (tun money technology, Eurocoun chains, etc.): The mainstream exchange coins, and the mapping of the Okcoin shares in the port, are not currently involved in the local exchange, but are expected to be integrated in the future. The United States coinbase is expected to enter the capital market to directly catalyse the creation of this label.
其他（中嘉博創、雄岸科技等）：中嘉博創、雄岸科技分別從事算力出口與區塊鏈產業投資業務，建議關注。
Others (Mino-Calbot, Yusaki Technology, etc.): China-Calca-Charbo-Classed Technology, which divides between arithmetic exports and industry investment in chain industries, suggests that attention be paid to this issue.
如何看待比特幣後市？
What do you think of the Bitcoins?
關注全球央行寬鬆節奏、傳統企業資產配置、金融監管態度、公眾人物宣傳四股力量。 2021年農曆春節期間，比特幣價格再次突破前高，躍至5萬美元以上。我們認為，這波比特幣價格上漲潮主要受四股力量推動：1、疫情反复，為刺激經濟發展，全球央行競相寬鬆；2、為對抗通脹，“傳統”企業將資產中現金置換為比特幣，如特斯拉、Microstrategy等；3、灰度GBTC之後，比特幣ETF在加拿大獲批，更多機構有望入市；4、特斯拉創始人馬斯克在社交媒體對比特幣的不斷宣傳也是重要因素，這進一步深化了比特幣“數字黃金”的形象，提升了比特幣的社會認知度。
During the 2021 season of the agricultural calendar, the price of the Bitcoin rose again, to over $50,000. We believe that the price of the Popit currency has been driven mainly by four forces: (a) the recurrent epidemic, which has eased the global central bank’s competition to stimulate economic development; (b) and (c) the “traditional” firm’s exchange of capital into bitcoins, such as Tesla, Microstratey, etc.; (c) after 3 and Greyscale GTTC, more institutions are expected to enter the market; (d) and (d) Tesla’s founder, Muske, in social media, which has further deepened the image of Bitco’s “digital gold” and raised the profile of bitcoins.
謹防幣價波動風險，做好庫存管理。當前美國疫情形勢有所緩和，經濟復甦節奏加快，央行“放水”現像有邊際收緊跡象，傳統企業資產配置步伐或受影響，需謹防幣價下跌、挖礦收益減少、礦機廠商庫存增加、比特幣購置成本過高風險。
The pre-United States epidemic has eased, economic recovery has accelerated, central banks’ “water release” has been on the verge of tightening, and traditional corporate asset allocation has been stepped up or affected by falling currency prices, reduced mining revenues, increased reserves in mining plants, and high costs of purchasing bitcoins.
投資建議
Investment advice
建議關注：1）挖礦股：MARA、RIOT、BTBT、第九城市。 2）礦機股：嘉楠科技、億邦國際、英偉達等。 3）礦場股：DMGI；4）礦池股（500.com）；5）買幣股：Microstrategy、特斯拉、GBTC等；6）交易所股：火幣科技、歐科雲鏈；7 ）其他：中嘉博創、雄岸科技等。
Note: 1) Mining Unit: MARA, RIOT, BTBT, Ninth City. 2) Miner Unit: KANOT, Billion Nations International, Yvetteda, etc. 3) Mine Unit: DMGI; 4) Mineral Pool Unit (500.com); 5) Money Purchase Unit: Microstratey, Tesla, GBTC, etc.; 6) Exchange Unit: Flamming Technology, Ocowin Chain; 7) Other: KABOST, Yuji, etc.
附1：海外比特幣挖礦股購機詳情
Appendix 1: Information on offshore bitcoins mining purchases
美國篇
American.
Marathon Patent Group（MARA），納斯達克
Marathon Patent Group (MARA), Nasdak
2010年2月在內華達州註冊成立，名稱為Verve Ventures，Inc。
Registered in Nevada in February 2010 under the name Verve Ventures, Inc.
2011年12月，公司更名為American Strategic Minerals Corporation，從事鈾和釩礦產的勘探和潛在開發業務。
In December 2011, the company changed its name to American Strategic Minerals Corporation for exploration and potential development of entropy and mining.
2012年6月，公司終止了礦產業務，並開始投資南加州的房地產。
In June 2012, the company ended mining operations and began investing in properties in Southern California.
2012年10月，公司停止房地產業務，開始了IP許可業務，同時公司更名為Marathon Patent Group。
In October 2012, the company ceased its real estate business and began its IP licensing business, changing its name to Marathon Patent Group.
2017年11月，公司與Global Bit Ventures合併協議，未來專注於挖掘數字資產。公司購買了礦機，並在加拿大建立數據中心來開採數字資產。
In November 2017, the company entered into a merger agreement with Global Bit Ventures, which will focus on digging up digital assets. The company purchased the mine and set up a data centre in Canada to develop digital assets.
2018年2月，首次購入1400台S9螞蟻礦機。
In February 2018, 1,400 S9 ants were purchased for the first time.
2020年，公司大量購買礦機，提高算力。
In 2020, companies purchased a large number of mining machines and improved their ability to calculate.
2021年1月，公司購買了價值1.5億美元的比特幣作為儲備的一部分。
In January 2021, the company purchased $150 million worth of bitcoins as part of the reserve.
MGT Capital Investments（MGTI），紐交所
MGT Capital Investments (MGTI), New York Agency
2016年9月，在華盛頓開始比特幣挖礦業務。
In September 2016, Bitcoin mining started in Washington.
2016年，以5 PH/s的速度生產約100枚比特幣。
In 2016, about 100 bits were produced at the rate of 5 PH/s.
2017年10月，與Deep South Mining LLC和BDLM，LLC簽訂管理協議，投資者同意購買1944台S9礦機。 2017年11月21日，與Buckhead Crypto，LLC簽訂管理協議。三個投資者共計以3650美元的價格購買2376台S9礦機。
In October 2017, management agreements were signed with Deep South Mining LLC and BDLM, and investors agreed to buy 1944 S9 machines. On November 21, 2017, management agreements were signed with Buckhead Crypto, LLC. Three investors bought 2376 S9 machines at a cost of $3650.
