12月22日，随着加密货币市场的波动加剧，关于"比特币四年周期是否失效"的讨论愈发激烈。虽然部分 知名分析师认为机构资金的介入已改写了市场规律，但RadexMarkets瑞德克斯观察到，当前比特币的运 行轨迹与历史周期展现出了惊人的相似性。在经历了2025年的高光时刻后，市场似乎正不可避免地进入 了一个调整阶段，投资者需警惕2026年可能出现的"平淡期"。 近期，包括Bitwise与ARK Invest在内的机构纷纷表示，比特币已通过ETF等渠道深度融入传统金融体 系，其资产属性的转变可能终结过往的暴涨暴跌循环。然而，RadexMarkets瑞德克斯表示，价格行为的 数据反馈依然支持周期论。所谓四年周期，核心逻辑在于每四年一次的减半事件所引发的供应冲击。历 史数据显示，从2012年到2020年的历次减半，均遵循了"减半后冲高、随后深幅回调、最后进入下个周 期前蓄势"的固定节奏。 根据市场目前的反馈，RadexMarkets瑞德克斯认为，2025年10月比特币触及12.5万美元的高位，正是本 轮牛市周期达到145周后的一个标准顶点。这一走势与前三次周期的拟合度极高，暗示了技术面上的规 律并未因机构入场而彻底消失 ...

Financial Data and Key Metrics Changes - In 2024, the company mined 170.6% Bitcoin, generating approximately $11 million in revenue and $3.9 million in core EBITDA, indicating strong growth compared to previous periods [11][10] - Total revenue for Q4 2024 was approximately $2 million, a decrease from $4.1 million in Q4 2023, primarily due to the April 2024 Bitcoin halving event [20][21] - Net income attributable to LM shareholders for Q4 2024 was $2 million, an improvement from a net loss of $1.6 million a year ago [22] - Core EBITDA for Q4 2024 increased to $3.3 million, nearly 10 times what was generated a year ago [23] Business Line Data and Key Metrics Changes - The company transitioned to a vertically integrated model, managing its own mining infrastructure, which has improved margins and reduced energy costs [7][9] - The acquisition of a 15 megawatt mining facility in Oklahoma marked a significant operational achievement [16] - The company placed orders for 256 new Bitmain S21 Plus mining machines to enhance fleet efficiency [16] Market Data and Key Metrics Changes - The average Bitcoin price during Q4 2024 was approximately $83,000, while the average price for the full year was approximately $61,000 [20] - As of February 25, 2025, the company expanded its total energized hash rate to 560 petahash per second and held 165.8% Bitcoin on its balance sheet [11] Company Strategy and Development Direction - The company plans to invest in next-generation mining hardware, energy efficiency initiatives, and strategic site acquisitions to support growth [14][26] - The focus remains on acquiring smaller power assets in the 5 to 20 megawatt range, which are often overlooked by larger operators [26][53] - The company aims to leverage Bitcoin-backed debt to capitalize on favorable market conditions [24][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating industry volatility and emphasized the importance of vertical integration and disciplined cost management [25][13] - The company believes its current market cap relative to Bitcoin holdings presents a compelling investment opportunity [12][13] Other Important Information - The company retained a portion of its mined Bitcoin to capture potential upside for shareholders and deepen alignment with the Bitcoin industry [10] - Cash and Bitcoin holdings increased by 200% in fiscal year 2024, with cash growing 40% to $3.4 million and Bitcoin holdings surging over 300% to $14 million [23] Q&A Session Summary Question: Current operating stats and new machines - The 256 new machines have not yet arrived and will be added once installed [31] Question: Deployment of new machines - There is space to add about two more megawatts, and the new machines will replace less efficient ones [33][35] Question: Timeline for new machines - Groundwork for new containers will take about three weeks, with installation expected within 90 days [38] Question: Opportunities in Texas - The company has looked at several sites in Texas but currently has no outstanding letters of intent [40] Question: Luxor OS2 deployment - Luxor OS2 has been deployed on all machines at the Calumet mining site but not on those at core [42] Question: Secured loan details - The $5 million secured loan is primarily for the new mining site in Oklahoma, with a 12% interest rate for two years [45]