比特币矿企 TeraWulf 披露 2025 年全年业绩：总营收 1.685 亿美元，同比增长 20.3%，其中 HPC 租赁业 务贡献 1690 万美元；净亏损扩大至 6.614 亿美元（2024 年为 7240 万美元），非 GAAP 调整后 EBITDA 亏损 2310 万美元。第四季度数字资产营收 2610 万美元，环比下降（第三季度 4340 万美 元），主要因比特币产量及价格降低；HPC 租赁营收 970 万美元，环比增长（第三季度 720 万美 元）。（The Block） 来源：市场资讯 （来源：吴说） ...

Bitcoin miner MARA Holdings has entered a strategic partnership with Barry Sternlicht's Starwood Capital Group to convert its existing mining sites into data center infrastructure for artificial intelligence and cloud computing. MARA shares jumped approximately 17% in after-hours trading following the February 26 announcement. Joint Venture Targets 2.5 GW Capacity The two companies will jointly develop, finance, and operate data center projects across MARA's existing portfolio. Starwood Digital Venture ...

Bitcoin Surges As ETF Inflows Jump. Trump-Linked Miner Reports Results. | Investor's Business DailyTRENDING: [Rare Earth Stocks To Watch]----Cryptocurrency stocks are generally surging this week. powered by bitcoin's ETF-fueled rally to near $70,000 on Wednesday. Stablecoin issuer Circle and bitcoin miner Hut 8 diverged on their Wednesday results, which prompted a 32% spike for CRCL. Trump family-linked miner American Bitcoin rose on its Thursday-morning results. After the stock market close, MARA Holdings, ...

TMG Core 展台的液体 浸没式冷却矿槽中的加密货币矿机。 罗森布拉特证券公司一份最新分析师报告显示，随着比特币这一龙头加密货币进一步下跌，多数比特币 矿商已无法从相关数字资产业务中获利。 比特币最新成交价为 64，143.00 美元，今年以来累计下跌约 26%。周二早些时候，比特币价格一度跌 破 63，000 美元，逼近两周多来的最低水平。 罗森布拉特分析师指出，加密货币此次持续下跌，可能会让多数比特币矿商面临的风险进一步加剧。 罗森布拉特分析师克里斯・布伦德勒周一在给客户的报告中表示："目前挖矿收益已低于 3 美分，跌至 除效率最高的矿机外，其余所有矿机均无法盈利的水平。" 加密货币挖矿是一项高能耗流程，通过在计算机网络上验证数字交易来获取代币（多数情况下为比特 币）。比特币算力价格，指矿商每太哈希算力可获得的收益。 但随着比特币价格受挫，其网络算力价格同步下跌，导致矿商投入大量成本却几乎无利可图。 Hashrate Index 数据显示，过去三个月比特币算力价格下跌约 30%，与比特币本身跌幅基本一致。其算 力价格最新徘徊在 28 美元/太哈希/秒/天左右。 布伦德勒在报告中写道："比特币挖矿的盈利 ...

Peter said the Mount Holly expansion is scheduled to begin in April, with Century planning to restart the last 25% of idled capacity and ramp it through the second quarter. He said the restart involves 50,000 tons of incremental volume, bringing Mount Holly to about 220,000 tons of annual production, with completion expected by the end of June.In the U.S., Peter said Century has 450,000 tons of capacity once Mount Holly is “up and running,” and noted the company is moving toward 1.4 million tons of nameplat ...

Century Aluminum Company (NasdaqGS:CENX) Conference February 24, 2026 08:15 AM ET Company ParticipantsPeter Trpkovski - EVP and CFOOperatorHello, everyone. Next up, we have Century Aluminum. Century is one of the largest U.S.-based or the largest U.S.-based primary aluminum producer. With us today is CFO, Peter. Peter, over to you.Peter TrpkovskiThank you, Katya. Good morning, everyone. We're Century Aluminum Company. We are the current U.S. largest aluminum primary producer today. As you can see here on th ...