2017年底，因華盛頓電力不足，決定將主要挖礦業務移至瑞典北部。 2018年第一季度，在瑞典交付2000台礦機，並將4300台（包括2100台投資者的礦機）從華盛頓轉移到了瑞典。
At the end of 2017, because of the power shortage in Washington, it was decided to move the main mining industry to northern Sweden. In the first quarter of 2018, 2,000 mining machines were delivered in Sweden and 4,300 (including 2,100 investors) were transferred from Washington to Sweden.
2018年2月，從第三方購買200台S9礦機。
In February 2018, 200 S9 mines were purchased from third parties.
2019年3月，公司終止在華盛頓的託管，並轉交礦機所有權，以支付託管服務費。
In March 2019, the company ended up in Washington and transferred ownership of the mine to pay for the services.
2019年5月，與Deep South Mining LLC和BDLM，LLC簽訂經修訂的管理協議，重新連接投資者的礦機並恢復對比特幣的開採。由於折舊，二者總共仍有1800台S9礦機。
In May 2019, a revised management agreement was signed with Deep South Mining LLC and BDLM, LLC, to reconnect investors’ miners and restore the start-up of Bitcoins. As a result of the decline, 1,800 S9 mines remain.
2019年9月開始在LaFayette設施中挖礦，2020年1月31日宣布正在運營1500台新一代礦機，約80 Ph/s，總電力負載略低於4 MW（兆瓦，下同）。
Mining in LaFayette began in September 2019, and on 31 January 2020 it was announced that 1,500 new-generation mining machines, approximately 80 Ph/s, were operating with a total power load of slightly less than 4 MW (megawatts, lower).
2019年至2020年9月30日期間，共收購1500個礦機，價值2313萬美元。
Between 2019 and 30 September 2020, 1,500 mines valued at $2.313 million were bought.
截至2020年9月30日和2021年1月25日，擁有約869台和669台S17 pro螞蟻礦機，均來自比特大陸；分別出售了587和787台礦機。算力總額定值約30 Ph/s。相鄰的公用變電站可以提供超過20MW的低成本電力，公司目前的電力負荷估計略高於1MW。
By September 30, 2020 and January 25, 2021, there were about 869 and 669 S17 prot mines, both from the Bitlands; 587 and 787 mines, respectively, were sold. The total value of the computing power is about 30 Ph/s. A neighbouring utility can provide low-cost power more than 20 MW, and the company’s current power charge is estimated to be slightly higher than 1 MW.
Bit Digital Inc（BTBT），納斯達克
Bit Digital Inc. (BTBT), Nasdak
2015年11月，上海點牛互聯網金融信息服務有限公司在中國開展業務，主營互聯網金融P2P業務。
In November 2015, Shanghai Point Bull Network Financial Information Services Ltd. opened its business in China, hosting the Internet finance P2P business.
2017年初，成立金牛公司（GoldenBull Limited）作為境外控股公司，從事汽車租賃業務。
At the beginning of 2017, GoldenBull Limited was established as an offshore holding company working on car rentals.
2019年10月，決定暫停其現有的P2P借貸業務。
In October 2019, it was decided to suspend its current P2P loan.
2020年2月開始比特幣挖礦業務，主要業務區域是中國的內蒙古省、新疆省和四川省。
Bitcoin mining began in February 2020, with China's provinces of Inner Mongolia, Xinjiang and Sichuan.
2020年4月，收購香港XMAX Chain Limited作為全資子公司，經營比特幣挖礦業務。
In April 2020, Hong Kong XMAX Chain Limited was bought as a wholly-owned subsidiary in Bitcoin mining.
2020年5月，購入3429台M21S神馬礦機。
In May 2020, 3,429 M21S machines were purchased.
2020年9月，公司正式將其名稱從“GoldenBull Limited”更名為“Bit Digital Inc”。
In September 2020, the company formally changed its name from “GoldenBull Limited” to “Bit Digital Inc”.
2020年9月，公司在美國特拉華州成立了全資子公司Bit Digital USA，通過該公司在美國開展比特幣挖礦業務。
In September 2020, the company established its full-fledged subsidiary Bit Digital USA in Delaware, the United States, through which it opened its Bitcoin mining business in the United States.
SoS Ltd （SOS），紐交所
SoS Ltd (SOS), Newport
2004年7月，公司成立，當時名為China Risk Finance LLC。
In July 2004, the company was founded under the name China Risk Finance LLC.
2015年2月，在香港成立了全資子公司：CRF中國控股有限公司。
In February 2015, an all-embracing subsidiary, the CRF China Holdings Ltd., was established in Hong Kong.
2020年5月，收購永寶第二公司，該公司控制著SOS信息技術有限公司。主營業務為運用AI和雲計算科技為客戶提供高效的各種緊急救援服務和信息安全服務。
In May 2020, Young-Bo's second company, which controls SOS Information Technology Ltd., was established to provide efficient emergency and information security services to clients using AI and cloud computing technology.
2021年1月，公司宣布加密幣開採計劃，計劃大力投資加密挖礦業務。同時簽署意向書，擬收購總部位於加拿大的FXK科技公司，該公司專門從事區塊鏈技術諮詢，以及對加密貨幣交易所和雲加密算力交易所的運營和支持。
In January 2021, the company announced an encrypt currency initiative to invest heavily in encrypt mining.
