温馨提示:本站仅提供公开网络链接索引服务,不存储、不篡改任何第三方内容,所有内容版权归原作者所有
AI智能索引来源:http://www.bee.com/zh_cn/64163.html
点击访问原文链接

The Warring States of Hashrate: Four Survival Archetypes and the Overlooked “Arbitrage” Space | Bee Network

The Warring States of Hashrate: Four Survival Archetypes and the Overlooked “Arbitrage” Space | Bee Network Login 热门新闻 备忘录启动板 人工智能代理 德西 TopChainExplorer 给 Newbee 100 倍金币 蜜蜂游戏 重要网站 必备应用程序 加密货币名人 德平 新手必备 陷阱探测器 基本工具 高级网站 交流 NFT 工具 你好、, 签出 Web3 宇宙 游戏 DApp 蜂巢 成长平台 生态 搜索 英语 充值金币 登录 下载 Web3 大学 游戏 DApp 蜂巢 生态 分析•正文 The Warring States of Hashrate: Four Survival Archetypes and the Overlooked “Arbitrage” Space分析2 个月前更新怀亚特 10,997 14 Preface: When Hashrate Is No Longer the Sole Metric Beyond these prominent giants, Cango represents a third, atypical survival model. This article will combine the latest “2025 Bitcoin Mining 市场 Review” report (hereinafter referred to as the “2025 Annual Report”) published by Digital Mining Solutions. We will conduct an in-depth, multi-dimensional comparative analysis between three representative companies—MARA, CLSK, CORZ—and CANG, dissecting the differences in their underlying business logic and the significant pricing discrepancies.

I. Asset Expansion Model: The Unadorned Greatsword vs. Guerrilla Tactics Regarding the cost of acquiring hashrate (CAPEX), the industry has diverged into two distinct paths.

1. The Heavy Asset Camp: CleanSpark & Riot Platforms ● Core Strategy: “Buy new, not old; build, don’t lease.” CLSK and Riot tend to invest heavily in building large-scale mining facilities and procuring the latest S21 or XP series miners.

● Advantages: Extremely high energy efficiency (low J/TH), long-term operational stability, highly favored by institutional investors.

● Disadvantages: Extremely high capital expenditures (CAPEX). The cost of new machines typically ranges from $15-$25/TH, leading to a prolonged investment payback period (ROI). Once the coin price stagnates, significant depreciation pressure can erode profits.

2. The Value Arbitrage Camp: Cango ● Core Strategy: “Supply chain leverage, ultra-low-cost expansion.”

○ Low-Cost Position Building: Cango did not blindly chase after new machines with extremely high premiums. The 2025 Annual Report specifically points out that Cango rapidly entered the industry’s top tier by acquiring second-hand, operational miners, acquiring hashrate at an extremely low cost (approximately $8/TH), building a natural safety cushion compared to peers.

○ Dynamic Upgrading: Cango does not stick with old machines in定义nitely. It adopts a “Refresh” strategy, such as upgrading 6 EH/s of hashrate to S21 in Q4, paying only the price difference.

● Comparative Conclusion: CLSK excels in efficiency, while Cango wins in cost-effectiveness per unit of hashrate. In the current fiercely competitive environment, Cango’s unique “light-asset” model provides greater resilience against risks.

II. AI Transformation Path: International Freight Hub vs. Same-City Express Delivery Network As mining rewards halve, AI has become a battleground for mining companies. Data from the 2025 Annual Report shows that companies with clear AI/HPC revenue significantly outperform pure mining companies in stock price performance. However, on this track, Cango and the giants have chosen completely different entry points.

1. Core Scientific: International Freight Hub ● Business Model: CORZ secured a massive contract with CoreWeave, focusing on building Tier 3/4 level mega data centers.

This is akin to constructing a massive “international airport cargo terminal.” It specializes in serving “giant containers” (large model training tasks) with astonishing throughput. However, such infrastructure has extremely high requirements for “runways and control towers” (dual power feeds, ultra-high redundancy), with construction cycles spanning years and capital barriers reaching billions. Once built, it becomes an irreplaceable core hub.

● Valuation Logic: The market views it as “core infrastructure,” assigning a high premium because it controls scarce, non-replicable resources.

2. Cango: Same-City Express Delivery Network ● Business Model: Cango avoids the red ocean of building “airports,” choosing instead to focus on the long tail of “AI inference.” Through low-cost, ultra-fast AI transformation, it converts scattered mining facilities worldwide into decentralized AI nodes.

This is like building a dense network of “same-city fulfillment centers” or an “express delivery network.”

○ Flexible Transformation: It doesn’t require building expensive airport runways. Instead, it leverages existing community outlets (mining sites) with simple power and network upgrades for a plug-and-play approach.

○ Handling Small Packages: It doesn’t ship giant containers but specializes in high-frequency, rapid processing of massive volumes of “small packages” (inference requests from SMEs, real-time response tasks).

○ Intelligent Scheduling: Through a middleware platform, it schedules globally dispersed computing power like dispatching couriers, forming a distributed network.

● Comparative Conclusion: CORZ is engaged in “heavy infrastructure,” earning expensive toll fees, but it’s heavy and slow. Cango is in the “last-mile logistics,” profiting from high-frequency turnover and flexibility. On the eve of an explosion in AI inference demand, Cango’s “express delivery” model, capable of quickly responding to SME needs, has seized the advantages of “speed” and “breadth.”

