{"id":178885,"date":"2026-03-14T08:32:16","date_gmt":"2026-03-14T08:32:16","guid":{"rendered":"https:\/\/ktromedia.com\/?p=178885"},"modified":"2026-03-14T08:32:16","modified_gmt":"2026-03-14T08:32:16","slug":"wintermute-%e5%91%8a%e8%af%89%e6%af%94%e7%89%b9%e5%b8%81%e7%9f%bf%e5%b7%a5%ef%bc%8c%e4%ba%ba%e5%b7%a5%e6%99%ba%e8%83%bd%e7%9a%84%e6%94%af%e7%82%b9%e6%97%a0%e6%b3%95%e6%8b%af%e6%95%91%e4%bd%a0","status":"publish","type":"post","link":"https:\/\/ktromedia.com\/?p=178885","title":{"rendered":"Wintermute \u544a\u8bc9\u6bd4\u7279\u5e01\u77ff\u5de5\uff0c\u4eba\u5de5\u667a\u80fd\u7684\u652f\u70b9\u65e0\u6cd5\u62ef\u6551\u4f60"},"content":{"rendered":"<div>\n<p class=\"nitro-lazy\">\u6bd4\u7279\u5e01\u77ff\u5de5\u6b63\u9677\u5165\u7f51\u7edc\u5386\u53f2\u4e0a\u6700\u7d27\u5f20\u7684\u56f0\u5883\uff0c\u4e00\u4efd\u65b0\u7684 Wintermute \u62a5\u544a\u8ba4\u4e3a\uff0c\u4ec5\u4ec5\u7b49\u5f85\u4e0b\u4e00\u6b21\u725b\u5e02\u4e0d\u518d\u662f\u4e00\u79cd\u7b56\u7565\u3002 <\/p>\n<p>\u76f8\u53cd\uff0c\u8be5\u516c\u53f8 <a href=\"https:\/\/www.wintermute.com\/insights\/views\/opinions\/epoch-5-a-structurally-different-btc-mining-cycle\" target=\"_blank\" rel=\"noopener\">\u8bf4<\/a> \u5982\u679c\u77ff\u5546\u60f3\u8981\u8fdb\u5165\u4e0b\u4e00\u6b21\u51cf\u534a\uff0c\u4ed6\u4eec\u5c06\u4e0d\u5f97\u4e0d\u5c06\u81ea\u5df1\u91cd\u5851\u4e3a\u57fa\u7840\u8bbe\u65bd\u548c\u8d22\u52a1\u7ba1\u7406\u8005\u3002<\/p>\n<p>Wintermute \u5206\u6790\u5e08 Jasper De Maere \u8868\u793a\uff0c\u5f53\u524d\u7684\u6316\u77ff\u5468\u671f\u5728\u7ed3\u6784\u4e0a\u4e0e 2018 \u5e74\u548c 2022 \u5e74\u7684\u6316\u77ff\u5468\u671f\u4e0d\u540c\u3002 \u6bd4\u7279\u5e01\u7684\u8bbe\u8ba1 <a href=\"https:\/\/bitcoinmagazine.com\/markets\/breaking-down-the-2024-bitcoin-halving-implications-and-predictions-for-bitcoin-miners\">\u524a\u51cf\u533a\u5757\u5956\u52b1<\/a> \u6bcf\u56db\u5e74\u4ef7\u683c\u5c31\u4f1a\u51cf\u534a\uff0c\u4f46\u8fd9\u4e00\u6b21\u4ef7\u683c\u5728\u540c\u4e00\u65f6\u95f4\u6bb5\u5185\u5e76\u6ca1\u6709\u7ffb\u500d\uff0c\u8fd9\u610f\u5473\u7740\u77ff\u5de5\u7684\u5b9e\u9645\u6536\u5165\u6b63\u5728\u840e\u7f29\u3002 <\/p>\n<p>\u5728\u6eda\u52a8\u56db\u5e74\u7684\u57fa\u7840\u4e0a\uff0c\u6bd4\u7279\u5e01\u5728\u8fd9\u4e2a\u65f6\u671f\u7684\u56de\u62a5\u7387\u4ec5\u4e3a 1.15 \u500d\u5de6\u53f3\uff0c\u8fdc\u4f4e\u4e8e\u65e9\u671f\u5468\u671f\u4e2d\u7684 