2021年1月，公司宣布採購14238台比特幣礦機，算力為527PH/s, 1408台ETH挖礦機，功率為1056GH/s。 ，一旦所有這些挖礦設備投入運行，預計每天將產生大約3.5 BTC和63 ETH，根據當時加密貨幣價格，每天約賺206551美元。
In January 2021, the company announced the purchase of 14238 bits of minerals, with a capacity of 527 GH/s, 1408 ETHs, and 1056 GH/s. Once all of these mining facilities are put into operation, it is expected to generate approximately 3.5 BTCs and 63 ETHs per day, making about $206551 per day, according to the price of the encrypted currency at that time.
2021年1月，與四川瀘州合江雷博東水電站簽訂框架協議，將獲得廉價的可再生電力。根據該協議，雷伯東將以0.22-0.38kW / h的價格向由SOS建造的雲加密挖礦中心供電。
In January 2021, a framework agreement was signed with the Redbo East Water and Power Station in Sichuanzhou, which will provide low-cost renewable power. According to the agreement, Leberton will supply electricity at a price of 0.22-0.38kW/h to an encrypted cloud mining centre built by SOS.
Riot Blockchain（RIOT），納斯達克
Riot Blockchain (RIOT), Nasdak
2000年7月24日，作為一家科羅拉多公司生物技術公司成立。
On 24 July 2000, it was founded as a Biotech company of Colorado.
2017年10月19日，公司名稱改為Riot Blockchain，註冊州改為內華達。
On 19 October 2017, the name of the company was changed to Riot Blockchain and the registered state to Nevada.
2017年11月，收購Kairos，獲得1200台礦機；2018年2月，收購Prive和BMSS，獲得6800台礦機。
In November 2017, Kairos was bought for 1,200 mines; in February 2018, Prive and BMSS were bought for 6,800 mines.
2018年2月，Kairos簽署租賃協議，用於在俄克拉荷馬城建立挖礦設施。 Riot Blockchain開始將所有礦機合併到數據中心。截至2018年底，約有7,731名礦機在運營。
In February 2018, Kairos signed a lease agreement for the establishment of a mining facility in Oklahoma City.
截至2019年9月30日，Riot新開采了1820+個比特幣，Litecoin和Bitcoin Cash的數量也減少了。通過對俄克拉荷馬城挖礦設施的升級，Riot增強了對比特幣的信心和關注度。
By September 30, 2019, Riot had opened an additional 1820 plus bits, and Litecoin and Bitcoin Cash had decreased. By upgrading mining facilities in Oklahoma City, Riot has increased confidence and interest in bitcoins.
2020年4月，公司新開採108個比特幣；自2020年3月31日以來，公司的比特幣庫存增加了13％，截至2020年4月30日比特幣庫存為929。
In April 2020, the company opened 108 new bits; since 31 March 2020, the company's bit currency bank has increased by 13 per cent, and as of 30 April 2020, the bit currency bank was 929.
Ault Global Holdings（DPW），紐交所
Enterprise Global Holdings (DPW), New York office
1969年，成立Digital Power Corp控股公司。總部位於內華達州拉斯維加斯。通過收購低估值業務和顛覆性技術來實現公司的高速增長。
In 1969, Digital Power Corp Holdings was established. Its headquarters is located in Las Vegas, Nevada.
2018年1月，成立全資子公司Super Crypto Mining，後更名為Digital Farms，經營加密貨幣業務，挖掘比特幣、萊特幣和以太坊。
In January 2018, Super Crypto Mining, later renamed Digital Farms, was set up as a full-size subsidiary, running an encrypted currency business, digging for Bitcoin, Lightcoin and Etheria.
截至2018年12月31日，Digital Farms擁有2042台礦機。
As of 31 December 2018, Digital Farms owned 2042 mining aircraft.
2019年第三季度，公司將挖礦的礦機數量從上年同期的1512減少至978。
In the third quarter of 2019, the company reduced the number of mining machines from 1512 in the same period of the previous year to 978.
2020年3月，由於新冠病毒疫情和幣價下跌的影響，決定無限期暫停加密貨幣挖礦業務，關閉Digital Farms。
In March 2020, due to the impact of the new coronary virus epidemic and the fall in currency prices, it was decided to suspend encoded currency mining for an indefinite period and shut down Digital Farms.
2021年1月，公司名稱由DPW Holdings, Inc，改為Ault Global Holdings, Inc。
In January 2021, the name of the company was changed from DPW Holdings, Inc. to Auld Global Holdings, Inc.
2021年2月1日，完成對密歇根州雲數據中心的收購，該中心可提供300MW的低成本電力，同時從比特大陸收購的1000台S19 Pro螞蟻礦機來恢復比特幣開採。
On 1 February 2021, the purchase of a cloud data centre in Michigan was completed, providing 300 MW of low-cost power, while 1,000 S19 Pro ants from Bitland were purchased to restore the start-up of Bitcoins.
The9 LTD（NCTY、第九城市），納斯達克
The9 LTD (NCTY, Ninth City), Nastak
1998年成立於上海，是一家以提供互聯網技術和內容服務為主的高科技公司。
Founded in Shanghai in 1998, it is a high-tech company based on the provision of Internet technology and content services.
2021年1月4日，公司宣布，成立全資子公司NBTC Limited，專注於從事區塊鏈數字貨幣相關業務。公司將建立數字貨幣礦機群組，期望達成的目標是貢獻比特幣全球算力的8-10%，以太坊算力的10%和Grin算力的10%。
On January 4, 2021, the company announced the formation of a full-size subsidiary, NBTC Limited, which focuses on the business associated with chain numbers in the area. The company will set up a group of digital money miners with the expectation that the target will be to contribute 8-10 per cent of the Bitcoins'global value, 10 per cent of its capacity as an expert and 10 per cent of Grin’s capacity.
