Bitcoin mining companies that diversified into AI and high-performance computing (HPC) outperformed pure-play cryptocurrency miners in 2025. IREN (NASDAQ: IREN) and Cipher (NASDAQ: CIFR) led the sector with triple-digit stock returns following multi-billion dollar agreements with major technology firms, while traditional miners like Marathon Digital (NASDAQ: MARA) and Bitdeer (NASDAQ: BTDR) faced declines. IREN posted a 285% return for the year to lead the group tracked in the sector. The company signed ...

吴说获悉，比特币矿企 Cango Inc.（NYSE: CANG）披露 2025 年 12 月比特币挖矿运营数据：当月产出 569 BTC（11 月为 546.7 BTC），日均产量 18.35 BTC；截至月末持有 7,528.3 BTC（环比增加约 569 BTC）。公司部署算力 50 EH/s，月均运行算力 43.36 EH/s。Cango 表示其比特币将长期持有、不计划 出售。同时，一名大股东拟追加 1,050 万美元投资（预计 2026 年 1 月完成），以提升挖矿效率并推进 能源与 AI 计算平台的并行发展。 （来源：吴说） ...

2025 年，数据存储企业领涨标普 500 指数：闪迪公司股价飙升近 580%，登顶该指数年度涨幅榜首，西 部数据、希捷科技分别位列第二、第四。与此同时，安费诺、康宁、NRG 能源、通用电气维诺瓦等人 工智能相关电力供应商、线缆及光纤生产商，均跻身指数涨幅前 25 强。 人工智能投资热潮迎来新风口，大型云服务商豪掷数十亿美元兴建新数据中心，一众投资者为抢占前沿 布局先机，正大举抢购科技领域的 '卖铲人'概念股 。 这一格局与过去数年截然不同 —— 英伟达作为人工智能领域初代'卖铲人'龙头，此前长期稳居标普 500 指数涨幅前列，而该芯片巨头 2025 年仅上涨 40%，排名跌至指数第 71 位。尽管英伟达与微软、元宇 宙平台、字母表等头部云服务商，仍凭借庞大的体量支撑市场走势，但其股价涨幅已开始收窄。 景顺环球投资组合经理杰克・塞尔茨表示：'当指数权重高度集中时，挖掘能驱动营收与利润增长的赛 道主题至关重要。人工智能是当前最核心的赛道之一，这一点毋庸置疑，因此我们正拓宽视野，布局科 技赛道外的相关标的。' 头部云服务商斥巨资建设数据中心，新一轮受益企业迎来增长空间与估值优势，成为投资者布局新方 向。 '我们重 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） (1)完成有關涉及根據特別授權發行可換股債券、認股權證及 獲利股份的比特幣礦機收購事項的須予披露交易；及 (2)有關比特幣挖礦業務的最新發展 完成比特幣礦機收購事項 董事會欣然宣佈，比特幣礦機正式協議所載之所有先決條件已獲達成，且已 於2025年12月30日完成。 1 有關比特幣挖礦業務的最新發展 董事會欣然向其股東及市場提供其比特幣挖礦業務之最新進展。於本公告 日期，本集團已完成(i)向比特大陸收購位於阿曼及巴拉圭的2,448台總哈希 率約為0.825 EH/s的比特幣礦機；(ii)向Evergreen Wealth Investment Limited收 購位於美國奧克拉荷馬州的2,200台總哈希率約為1.040 EH/s的比特幣礦機； ...

Group 1 - Bitfarms is transitioning from Bitcoin mining to high-performance computing and AI infrastructure, aiming for completion by 2027 [1] - Bitfarms has a projected P/E ratio of 84.04 for 2026, which is four times its historical P/E, but its stock price has dropped 62% since early October 2025 [2] - Bitfarms has reported three consecutive quarters of earnings per share (EPS) below expectations, with the latest EPS at -0.08 USD, indicating worsening performance [2] Group 2 - Robinhood has established itself as a leading mobile trading platform, with its stock price soaring by 300% in 2025 and three consecutive quarters of EPS growth, reaching 0.61 USD in Q3 2025, exceeding expectations by nearly 20% [3] - The prediction market is Robinhood's fastest-growing product, allowing users to bet on real-world events, including political elections and sports betting starting in late 2025 [3] - Robinhood's growth story is considered more stable and sustainable compared to Bitfarms, due to its strong revenue model and expansion into a growing market [3]

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 德林控股（01709）早盘股价上涨5.10%，现报1.65港元，成交额3747.76万港元。 近日，德林控股发布公告，本公司透过在美国、阿曼及巴拉圭的选定海外矿场部署高效挖矿硬件，继续 积极发展及扩展机构级比特币挖矿业务。 除了大致完成向比特大陆收购2995台总哈希率约为1.060 EH/s的比特币矿机及正在进行向Evergreen Wealth Investment Limited收购2200台总哈希率约为1.040 EH/s 的比特币矿机外，本集团另向三家独立于 本公司及其关连人士（定义见上市规则）且与彼等概无关连的第三方供应商收购合共4000台Antminer S21 XP Hyd比特币矿机（额外比特币矿机），每台矿机的额定算力约为473 TH/s，目前部署于美国奥克 拉荷马州的比特币挖矿设施（后续收购事项）。 额外比特币矿机的总哈希率约为1.892 EH/s，基于约12 J/TH的能源效率，全面部署4000台额外比特币矿 机的估计总电力负载约为23 MW。额外比特币矿机的总代价约为3920万美元，由本集团于2025年1 ...