10 \u500d\u81f3 20 \u500d\u3002<\/p>\n<p>\u5728\u8fc7\u53bb\u7684\u5468\u671f\u4e2d\uff0c\u5de8\u5927\u7684\u4ef7\u683c\u4e0a\u6da8\u63a9\u76d6\u4e86\u5f88\u591a\u95ee\u9898\u3002\u6bcf\u6b21\u51cf\u534a\u540e\uff0c\u77ff\u5546\u90fd\u53ef\u4ee5\u6307\u671b\u725b\u5e02\u6765\u7f13\u89e3\u5229\u6da6\u7387\u75b2\u8f6f\u7684\u60c5\u51b5\u3002 <\/p>\n<p>\u4eca\u5929\uff0c\u901a\u8fc7\u673a\u6784\uff0c <a href=\"https:\/\/bitcoinmagazine.com\/tags\/bitcoin-etf\">ETF<\/a>\u4ee5\u53ca\u4f01\u4e1a\u56fd\u5e93\u5238\u7684\u7ec4\u5408\u4e2d\uff0c\u6bd4\u7279\u5e01\u7684\u4ea4\u6613\u66f4\u50cf\u662f\u4e00\u79cd\u4e3b\u6d41\u5b8f\u89c2\u8d44\u4ea7\uff0c\u800c\u7206\u53d1\u6027 20 \u500d\u7684\u4e0a\u6da8\u7684\u53ef\u80fd\u6027\u8f83\u5c0f\u3002 <\/p>\n<p>\u5bf9\u4e8e\u90a3\u4e9b\u4ee5\u6c38\u4e45\u9ad8\u901f\u589e\u957f\u4e3a\u524d\u63d0\u5efa\u7acb\u4e1a\u52a1\u7684\u77ff\u5de5\u6765\u8bf4\uff0c\u6e29\u7279\u7a46\u7279\u5c06\u5176\u89c6\u4e3a\u4e00\u6b21\u653f\u6743\u66f4\u8fed\uff0c\u800c\u4e0d\u662f\u4e00\u4e2a\u7cdf\u7cd5\u7684\u5b63\u5ea6\u3002<\/p>\n<h2 class=\"wp-block-heading\">\u5229\u6da6\u7387\u6b63\u5728\u88ab\u6324\u538b<\/h2>\n<p>\u5728\u5f15\u64ce\u76d6\u4e0b\uff0c <a href=\"https:\/\/bitcoinmagazine.com\/tags\/bitcoin-mining\">\u6bd4\u7279\u5e01\u6316\u77ff<\/a> \u6210\u672c\u7ed3\u6784\u975e\u5e38\u7b80\u5355\uff1a\u80fd\u6e90\u548c\u8ba1\u7b97\u3002\u8fd9\u79cd\u7b80\u5355\u6027\u610f\u5473\u7740\u5f53\u6536\u5165\u4e0b\u964d\u65f6\uff0c\u6ca1\u6709\u592a\u591a\u65b9\u6cd5\u53ef\u4ee5\u4fdd\u62a4\u5229\u6da6\u3002 Wintermute \u7684\u5206\u6790\u663e\u793a\uff0c\u8fd9\u4e00\u65f6\u671f\u7684\u6bdb\u5229\u7387\u8fbe\u5230\u4e86 30% \u5de6\u53f3\u7684\u5cf0\u503c\uff0c\u8fd9\u4e00\u6c34\u5e73\u6807\u5fd7\u7740\u4e4b\u524d\u718a\u5e02\u7684\u5e95\u90e8\uff0c\u800c\u4e0d\u662f\u9876\u90e8\u3002 <\/p>\n<p>\u65e9\u671f\u65f6\u4ee3\u89c1\u8bc1\u4e86\u77ff\u5de5\u5728\u5f88\u957f\u4e00\u6bb5\u65f6\u95f4\u5185 <a href=\"https:\/\/bitcoinmagazine.com\/markets\/as-halving-approaches-miners-turn-record-profits-into-new-strategies\">\u5f88\u4eab\u53d7<\/a> 