2021年1月25日，公司宣布，已經和5位礦機擁有者簽署具有法律約束力的諒解備忘錄，將以增發A類普通股的方式購買比特幣礦機。本次備忘錄簽署後的一個月內，各方將完成最終協議的簽定，並執行該項交易。交易完成後，公司將擁有26007台比特幣礦機，總算力約為549PH/S，約佔比特幣全網總算力的0.36%。
On January 25, 2021, the company announced that it had signed a legally binding memorandum of understanding with five mine owners, which would buy bitcoins in the form of additional regular A shares. Within a month of the signing of this note, the parties would complete the final agreement and execute the deal. When the deal was completed, the company would have 26007 bitcoins, with a combined capacity of approximately 549 PH/S, or 0.36 per cent of the total net capacity of bitcoins.
2021年2月5日，公司和比特微簽署5,000台神馬礦機框架採購協議，礦機種類包括神馬礦機M32、M31等。
On 5 February 2021, the company and Bitwa signed a purchase agreement for a framework of 5,000 pony mines, including M32 and M31.
2021年2月8日，公司宣布，已經和6位礦機擁有者簽署具有法律效力的備忘錄（MOU），以增發新股的方式購買一批比特幣數字貨幣礦機。這批設備將包括比特大陸、阿瓦隆及神馬等不同品牌的比特幣礦機，數量共10,489台，總算力約為251PH/S，礦機已經部署於新疆、青海、內蒙等地。
On February 8, 2021, the company announced that it had signed a legally binding memorandum (MOU) with six mine owners to purchase a batch of bitcoins in the form of additional shares. The package will include a total of 10,489 bitcoins with different brands, such as Bit mainland, Avalon, and the Horse, with a combined capacity of about 251 PH/S, which have been deployed in Xinjiang, Qinghai, Utsun, etc.
500.com（WBAI），納斯達克
500.com (WBAI), Nasdak
2001年通過關聯實體開始了在線彩票服務行業的運營。
In 2001, the online lottery service business began operating through a consortium.
2015年4月，停止了在線體育彩票銷售服務。
In April 2015, sales of online sports lottery tickets were discontinued.
2017年6月，收購了在香港聯合交易所上市的樂透互娛的40.65％股權。該公司目前向其客戶提供全面的服務，包括房屋、硬件支持、電源、輔助監督和管理服務。
In June 2017, the company acquired 40.65% of the lotto fun shares listed on the Hong Kong Union Exchange.
2017年7月，收購了TMG 93％的股權。 TMG擁有經營庫拉索島、馬耳他、英國、愛爾蘭和瑞典的在線遊戲網站的許可。
In July 2017, 93% of TMG shares were purchased. TPG has permission to operate online games in Curaçao, Malta, England, Ireland and Sweden.
2021年2月2日公司以850萬美元的價格購買了5900台比特幣挖礦機，預計在第二季度交付。同時公司宣布已簽署框架協議，根據該協議，公司原則上同意在2021年再購買多達10000個比特幣挖礦機。
On February 2, 2021, the company purchased 5,900 bitcoins for $8.5 million, which are expected to be delivered in the second quarter. At the same time, the company announced that it had signed a framework agreement under which it had agreed to purchase an additional 10,000 bitcoins in 2021.
2021年2月16日，公司發佈公告稱，將以約10%的股份，收購BTC.COM礦池，包括BTC.com的全部礦池業務、BTC.com域名和BTC.com加密貨幣錢包。
On 16 February 2021, the company issued a circular stating that it would purchase the BTC.COM mine pool with about 10 per cent of its shares, including all of the BTC.com mining industry, the BTC.com domain name and the BTC.com encrypted currency wallet.
CleanSpark Inc （CLSK），納斯達克
CleanSpark Inc. (CLSK), Nasdak
1987年10月註冊成立，名稱為SmartData Corporation。
Registered as SmartData Corporation, October 1987.
2014年3月，開始在替代能源領域開展業務。
In March 2014, business openings in alternative energy fields began.
2014年12月，公司通過簡短合併將公司更名為Stratean Inc。
In December 2014, the company changed its name to Stratean Inc through a brief merger.
2016年10月，通過簡短合併更名為CleanSpark Inc，以更好地反映品牌形象。
In October 2016, the name of CleanSpark Inc was changed through a short merger to better reflect the brand image.
2020年1月，在納斯達克上市，主營為軍事商業和住宅物業提供微電網解決方案，如微電網設計，工程和諮詢服務。
In January 2020, in Nasdak, the main camp offered micro-grid solutions for the military business and residential property, such as micro-grid design, engineering and consulting services.
2020年12月，以1940萬美元收購美國比特幣礦企ATL Data Centers，交易將以股票形式結算，並打算未來將ATL運營的ASIC比特幣礦機數量增加到原來的四倍。
In December 2020, AATL Data Centers, the United States mining company, was bought for $19.4 million, and the deal will be stock-based, with the intention of increasing the number of ASIC bits of minerals operating at AATL fourfold in the future.
Coin Citadel（CCTL），場外交易市場
Coin Citadel (CCTL), off-site trading market
1986年，公司成立，這是一家區塊鏈基礎設施公司，致力於將區塊鍊和加密貨幣橋接到傳統資本市場，為資本市場提供純粹的數字資產和區塊鏈投資。該公司還在各種數字產品的投資組合中進行投資和合作，包括加密貨幣、加密資產、區塊鏈、移動支付應用程序和數字錢包。
In 1986, the company was founded as a chain-based infrastructure company, which seeks to bring the chain and the encrypted currency bridge to the traditional market by providing pure digital assets and investment in the capital market. The company also invests and cooperates in investment portfolios of various digital products, including encrypted currency, encrypted assets, block chains, mobile payment applications, and digital wallets.
2014年11月，公司更名為CoinCitadel，前身為Global New Energy Industries Inc。
In November 2014, the company changed its name to CoinCitadel, formerly Global New Energy Industries Inc.
2015年9月，公司宣佈在加利福尼亞州伍德蘭希爾斯安裝了世界上第一台比特幣ATM機。
In September 2015, the company announced the installation of the world's first Bitcoin ATM machine in Woodland Hills, California.