本集团已收购及正在收购的比特币矿机在当前网路状况下产出的比特币每日总产量估计可达到约1.71枚 比特币。根据本集团目前的内部估计及当前的比特币网络状况，从后续收购事项中收购的4000台额外比 特币矿机预期对应的指示性每日总产量约为0.81枚比特币，视乎网络难度、比特币价格、正常运行时间 及其他营运状况而定。从后续收购事项收购的额外比特币矿机自2025年12月12日起投入运作并开始生产 比特币。自2025年11月起，本集团亦已大致完成其阿曼及巴拉圭矿场的现有比特币矿机部署工作。从比 特大陆收购的阿曼及巴拉圭的比特币矿机已分别自2025年11月13日及2025年11月14日起投入运作并生产 比特币。于完成及全面部署2995台比特币矿机后，该2995台比特币矿机在当前网络状况下的指示性每日 总产出估计约为0.45枚比特币。此外，待完成向Evergreen Wealth Investment Limited收购2200台比特币 矿机(详情载于本公司日期为2025年9月15日及28日的公告及本公司日期为2025年12月3日的通函)后，该 2200台比特币矿机在当前网络状况下的指示性每日总产出估计约为0.45枚比特币。 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Insights - In recent years, several Bitcoin mining companies have partnered with AI cloud providers, utilizing part of their electricity for GPU hosting and developing AIDC (AI Data Center) businesses, with contracts totaling $53.6 billion and involving 1.959 GW of power [1][11] - The market perceives that Bitcoin mining companies primarily have an advantage in electricity resources compared to other AIDC competitors, but many have prior experience in self-operated cloud services [4][10] - The report suggests that companies with more AI electricity capacity tend to have higher market valuations, with average valuations of $4.73 million/MW for total electricity, $12.26 million/MW for mining electricity, and $144 million/MW for AI electricity [4][55] Summary by Sections 1. Current Status of Bitcoin Mining Transformation to AIDC - As of November 3, 2025, six Bitcoin mining companies have signed contracts with at least five cloud providers, totaling $53.6 billion and involving 1.959 GW of power [1][11] - Over 50% of the AI cloud providers that signed contracts with Bitcoin mining companies are emerging firms, with Coreweave being the largest [2][13] - The average contract duration for AIDC projects is 14 years, with a minimum of 5 years and a maximum of 25 years [3][24] - The average price for key IT load contracts is $1.73 million/MW/year, indicating a consistent pricing structure across projects [3][27] 2. Reasons and Models for Transformation - The transition to AIDC is driven by the uncertainty in revenue and profitability from Bitcoin mining, which faces challenges such as fluctuating prices and increasing competition [33][35] - AIDC offers higher gross margins compared to Bitcoin mining, with various projects reporting net operating income margins between 80% and 88% [40][39] 3. Self-Operated Cloud Services by Mining Companies - Companies like Iris Energy, Hive Digital, and Bitdeer are actively developing self-operated AI cloud services, with Iris Energy expected to operate 140,000 GPUs by the end of 2026 [43][47] - Bitdeer plans to operate 1,160 GPUs by the end of 2025, while Hive Digital aims to exceed 11,000 GPUs by the end of 2026 [44][51] 4. Future Outlook for AIDC Transformation - The report anticipates an acceleration in the transformation of Bitcoin mining companies to AIDC, as companies with more AI electricity capacity are valued higher in the market [55] - The report highlights the importance of companies having substantial electricity reserves and experience in AI cloud services for future investment opportunities [4][55]

On Dec. 3, Bitcoin miner-turned-AI-data-firm Iren announced pricing of $3.6 billion in combined equity and convertible note offerings, a significant move in its transition into an AI infrastructure provider. In its first part, Iren priced $2 billion private convertible notes offering: $1 billion due 2032 with a 0.25% interest rate $1 billion due 2033 with a 1.00% interest rate This will provide the company with long-dated, low-cost capital and also prevent immediate stock dilution. Iren's stock is ...

【导读】昨夜，特朗普家族的比特币挖矿公司多次触发熔断 隔夜美股三大指数集体收涨，英特尔涨超8%。科技股普遍回暖，而特斯拉遭遇做空。特朗普 家族的比特币挖矿公司ABTC暴跌38%。 美股收涨 美联储有大消息 中国基金报记者 储是 美东时间12月2日（周二），美股三大指数集体收涨。 截至收盘，标普500指数涨0.25%，报6829.37点；纳斯达克综合指数涨0.59%，报 23413.67点；道琼斯工业平均指数涨0.39%，报47474.46点。 美联储降息预期持续升温。美国银行全球研究在最新发布的报告中预测，美联储将在12月会 议上降息25个基点，理由是美国劳动力市场状况疲弱，且政策制定者近期的表态暗示将提前 降息。 新任主席也有消息传出。 特朗普表示，他计划在2026年初公布美联储新任主席的人选。 特 朗普同日暗示白宫国家经济委员会主任凯文·哈赛特（Kevin Hassett）可能是他的选择。 据悉，尽管美联储主席候选人面试仍在进行中，但特朗普似乎已倾向于选择哈赛特担任这一 职位。此次任命可能成为特朗普第二任期最重要的人事决策。 | 美股指数 它 | | | | --- | --- | --- | | 道琼斯 ...