全球比特币挖矿的地理版图正在经历一场深刻的变革。曾经由中国牢牢占据主导地位的算力格局，如今已发生戏剧性的逆转。根据权威研究机构的最新数 据以及美国政府高层官员的表态，美国不仅已取代中国成为全球最大的比特币挖矿中心，其政府更展现出前所未有的积极姿态，计划通过一系列措施巩固 并扩大这一领先地位，甚至可能涉及协助矿工解决能源这一核心痛点。 中国禁令下的算力大迁徙 剑桥大学替代金融中心（Cambridge Centre for Alternative Finance,CCAF）近期发布的一项研究报告，为美国在全球比特币挖矿领域的压倒性优势提供了有 力证据。该研究基于对49家大型矿业公司的调查（这些公司合计占据了比特币网络近一半的算力），得出的结论令人瞩目：美国目前控制着全球高达 75.4%的比特币哈希率（Hashing Power）。 报告指出：美国已经巩固了其作为全球最大挖矿中心的地位（占报告活动的75.4%）。按照当时全球约796EH/s的总算力计算，这意味着仅美国就贡献了 约600EH/s的算力。即便考虑到不同统计口径可能存在的差异，其他估计也显示美国的算力占比至少在50%以上，这无疑证实了美国在全球比特币挖矿 ...

Financial Data and Key Metrics Changes - Total Block gross profit was $2,290 million, up 9% year over year [11] - Adjusted EBITDA was $813 million, up 15% year over year, and adjusted operating income was $466 million, up 28% year over year [14] - Adjusted free cash flow for the trailing twelve months ending in March was $1,530 million compared to $1,070 million a year ago [15] - Adjusted operating income margin is expected to be approximately 19% for the year [21] Business Line Data and Key Metrics Changes - Square's gross profit grew by 9% year over year, driven by GPV growth of 7.2% [12] - Cash App gross profit was up 10% year over year, with gross profit per monthly transacting active reaching $81 [13] - Cash App's growth was impacted by changes in consumer spending behavior, particularly in discretionary spending areas [14] Market Data and Key Metrics Changes - Global GPV growth for April was expected to be 9.6% year over year [20] - High single-digit GPV growth is expected in the second quarter [20] Company Strategy and Development Direction - The company aims to accelerate growth in the second half of the year, focusing on product velocity and market expansion [9] - Plans to expand Cash App's network, particularly targeting teens and families, and increasing marketing spend [9][30] - The company is prioritizing AI automation to enhance productivity and customer engagement [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a more dynamic macro environment and reflected a cautious stance in guidance [15][40] - The company expects gross profit growth of 12% for 2025, with a more cautious approach embedded in the guidance [16][40] - Management expressed confidence in the ability to navigate potential short-term volatility while building for long-term growth [23] Other Important Information - The company received FDIC approval to issue consumer loans for Cash App Borrow nationwide, which is expected to double the number of eligible actives [16][18] - The launch of Cash App Afterpay is anticipated to drive growth and enhance customer engagement [19][50] Q&A Session Summary Question: Insights on macro uncertainty and Cash App performance - Management discussed internal changes and improvements in Square, leading to market share gains, while acknowledging the need for more focus on Cash App's network density [28][30] Question: Changes in consumer behavior and macro assumptions - Management noted a shift in consumer behavior during tax refund season, leading to a more cautious outlook for guidance [39] Question: Cash Card Afterpay functionality and adoption - Management highlighted strong early results from the integration of Cash App and Afterpay, with plans to scale thoughtfully [48][50] Question: Confidence in expanding Borrow and underwriting models - Management expressed confidence in the underwriting models and the ability to manage risk effectively while expanding Borrow [55][56] Question: Expectations for Square GPV growth - Management expects Square GPV growth to accelerate to high single digits in the second quarter, with cautious guidance reflecting broader macro conditions [105]

Canaan (CAN) Q4 2024 Earnings Call March 26, 2025 08:00 AM ET Company Participants Gwyn Lauber - Investor RelationsNangeng Zhang - Chairman & CEOJames Cheng - Chief Financial OfficerBill Papanastasiou - Vice PresidentLiang Wang - VP - Capital Markets & Corporate Development Conference Call Participants Nick Giles - Senior Research AnalystKevin Cassidy - Senior Research AnalystKevin Dede - Managing Director & Technology AnalystJoe Flynn - Senior Research Analyst Operator Ladies and gentlemen, thank you for s ...