2018年1月，公司在紐約普拉茨堡成立了挖礦部門，在美國電力最便宜的地區（0.025美分/度）挖礦。
In January 2018, the company established a mining department in Platsburg, New York, to dig in the cheapest-powered area in the United States (0.025 cents/degrees).
加拿大篇
Canadian
Bitfarms Technologies （BITF），多倫多交易所創業板
Bitfarms Technologies (BITF), Toronto Exchange Founding Board
前身是Blockchain Mining。
It's Blockchain Mining.
2017年第四季度，首次購入10597台螞蟻S9礦機。
In the fourth quarter of 2017, 10597 ants S9 were first purchased.
2019年7月，開始TSXV上開始交易，交易代碼為“BITF”，主要運營計算中心，通過進行挖礦賺取收入。
In July 2019, the transaction began on TSXV, with the trade code “BITF”, which operates a major accounting centre to generate revenue through mining.
2019年9月，公司宣已經宣布交付2500輛新一代A10阿瓦隆礦機。一旦全面運作，挖礦硬件預計將增加大約每秒92 PH/s能力，使公司計算能力增加到大約667PH / s。
In September 2019, the company announced that it would deliver 2,500 new-generation A10 Avalon machines. Once fully operational, mining hardware is projected to increase the capacity of approximately 92 PH/s per second, increasing the company’s computing capacity to about 667 PH/s.
2019年第三季度，公司出售所有GPU礦機，停止GPU挖礦業務
In the third quarter of 2019, the company sold all the GPU miners and stopped the GPU mining business.
2020年10月，公司宣布與BlockFills簽訂設備租賃協議，將在2020年11月底交付並安裝1000台WhatsMiner M31S礦機。意向書所涵蓋的設備代表了到2020年底將增加到公司運營中的約800至840 PH/s每秒的新計算能力。
In October 2020, the company announced that it would sign a lease agreement with BlockFills to deliver and install 1,000 WhatsMiner M31S mines by the end of November 2020. The equipment covered in the letter of intent represents a new calculation capacity of about 800 to 840 PH/s per second in the company’s operations by the end of 2020.
2020年12月，公司宣布再次訂購3000台Whatsminer M31S+礦機，公司過去6個月里新增了6000多名新一代礦工，加上最近的比特幣價格上漲，已將公司的總挖礦利潤率提高到約68%。到2021年2月底，預測計算電力效率比提高了1.7%，從17.8 PH/MW提高到18.1 PH/MW。
In December 2020, the company announced the purchase of another 3,000 Whatsminer M31S+ miners, adding more than 6,000 new generations of miners over the past six months, and the recent increase in the price of bitcoins, which has raised the company’s total mining profit rate to about 68%. By the end of February 2021, the projected electricity efficiency rate had increased by 1.7%, from 17.8 PH/MW to 18.1 PH/MW.
Digihost Technology Inc（DGHI），多倫多交易所創業板
Digihost Technology Inc. (DGHI), Toronto Exchange Founding Board
2017年2月，公司在加拿大的英屬哥倫比亞註冊成立，名稱為Chortle Capital。 2017年9月18日改名為HashChain Technology。
In February 2017, the company was registered as Chortle Capital in British Columbia, Canada, and was renamed Hash Chain Technology on 18 September 2017.
2018年3月，公司購入770台比特幣礦機。並進行多項戰略收購，來增加比特幣開採平台的庫存
In March 2018, the company bought 770 bitcoins and made several strategic purchases to increase the stock of the Bitcoins platform.
2018年6月，公司宣布，預計將收到6000台礦機將於本週晚些時候部署，並將於2018年7月底部署。目前，該公司部署了3495個鑽機，共開采了39.3個比特幣。
In June 2018, the company announced that 6,000 mines were expected to be deployed later this week and by the end of July 2018. At present, the company has deployed 3,495 drills and has opened 39.3 bits.
2020年2月14日，公司完成了對HashChain Technology Inc的反向收購，加密貨幣挖礦業務與之前租用的託管基礎設施和設備進行了垂直整合，並重新改名為Digihost Technology。
On 14 February 2020, the company completed a reverse purchase of Hash Chain Technology Inc. The crypto-currency mining industry was vertically integrated with the previously leased pipeline infrastructure and equipment and renamed Digihost Technology.
2020年10、12月，公司進一步購買礦機提升算力，進行比特幣挖礦業務。
In October and December 2020, the company made further purchases of miners to improve its ability to dig for bitcoins.
2021年1月，公司宣布，截至2021年1月31日，公司現在擁有的比特幣總數為183.7，算力為184PH/s。
In January 2021, the company announced that, as of 31 January 2021, it now had a total of 183.7 bitcoins and a capacity of 184PH/s.
HashChain Technology, Inc.（DGHI），多倫多交易所創業板
Hash Chain Technology, Inc. (DGHI), Toronto Exchange Founding Board
2017年8月，在紐約州註冊成立加密貨幣礦業公司HashChain Mining LLC。總部位於紐約奧爾巴尼，並在不列顛哥倫比亞省溫哥華設有辦事處。
In August 2017, the State of New York registered Hash Chain Mining LLC, an encrypted currency mining company based in Albany, New York, with an office in Vancouver, British Columbia.
2017年11月15日，首次購買770台比特幣礦機。
On 15 November 2017, 770 bitcoins were purchased for the first time.
2017年12月18日，在多倫多交易所創業板上市，股票代碼KASH。
On December 18, 2017, the stock code KASH was listed on the Toronto Exchange Founding Board.
2018年2月，以800萬美元NODE40Business，開展數字貨幣會計業務和DASH主節點託管服務。
In February 2018, at $8 million NODE40Business, a digital currency accounting firm and DASH main node opened the service.
截至2018年5月31日，運營100台DASH礦機和3395台比特幣礦機，並在完成其最近的收購後再部署6000台。全部投入運行後將消耗大約12.5MW的電力。
As of May 31, 2018, 100 DASH and 3,395 bitcoins had been operated and 6,000 more deployed after completion of their recent purchases.