事实上，这种从单纯的"比特币开采"向"全球算力基建"转型的逻辑已成为行业共识。ZFX山海证券表 示，另一矿业巨头 MARA Holdings 也在近期完成了对法国计算基础设施公司 Exaion 的控股权收购，深 度切入人工智能领域。目前，包括 HIVE、Hut 8 和 TeraWulf 在内的多家知名矿企都在积极改造原有的 比特币矿场能源设施，以承接利润率更高的 AI 高性能计算（HPC）业务。ZFX山海证券认为，随着挖 矿难度在 2026 年再度反弹及哈希价格承压，矿工群体正在经历一场从单一币本位收益向多元化算力收 入的结构性演变。 事实上，这种从单纯的"比特币开采"向"全球算力基建"转型的逻辑已成为行业共识。ZFX山海证券表 示，另一矿业巨头 MARA Holdings 也在近期完成了对法国计算基础设施公司 Exaion 的控股权收购，深 度切入人工智能领域。目前，包括 HIVE、Hut 8 和 TeraWulf 在内的多家知名矿企都在积极改造原有的 比特币矿场能源设施，以承接利润率更高的 AI 高性能计算（HPC）业务。ZFX山海证券认为，随着挖 矿难度在 2026 年再度反弹及哈希价格承压，矿工群体正 ...

Core Viewpoint - Century Aluminum Company (NASDAQ:CENX) is experiencing positive momentum with increased price targets from analysts and strategic developments aimed at enhancing production capacity and job creation [1][2][3]. Group 1: Analyst Ratings and Price Targets - B. Riley raised Century Aluminum's price target to $64 from $37 while maintaining a Buy rating, citing the sale of the Hawesville facility as a mutually beneficial transaction potentially worth over $300 million [1]. - Wells Fargo increased the price target to $61 from $46, retaining an Overweight rating, and highlighted a healthy outlook for copper and aluminum markets in 2026 due to limited new supply and ongoing 50% US tariffs on imported steel and aluminum [2]. Group 2: Strategic Developments - Century Aluminum and Emirates Global Aluminium have engaged Bechtel for preliminary engineering on a new aluminum facility in Inola, Oklahoma, aimed at boosting US primary aluminum production, with plans to create 1,000 permanent jobs and 4,000 construction jobs by the end of 2026 [3]. Group 3: Company Overview - Century Aluminum Company produces aluminum and operates reduction plants in the United States and Iceland, offering a range of products including standard ingots, T-ingots, extrusion billets, and more [5].

Core Insights - Century Aluminum has made significant progress on its proposed Oklahoma smelter, partnering with Emirates Global Aluminium (EGA) to create the first new U.S. smelter in nearly 50 years, with EGA holding a 60% stake and Century 40% [2][6] - The Oklahoma smelter is expected to utilize EGA's EX smelting technology, which integrates Industry 4.0 and AI applications, improving production capacity by over 20% compared to previous technologies [1][6] - The project is anticipated to benefit from a $500 million grant from the U.S. Department of Energy, with management emphasizing the need for an enabling power contract and attractive financing options to finalize the investment [2][6][7] Operational Updates - In Q4 2025, Century's shipments fell to approximately 140,000 tons due to operational disruptions, but higher LME and regional premiums resulted in an adjusted EBITDA of $171 million and adjusted net income of $128 million [4][16][17] - The company expects to ship around 630,000 tons in fiscal 2026, ramping up to 750,000 tons per year once ongoing projects are completed [4][22] - Century has seen recovery in its smelter operations, with improved performance at Grundartangi and Mt. Holly, despite challenges from Hurricane Melissa and electrical grid issues in Jamaica [11][12] Financial Performance - Century reported net sales of $634 million in Q4, a slight increase from the previous quarter, driven by higher pricing despite lower shipment volumes [16][17] - The company ended the quarter with $134 million in cash and reduced net debt to $421 million following a senior notes refinancing [18] - For Q1 2026, Century projects adjusted EBITDA between $215 million and $235 million, with expectations of higher pricing offsetting some operational headwinds [20][21] Strategic Initiatives - Century completed the sale of its Hawesville site for $200 million, retaining a 6.8% stake in a planned data center, which is expected to create jobs and support local economic development [5][8][10] - The company is also pursuing the installation of a new on-site power generation turbine at Jamalco to improve cost efficiency and reduce reliance on the Jamaican electrical grid [13] - Management is focused on securing financing options beyond the DOE grant to support the Oklahoma smelter project and other growth initiatives [7][10]