III. Market Perception and Shareholder Structure: Crowded Trade vs. Uncharted Territory If fundamentals determine the long-term floor, then deviations in market perception determine short-term explosive potential. The institutional holding data disclosed in the 2025 Annual Report reveals the most striking contrast.

1. Wall Street’s Darlings: MARA & IREN ● Current State: “Crowded Trade.”

○ Data: MARA has 484 institutional holders, IREN has 433.

○ Logic: Almost all funds focused on Crypto or AI have already allocated to these leaders. Their information is fully transparent, and expectations are already fully priced into the stock (Priced-in). Driving the stock price higher requires exceptionally stunning performance that exceeds expectations.

2. The Forgotten Corner: Cango ● Current State: “Uncharted Territory.”

○ Data: Despite its hashrate scale ranking among the global top five (50 EH/s), Cango has only 35 institutional holders.

○ Logic: This means the vast majority of institutional capital has not yet covered this company. Such extreme information asymmetry is often the source of alpha returns.

○ Catalyst: As Cango’s AI business begins to be disclosed, or its Bitcoin holdings are re-evaluated, even if only a small amount of institutional capital starts to “fill the gap,” for a low-liquidity, undervalued stock like this, it could have a significant marginal impact on pricing.

○ Comparative Conclusion: Investing in MARA is following consensus, betting on industry Beta. Investing in Cango is anticipating a perception correction, betting on the Alpha brought by institutional entry.

IV. Conclusion: The Investor’s Choice Finally, we return to the core valuation logic.

In-depth Commentary:

The market’s current pricing for CORZ and MARA incorporates a high “expectation premium.” Cango’s market capitalization is even lower than its book “hard assets” (BTC holdings + miners + cash – debt).

This means the market has not yet assigned any positive valuation to Cango’s 50 EH/s hashrate or its Tier 2 AI transformation.

Investment Recommendations:

● If you believe in the herd effect of capital, pursue absolute liquidity and industry Beta, MARA remains the top choice.

● If you are bullish on the certain explosion of the AI training segment and don’t mind high valuations, CORZ is the purest play.

● However, if you are a value investor seeking a high-upside bet with an asset floor below and an AI transformation option above, then Cango, under the current pricing system, clearly offers an extremely attractive entry point.

本文来源于互联网: The Warring States of Hashrate: Four Survival Archetypes and the Overlooked “Arbitrage” Space

Related: Preconfs Evolution: From “Patches” to “Infrastructure”—How Does UniFi AVS Impact the Rules of the Game for Based Rollups? Why has Based Rollup, considered the “orthodox” ultimate scaling solution for Ethereum, been “praised but not popular”? On the one hand, it achieves the most thorough security and decentralization alignment with the mainnet by returning the ordering power to L1. On the other hand, it has to endure a confirmation delay of up to 12 seconds, which almost makes high-frequency trading and real-time financial scenarios impossible. Therefore, Preconfs were proposed as a necessary patch for Based Rollup, attempting to smooth out latency with sub-second transaction commitments. However , for a long time, Preconfs remained in a small-scale, non-standardized exploratory stage, lacking a unified mechanism and stable returns, and has never truly achieved large-scale implementation. Recently, Puffer Finance launched its Ethereum security infrastructure product, “UniFi AVS,” which finally attempts to upgrade…

#分析# 比特币# 加密# 定义# 市场© 版权声明文章版权归作者所有,未经允许请勿转载。 上一篇 My Crypto Wallet Was Drained After Three Days on Hotel Wi-Fi 下一篇 Why the Non-Mainstream HIP-3 Market Doesn't Work 相关文章 Kalshi has assembled a prediction market consortium with Coinbase, Robinhood, and others, aiming to end the “casino theory.” 6086cf14eb90bc67ca4fc62b 19,373 Stablecoin ecosystem explodes: from Circle IPO to global digital currency landscape transformation 6086cf14eb90bc67ca4fc62b 28,460 1 Market Focus at the Start of 2026: Analysis of the January Macro Calendar and Core Drivers 6086cf14eb90bc67ca4fc62b 12,333 1 Crypto bull market, all in US stocks: Circle from $31 to $165 in ten days 6086cf14eb90bc67ca4fc62b 29,962 2 BlackRock BUIDL Fund: How it affects the RWA landscape 6086cf14eb90bc67ca4fc62b 29,378 3 24H Hot Coins and News | The industry calls on Trump to issue pro-crypto regulations as soon as he takes office; Do Kwon 6086cf14eb90bc67ca4fc62b 36,280 3 Bee.com 全球最大的 Web3 门户网站 合作伙伴 硬币卡 Binance CoinMarketCap CoinGecko Coinlive 装甲 下载蜜蜂网络APP,开始web3之旅 白皮书 角色 常见问题 © 2021-2026.保留所有权利。. 隐私政策 | 服务条款 下载蜜蜂网络 APP 并开始 web3 之旅 全球最大的 Web3 门户网站 合作伙伴 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白皮书 角色 常见问题 © 2021-2026.保留所有权利。. 隐私政策 | 服务条款 搜索 搜索InSite链上社会新闻 热门推荐: 空投猎人 数据分析 加密货币名人 陷阱探测器 简体中文 English 繁體中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 简体中文

智能索引记录