自2018年7月18日至2018年9月6日，已開採197.59比特幣和60.09Dash。
From 18 July 2018 to 6 September 2018, 197.59 bits and 60.09 Dashs were introduced.
2018年底，運營100台DASH礦機和8395台比特幣礦機，以及另外3500台待部署。一旦所有礦機投入運營，HashChain將運營11995台，約17.5MW。
At the end of 2018, 100 DASH and 8,395 bits of mines, as well as an additional 3,500, were to be deployed.
2020年2月20日，被Digihost Technology反向收購，成為其子公司，公司股票代碼改為DGHI。
On 20 February 2020, it was bought backwards by Digihost Technology as a subsidiary, and the company's stock code was changed to DGHI.
Hive Blockchain Technologies（HIVE），多倫多交易所創業板
Hive Blockchain Technologies (HIVE), Toronto Exchange Founding Board
1987年6月，公司在不列顛哥倫比亞省註冊成立。
In June 1987, the company was registered in the province of British Columbia.
2017年9月，公司在加拿大創業板上市。
In September 2017, the company was listed on Canada's founding board.
2017年12月，與Genesis合作，開始比特幣雲端挖礦業務。
In December 2017, in collaboration with Genesis, mining operations began on the Bitcoin cloud.
2018年1月，在瑞典開始以太坊挖礦業務。
In January 2018, mining operations began in Sweden in the Tai Po.
2018年8月，公司宣布將推出並使用200 PH/s SHA-256挖礦能力。
In August 2018, the company announced that it would launch and use 200 PH/s SHA-256 mining capacity.
2019年5月，宣布與ARGO區塊鏈建立戰略合作夥伴關係並達成交換協議。
In May 2019, a strategic partnership with the ARGO chain was announced and an exchange agreement reached.
2020年，公司大量購買/租賃礦機提升算力。
In 2020, companies purchased/rented mining machines in large numbers to improve their capacity.
2020年11月同DMG Blockchain Solutions Inc達成託管協議並從該公司購買1240台M30s。
In November 2020, a trust agreement was reached with DMG Blockchain Solutions Inc. and 1240 M30s were purchased from the company.
2021年1月，公司宣佈到2021年4月底，將瑞典GPU挖礦數據中心的佔地面積增加2MW，計劃到2021年底將以太坊的挖礦能力提高30％。
In January 2021, the company announced an increase of 2 MW in the size of the Swedish GPU mining data centre by the end of April 2021 and a 30 per cent increase in the mining capacity of the Pacific by the end of 2021.
2021年1月，公司繼續購買6440台Canaan AvalonMiner 1246，到2021年底全部部署後，算力將增加到估計的1229 PH / s。公司新目標是到2021年底達到2000 PH/s。
In January 2021, the company continued to purchase 6440 Canaan Avalonminer 1246, and, with full deployment by the end of 2021, it will increase its capacity to an estimated 1229 PH/s. The company’s new target is to reach 2000 PH/s by the end of 2021.
Hut 8 Mining Corp （HUT），多倫多交易所
Hut 8 Mining Corp (HUT), Toronto Exchange
自2017年12月開始挖礦業務，截至2019年9月30日，共開採12305枚比特幣。
Mining operations began in December 2017 and, as at 30 September 2019, 12305 bits had been opened.
截至2018年3月5日，共開採645個比特幣。
As of 5 March 2018, 645 bits had been introduced.
2018年6月21日，和Bitfury在梅迪辛哈特城設置16個BlockBox，總裝機容量19.2MW，8PH/s。還在阿爾伯塔省運營17個BlockBox，18.7MW。公司總共37.9MW，256 PH/s。
On June 21, 2018, Bitfury set up 16 BlockBox in the city of Madison, with a total installed capacity of 19.2 MW, 8PH/s. 17 BlockBox, 18.7 MW are also operating in Alberta. The company has a total of 37.9 MW, 256 PH/s.
2018年7月16日，在CMH運營40個BlockBox，共計48MW；在Drumheller運行17個BlockBox，共計18.7MW。公司總共66.7 MW，487.5PH/s。
On July 16, 2018, 40 BlockBox operated at CCMH, with a total of 48 MW; 17 BlockBox operated at Drumheller, with a total of 18.7 MW.
2019年9月9日，以700萬美元的價格從Bitfury購買9個數據中心，增加算力約113PH/s（+13.3%），增加功耗約9.9MW。總算力達到約963 PH/s，滿負荷運行時109.4MW。
On September 9, 2019, nine data centres were purchased from Bitfury at a cost of $7 million, increasing the capacity of about 113PH/s (+13.3%) and increasing the capacity of about 9.9 MW.
2019年10月8日，在TSX開始交易，是第一家在TSX上市的區塊鍊或加密貨幣公司。
On 8 October 2019, the transaction began at TSX, the first sector chain or encrypted currency company to be listed at TSX.
其他國家篇
Other countries
Argo Blockchain PLC （ARB），倫敦交易所
Argo Blockchain PLC (ARB), London Exchange
2017年公司成立，總部位於英國倫敦。
Founded in 2017, with headquarters in London, United Kingdom.
2019年，公司比特幣挖礦量為1330，年底時運營約7000台礦機。
In 2019, the company mined 1330 bitcoins, and at the end of the year operated some 7,000 mines.
2020年第一季度礦機總數增加至17000台，總算力也將接近730 PH/s。
The total number of mining machines increased to 17,000 in the first quarter of 2020, with a combined capacity close to 730 PH/s.
2020年4月，石油大亨Frank Timis收購Argo Blockchain 14%的股份，成為該公司最大的股東。
In April 2020, the oil tycoon Frank Timis acquired 14 per cent of Argo Blockchain's shares and became the company's largest shareholder.