Financial Data and Key Metrics Changes - In Q4, consolidated shipments totaled approximately 140,000 tons, a decrease from the prior quarter due to line loss in Iceland [18] - Net sales for the quarter were $634 million, a $2 million increase sequentially, primarily due to higher realized LME and Midwest Premium, partially offset by lower shipments [18] - Net income was reported at $1.8 million or $0.02 per share, while adjusted net income was $128 million or $1.25 per share, excluding exceptional items [19] - Adjusted EBITDA for the quarter increased by $70 million to $171 million, driven by higher LME and regional premiums, improved operating expenses, and increased volume at Mt. Holly [19][20] Business Line Data and Key Metrics Changes - Grundartangi smelter is expected to return to full production by the end of July, with Line 2 restarting sooner than anticipated due to repairs on damaged transformers [12][13] - Mt. Holly is projected to increase U.S. aluminum production by nearly 10% in 2026, with preparations for restarting production on track [33] - Jamalco is nearing completion of a major capital improvement project with the installation of a new on-site power generation turbine, expected to lower operating costs significantly [11] Market Data and Key Metrics Changes - Aluminum prices rose to a four-year high of $3,325 in January, with spot prices currently around $3,100 [14] - The Midwest premium has climbed to $1.04 per pound, while the European Duty Paid Premium is approximately $365 per ton [16] - Global deficits of aluminum units are projected for 2026, leading to further contraction of global inventories [15] Company Strategy and Development Direction - The company is focused on expanding its production capabilities in the U.S., with significant investments planned for the Mt. Holly and Oklahoma smelter projects [4][5] - The partnership with EGA for the Oklahoma smelter aims to leverage both companies' expertise to create a state-of-the-art facility [6] - The redevelopment of the Hawesville site into a digital infrastructure campus is expected to create job opportunities and generate significant cash flow for the company [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand conditions and the unique opportunity to add production in a resource-constrained market [33] - The company anticipates a historic year in 2026, with all assets operating at full capacity and benefiting from high aluminum prices [35] - Management highlighted the importance of finalizing power contracts for the Oklahoma project to ensure attractive returns on investment [46] Other Important Information - The company received $200 million from the sale of the Hawesville site and retains a 6.8% interest in the new data center, which is expected to provide significant returns [7][26] - Insurance coverage for business interruption losses in Iceland has been confirmed, with expected reimbursements of approximately $40 million in Q1 [23][24] Q&A Session Summary Question: Clarification on Q1 guidance and EBITDA recognition from Grundartangi - Management confirmed that the Q1 guidance includes the EBITDA that would have been recognized from Grundartangi [37] Question: Earnings power in varying price environments and capital allocation - Management provided insights on earnings sensitivity to LME and Midwest Premium changes, indicating potential uplifts in revenue [39][40] Question: Progress on energy contracts for the Oklahoma project - Management stated that they are making good progress on finalizing the power contract with EGA and the local utility [45][46] Question: Next milestones for the new smelter - Key milestones include finalizing the power contract, completing engineering work, and making a final investment decision by Q4 [50] Question: Capacity utilization expectations for Grundartangi - Until Line 2 is operational, Grundartangi is expected to produce about one-third of its normal volume [58] Question: Use of proceeds from the Hawesville sale - Management indicated that the stake in the data center provides liquidity options, but significant cash flow from operations should cover financing needs for the new smelter [61][62]