目前，公司算力為787PH/s，功率為31MW。到2021年6月，總挖礦能力將達到1685PH/s，公司已經購買實現該目標所需的10000台機器（部分已提前交付），有望在2月至6月之間分批交付。
At present, the company has a capacity of 787 PH/s, with a power of 31 MW. By June 2021, the total mining capacity will reach 1685 PH/s, and the company has purchased 10,000 machines (some of which have been delivered in advance) needed to achieve this goal and is expected to deliver in instalments between February and June.
Northern Data AG （NB2），法蘭克福交易所
Northern Data AG (NB2), Frankfurt Exchange
2020年，通過德國Northern Bitcoin AG和美國Whinstone US的合併而成立，總部位於法蘭克福。世界上最大的區塊鏈解決方案和數據中心解決方案提供商之一。
In 2020, it was founded through a merger between Northern Bitcoin AG, Germany, and Winstone USA, with its headquarters in Frankfurt. One of the world’s largest network resolution and data center resolution providers.
2019年，在其位於挪威萊夫達爾礦山數據中心(LMD)擴大產能。
In 2019, it expanded its capacity at the Lefdar Mine Data Centre (LMD) in Norway.
2019年7月，收購4475台比特幣礦機，挖礦能力從57 PH/s翻倍至大約112 PH/s。
In July 2019, the capacity to dig was doubled from 57 PH/s to approximately 112 PH/s, with the acquisition of 4,475 bitcoins.
2020年2月，公司同美國數據中心開發商Whinstone US合併。
In February 2020, the company merged with Winstone US, the developer of the United States Data Center.
2020年11月，在荷蘭委託建立首個數據中心，將成為公司在歐盟的首個數據中心。
In November 2020, the first data centre commissioned by the Dutch Commission will become the first data centre for companies in the European Union.
2020年11月，在法蘭克福開始運營其第一個數據中心。
In November 2020, the first data centre began operating in Frankfurt.
2021年1月，收購完全由綠色能源驅動的瑞典北部數據中心站點，含六個數據中心大廳，2.5公頃。當地水力發電廠容量約為4.5GW，每年可產生約14TWh，公司可享受歐盟最低電價。
In January 2021, the northern Swedish data centre site, which is completely green energy-driven, contained six data centre halls, 2.5 m. The capacity of the local hydroelectric power plant is about 4.5 GW, generating about 14 TWh per year, and companies are entitled to the lowest European Union electricity prices.
附2：海外比特幣買幣股買幣詳情
Appendix 2: Foreign bitcoin shares for currency details
Tesla（TSLA），納斯達克
Tesla (TSLA), Nastak
2003年7月，作為一家電動汽車和清潔能源公司在加州帕洛阿爾托成立。
In July 2003, it was founded in Palo Alto, California, as an electric car and cleaning energy company.
2004年2月，馬斯克向公司注資並成為了董事會主席。
In February 2004, Mask invested in the company and became Chairman of the Board of Directors.
2009年，公司開始生產其第一款汽車模型Roadster。隨後在2012年的Model S、2015年的Model X和2017年的Model 3。
In 2009, the company started producing its first car model, Roadster. Subsequently, Model S in 2012, Model X in 2015 and Model 3 in 2017.
2020年，公司的電動汽車產量突破了100萬輛大關。
In 2020, the company's electric car output reached 1 million major levels.
2021年2月，公司購買了價值15億美元的比特幣，並表示將很快接受比特幣作為支付方式。
In February 2021, the company purchased $1.5 billion worth of bitcoins and indicated that it would soon accept bitcoins as a means of payment.
MicroStrategy（MSTR），納斯達克
MicroStrategy (MSTR), Nastak
1989年，公司在特拉華州成立，致力於開髮用於分析內部和外部數據的軟件。
In 1989, the company was founded in the state of Delaware to develop software for analysis of internal and external data.
1994年，公司從特拉華州搬遷至弗吉尼亞州。
In 1994, the company moved from Delaware to Virginia.
2011年，公司將產品範圍擴展至雲服務。
In 2011, the company extended the range of products to cloud services.
2020年8月，公司以現金收益回落，美元疲軟和其他全球宏觀經濟因素為理由，購買了價值2.5美元的比特幣作為儲備資產。截至2021年2月2日，公司共購買了超過10億美元的比特幣，平均購買價為15964美元。
In August 2020, the company purchased $2.5 in bits as a reserve on the grounds of falling cash revenues, weakening the dollar, and other global economic ambitions. As of February 2, 2021, the company purchased more than $1 billion in bits at an average cost of $159.64.
Square（SQ)，納斯達克
Square (SQ), Nastak
2009年，公司在加利福尼亞州成立，提供金融服務、商戶服務及移動支付技術等。
In 2009, the company was established in the state of California to provide financial services, business services and mobile payment techniques.
2020年10月，公司將其總資產的大約1％（約5000萬美元）投入了比特幣，理由是“未來有可能成為一種更普及的貨幣”。
In October 2020, the company invested about 1 per cent (about $50 million) of its total assets in bitcoins on the grounds that “the future could become a more popular currency”.
Cypherpunk Holdings（HODL），加拿大證券交易所
Cyphepunk Holdings (HODL), Canada Stock Exchange
前身為Khan Resources。
Formerly Khan Resources.
2018年11月，公司更名為Cypherpunk Holdings，通過子公司投資加密技術和加密貨幣。
In November 2018, the company changed its name to Cypherpunk Holdings, investing in encryption techniques and encrypting currency through its subsidiaries.
2020年12月，公司宣布投資下一代硬件錢包公司NGRAVE。
In December 2020, the company announced its investment in the next generation of hardware wallets, NGRAVE.
2021年1月29日，公司宣布其持有的比特幣數量達291.64個，比2020年9月30日時增加了27.9個。
On 29 January 2021, the company announced that it held 291.64 bits, 27.9 more than on 30 September 2020.
BIGG Digital Assets（BIGG），加拿大證券交易所
BIG Digital Assets (BIG), Canada Stock Exchange
2014年10月，公司成立，總部位於加拿大溫哥華，前身為BIG Blockchain Intelligence Group。公司為全球金融和電子商務企業開發區塊鏈搜索和分析業務，主要業務分為兩個部分：區塊鏈技術開發和數字貨幣銷售經紀。
In October 2014, the company was founded in Vancouver, Canada, and formerly BIG Blockchain Industry Group. The company developed a chain-based search and analysis business for global finance and electronics businesses, with two main lines of business: a chain technology development and a sales agent for digital currency.
2020年8月，公司宣布其平台的月度交易量創下新高，達1300萬加元。
In August 2020, the company announced that its platform had a new high of $13 million in monthly transactions.
2020年12月，公司宣布以單價24854加元（約19386美元）的價格新購買了40個比特幣作為其長期資產庫存，總計價值994160加元（約合775444美元）總共持有189.5個比特幣。
In December 2020, the company announced a new purchase of 40 bits at a unit price of $24854 (approximately $19386), with a total value of $994160 (approximately $775444) and a total of 189.5 bits.
2021年2月，公司宣布了一項戰略舉措，即將運營中的自由現金流用於投資到比特幣中。
In February 2021, the company announced a strategic move to use the free cash flow in operation for investment in bitcoins.
Neptune Digital Assets（DASH），多倫多交易所創業板
Nettune Digital Assets (DASH), Toronto Exchange Founding Board
2017年，公司成立，總部位於加拿大多倫多，前身為Neptune Dash。
In 2017, the company was founded in Toronto, Canada, formerly Neptune Dash.
2020年12月，公司更名為Neptune Digital Assets。
In December 2020, the company was renamed Neptune Digital Assets.
2021年1月，公司公佈2020年11月30日的財務報表以及管理層討論和分析，報表顯示公司擁有的數字資產為：77 BTC, 139,530 ATOM, 2,006 DASH和155 ETH。
In January 2021, the company published a financial statement dated 30 November 2020, as well as a management discussion and analysis, which showed that the company had numerical assets of 77 BTC, 139,530 ATOM, 2,006 DASH and 155 ETH.
Galaxy Digital（GLXY），多倫多證券交易所
Galaxy Digital (GLXY), Toronto Stock Exchange
2017年11月，公司成立，是一家致力於數字資產和區塊鏈技術行業的多元化金融服務和投資管理公司，立志成為“加密貨幣領域的高盛”。
In November 2017, the company was founded as a diversified financial service and investment management company dedicated to digital assets and sector-link technology, with the intention of becoming a “splendor in the domain of encrypted currency”.
2018年5月，公司通過反向收購在多倫多證券交易所成功上市。
In May 2018, the company was successfully listed on the Toronto Stock Exchange through reverse purchases.
目前一共有資產管理、自營投資、交易、諮詢服務共四條業務線。
There are currently four lines of property management, self-investment, trading and consulting services.
附3：海外比特幣礦場股詳情
Appendix 3: Explicit information on offshore bitcoin mines
DMG Blockchain Solutions Inc（DMGI），多倫多交易所創業板
DMG Blockchain Solutions Inc. (DMGI), Toronto Exchange Founding Board
2016年，公司成立，定位為一家多元化的區塊鍊和加密貨幣公司，致力於管理，運營和開發端到端解決方案以將區塊鏈生態系統貨幣化。
In 2016, the company was established as a diversified chain and encrypted currency company dedicated to managing, operating and developing end-to-end solutions to monetize the chained ecosystem.
2016年，開始提供礦機託管服務，以第三方身份大規模地進行比特幣挖礦。
In 2016, a mining machine commission service was introduced to conduct large-scale bitcoin mining as a third party.
2018年，收購了位於矽谷的科技公司Datient Inc.，打造Blockseer.com等比特幣和以太坊區塊鏈分析工具，跟踪加密貨幣和交易。
In 2018, a technology company based in Silicon Valley, Datient Inc., was bought, and Bitcoins, such as Blockseer.com, and Etheria chain analysis tools were built to track encrypted currency and transactions.
2019年10月，Bitmain將北美設施託管給公司。得克薩斯州目前有50MW的電力可供使用，並有可能擴大到300MW，這使其成為世界上最大的比特幣開採設施之一。
In October 2019, Bitmain gave North America a facility to companies. Texas now has 50 MW at its disposal and has the potential to expand to 300 MW, making it one of the world’s largest bitcoins.
2020年5月，訂購1000個M30s礦機進行自營的比特幣挖礦業務，稱在2020年的目標是最新的500PH/s，這一收購將提高大約90PH/s。 ASIC挖礦技術。這一部署將為現有的機群增加大約90P。
In May 2020, 1,000 M30s miners were ordered to run their own bitcoin mining operations, claiming that the target for 2020 was the latest 500 PH/s, which would raise about 90 PH/s. ASIC mining techniques. This deployment would add about 90 P to the existing fleet.
2020年11月，公司將Hive Blockchain Technology添加為託管客戶，並出售1240個M30s礦機出售給該公司。公司自己不再挖礦。
In November 2020, the company added Hive Blockchai Technology as a client and sold 1,240 M30s to the company. The company no longer digs for itself.
2021年1月，同Marathon Patent Group Inc簽署一份無約束力的諒解備忘錄，成立了北美數字貨幣礦工（“ DCMNA”），這將是一家總部位於美國的非營利性實體，目的是為北美礦工創造更好的挖礦環境，以幫助改善其財務狀況，並創建北美首個合作挖礦礦池。
In January 2021, with Marathon Patent Group Inc., signed an unbridled memorandum of understanding establishing the North American Digital Minerals (“DCMNA”), a non-profit entity based in the United States, to create a better mining environment for North American miners to help improve their financial situation and to create the first North American cooperative mining pond.
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