70\u201380% \u7684\u5229\u6da6\u7387\uff1b\u73b0\u5728\uff0c\u201c\u7f8e\u597d\u65f6\u5149\u201d\u770b\u8d77\u6765\u66f4\u50cf\u662f\u4e4b\u524d\u7684\u538b\u529b\u70b9\u3002<\/p>\n<p>\u4ea4\u6613\u8d39\u7528\u4e5f\u65e0\u6cd5\u633d\u6551\u5c40\u9762\u3002\u4e0e\u7092\u4f5c\u5468\u671f\u548c\u5185\u5b58\u6c60\u62e5\u585e\u76f8\u5173\u7684\u8d39\u7528\u5cf0\u503c\u663e\u793a\u5728\u56fe\u8868\u4e0a\uff0c\u4f46\u5b83\u4eec\u6d88\u5931\u5f97\u5f88\u5feb\uff0c\u800c\u4e14\u968f\u7740\u65f6\u95f4\u7684\u63a8\u79fb\uff0c\u5b83\u4eec\u5f88\u5c11\u4f1a\u8d21\u732e\u8d85\u8fc7\u77ff\u5de5\u603b\u6536\u5165\u7684\u51e0\u4e2a\u767e\u5206\u70b9\u3002 <\/p>\n<p>Wintermute \u6307\u51fa\uff0c\u5373\u4f7f\u5305\u542b\u8d39\u7528\uff0c\u6bcf\u4e2a\u5468\u671f\u7684\u5229\u6da6\u7ebf\u4e5f\u51e0\u4e4e\u6ca1\u6709\u53d8\u5316\uff0c\u5c24\u5176\u662f\u5728\u5f53\u524d\u65f6\u4ee3\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u8be5\u534f\u8bae\u5185\u7f6e\u7684\u201c\u7b2c\u4e8c\u6536\u5165\u6765\u6e90\u201d\u5e76\u4e0d\u80fd\u5145\u5f53\u53ef\u9760\u7684\u540e\u76fe\u3002<\/p>\n<h2 class=\"wp-block-heading\">\u4eba\u5de5\u667a\u80fd\u8f6c\u578b\u5bf9\u5c11\u6570\u4eba\u6765\u8bf4\u662f\u4e00\u4e2a\u673a\u4f1a<\/h2>\n<p>\u6446\u8131\u56f0\u5883\u7684\u4e00\u6761\u51fa\u8def\u662f <a href=\"https:\/\/bitcoinmagazine.com\/bitcoin-mining\/iren-stock-soars-bitcoin-mining-firm-surges-on-wall-street-ai-cloud-optimism\">\u8db3\u591f\u7684\u5173\u6ce8<\/a>\uff1a\u8f6c\u5411\u9ad8\u6027\u80fd\u8ba1\u7b97 (HPC) \u548c\u4eba\u5de5\u667a\u80fd\u5de5\u4f5c\u8d1f\u8f7d\u3002\u5927\u578b\u79d1\u6280\u516c\u53f8\u548c\u4eba\u5de5\u667a\u80fd\u521d\u521b\u516c\u53f8\u6b63\u5728\u7ade\u76f8\u9501\u5b9a\u7535\u529b\u548c\u6570\u636e\u4e2d\u5fc3\u5bb9\u91cf\uff0c\u4ed6\u4eec\u4e0d\u60f3\u7b49\u5f85\u4e94\u5230\u5341\u5e74\u624d\u80fd\u5efa\u7acb\u65b0\u7684\u7535\u7f51\u8fde\u63a5\u548c\u5efa\u8bbe\u3002 <\/p>\n<p>\u5df2\u7ecf\u63a7\u5236\u4e86\u5ec9\u4ef7\u7535\u529b\u548c\u5efa\u7b51\u573a\u5730\u7684\u77ff\u5de5\u662f\u4e00\u6761\u81ea\u7136\u7684\u6377\u5f84\u3002<\/p>\n<p>Wintermute \u6307\u51fa\uff0c\u7531\u4e8e\u7eaf\u7cb9\u7684\u6316\u77ff\u4e1a\u52a1\uff0c\u7ad9\u70b9\u7684\u4ef7\u503c\u4e00\u5ea6\u7ea6\u4e3a\u6bcf\u74e6 1-7 \u7f8e\u5143\uff0c\u5728\u91cd\u65b0\u5b9a\u4f4d\u4e3a\u4eba\u5de5\u667a\u80fd\u8ba1\u7b97\u540e\uff0c\u5df2\u4ee5\u6bcf\u74e6\u8fd1 18 \u7f8e\u5143\u7684\u4ef7\u683c\u6613\u624b\u3002 <a href=\"https:\/\/bitcoinmagazine.com\/business\/public-bitcoin-miners-are-dumping-bitcoin-for-ai-a-historic-mistake\">\u4ea4\u6613\u5e2e\u52a9<\/a> \u5c31\u50cf HUT \u4e0e Google \u548c Anthropic \u7684\u5408\u4f5c\u4e00\u6837\u3002 <\/p>\n<p>\u516c\u5f00\u5e02\u573a\u6295\u8d44\u8005\u901a\u8fc7\u80a1\u6743\u548c\u53ef\u8f6c\u6362\u503a\u5238\uff0c\u4ee5\u66f4\u9ad8\u7684\u4f30\u503c\u548c\u66f4\u4fbf\u5b9c\u7684\u8d44\u672c\u5956\u52b1\u5ba3\u5e03\u53ef\u4fe1\u4eba\u5de5\u667a\u80fd\u8ba1\u5212\u7684\u77ff\u5546\u3002 <\/p>\n<p>\u95ee\u9898\u5728\u4e8e\uff0c\u5e76\u975e\u6bcf\u4e2a\u77ff\u5546\u90fd\u5177\u5907\u8f6c\u578b\u4e3a\u6570\u636e\u4e2d\u5fc3\u4e1a\u52a1\u6240\u9700\u7684\u5730\u7406\u4f4d\u7f6e\u3001\u8d44\u4ea7\u8d1f\u503a\u8868\u6216\u8fd0\u8425\u80fd\u529b\u3002<\/p>\n<h2 class=\"wp-block-heading\">\u8ba9\u201c\u95f2\u7f6e\u201d\u7684\u6bd4\u7279\u5e01\u53d1\u6325\u4f5c\u7528<\/h2>\n<p>\u8fd9\u5c31\u662f Wintermute \u770b\u5230\u7684\u7b2c\u4e8c\u4e2a\u672a\u5145\u5206\u5229\u7528\u7684\u6760\u6746\uff1a\u4e3b\u52a8\u8d44\u4ea7\u8d1f\u503a\u8868\u7ba1\u7406\u3002\u77ff\u5de5\u603b\u5171\u6301\u6709\u6bd4\u7279\u5e01\u603b\u91cf\u7684\u8fd1 1%\uff0c\u8fd9\u662f\u4e3b\u5bfc\u65e9\u671f\u5468\u671f\u7684\u201cHODL\u201d\u7b56\u7565\u7684\u9057\u4ea7\u3002 <\/p>\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u8bb8\u591a\u4e0a\u5e02\u77ff\u4e1a\u516c\u53f8\u4e00\u76f4\u5728\u51fa\u552e\u90e8\u5206\u5e93\u5b58\uff0c\u4ee5\u200b\u200b\u5f25\u8865\u5229\u6da6\u6536\u7d27\u548c\u503a\u52a1\uff0c\u6709\u4e9b\u751a\u81f3\u5b8c\u5168\u629b\u552e\u3002<\/p>\n<p>Wintermute \u8ba4\u4e3a\uff0c\u77ff\u5546\u4e0d\u5e94\u8ba9\u50a8\u5907\u95f2\u7f6e\u76f4\u81f3\u56e0\u6d41\u52a8\u6027\u7d27\u7f29\u800c\u88ab\u629b\u552e\uff0c\u800c\u5e94\u5c06 BTC \u89c6\u4e3a\u6d41\u52a8\u8d44\u4ea7\u3002\u5728\u201c\u4e3b\u52a8\u201d\u65b9\u9762\uff0c\u8fd9\u610f\u5473\u7740\u4f7f\u7528\u5907\u5151\u770b\u6da8\u671f\u6743\u548c\u73b0\u91d1\u62c5\u4fdd\u770b\u8dcc\u671f\u6743\u7b49\u884d\u751f\u54c1\u7b56\u7565\u6765\u8d5a\u53d6\u6301\u6709\u6536\u76ca\uff0c\u4f46\u4ee3\u4ef7\u662f\u627f\u62c5\u4e00\u4e9b\u5e02\u573a\u98ce\u9669\u3002 <\/p>\n<p>\u5728\u201c\u88ab\u52a8\u201d\u65b9\u9762\uff0c\u77ff\u5de5\u53ef\u4ee5\u5c06\u4ee3\u5e01\u90e8\u7f72\u5230\u94fe\u4e0a\u501f\u8d37\u5e02\u573a\uff0c\u5305\u62ec Wintermute \u5f3a\u8c03\u7684 Wildcat \u4e0a\u65b0\u7684\u6253\u5305 BTC \u5e02\u573a\uff0c\u4ee5\u4ea7\u751f\u5229\u606f\u6536\u5165\u3002<\/p>\n<p>Wintermute \u7684\u5e95\u7ebf\u662f\uff0c\u6bd4\u7279\u5e01\u7684\u8bbe\u8ba1\u662f\u6709\u6548\u7684\uff0c\u4f46\u77ff\u5de5\u7684\u8f7b\u677e\u65f6\u4ee3\u5df2\u7ecf\u7ed3\u675f\u3002\u96be\u5ea6\u4ecd\u7136\u53ef\u4ee5\u8c03\u6574\uff0c\u4f46\u5b83\u65e0\u6cd5\u514b\u670d\u4ef7\u683c\u589e\u957f\u653e\u7f13\u3001\u8d39\u7528\u5e02\u573a\u5c1a\u672a\u6269\u5927\u4ee5\u53ca\u80fd\u6e90\u6210\u672c\u4e0a\u5347\u4fb5\u8680\u6bcf\u4e00\u4e2a\u533a\u5757\u5956\u52b1\u7684\u95ee\u9898\u3002 <\/p>\n<p>\u4eba\u5de5\u667a\u80fd\u7684\u652f\u70b9\u53ef\u80fd\u4f1a\u91cd\u5851\u8be5\u884c\u4e1a\u7684\u4e0a\u5c42\uff0c\u5c06\u4e00\u4e9b\u77ff\u5de5\u8f6c\u53d8\u4e3a\u6210\u719f\u7684\u57fa\u7840\u8bbe\u65bd\u516c\u53f8\u3002<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u6bd4\u7279\u5e01\u77ff\u5de5\u6b63\u9677\u5165\u7f51\u7edc\u5386\u53f2\u4e0a\u6700\u7d27\u5f20\u7684\u56f0\u5883\uff0c\u4e00\u4efd\u65b0\u7684 Wintermute \u62a5\u544a\u8ba4\u4e3a\uff0c\u4ec5\u4ec5\u7b49\u5f85\u4e0b\u4e00\u6b21\u725b\u5e02\u4e0d\u518d\u662f\u4e00\u79cd\u7b56\u7565\u3002 \u76f8\u53cd\uff0c\u8be5\u516c\u53f8 \u8bf4 \u5982\u679c\u77ff\u5546\u60f3\u8981\u8fdb\u5165\u4e0b\u4e00\u6b21\u51cf\u534a\uff0c\u4ed6\u4eec\u5c06\u4e0d\u5f97\u4e0d\u5c06\u81ea\u5df1\u91cd\u5851\u4e3a\u57fa\u7840\u8bbe\u65bd\u548c\u8d22\u52a1\u7ba1\u7406\u8005\u3002 Wintermute \u5206\u6790\u5e08 Jasper De Maere \u8868\u793a\uff0c\u5f53\u524d\u7684\u6316\u77ff\u5468\u671f\u5728\u7ed3\u6784\u4e0a\u4e0e 2018 \u5e74\u548c 2022 \u5e74\u7684\u6316\u77ff\u5468\u671f\u4e0d\u540c\u3002 \u6bd4\u7279\u5e01\u7684\u8bbe\u8ba1 \u524a\u51cf\u533a\u5757\u5956\u52b1 \u6bcf\u56db\u5e74\u4ef7\u683c\u5c31\u4f1a\u51cf\u534a\uff0c\u4f46\u8fd9\u4e00\u6b21\u4ef7\u683c\u5728\u540c\u4e00\u65f6\u95f4\u6bb5\u5185\u5e76\u6ca1\u6709\u7ffb\u500d\uff0c\u8fd9\u610f\u5473\u7740\u77ff\u5de5\u7684\u5b9e\u9645\u6536\u5165\u6b63\u5728\u840e\u7f29\u3002 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property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wintermute \u544a\u8bc9\u6bd4\u7279\u5e01\u77ff\u5de5\uff0c\u4eba\u5de5\u667a\u80fd\u7684\u652f\u70b9\u65e0\u6cd5\u62ef\u6551\u4f60 - Ktromedia\" \/>\n<meta property=\"og:description\" content=\"\u6bd4\u7279\u5e01\u77ff\u5de5\u6b63\u9677\u5165\u7f51\u7edc\u5386\u53f2\u4e0a\u6700\u7d27\u5f20\u7684\u56f0\u5883\uff0c\u4e00\u4efd\u65b0\u7684 Wintermute \u62a5\u544a\u8ba4\u4e3a\uff0c\u4ec5\u4ec5\u7b49\u5f85\u4e0b\u4e00\u6b21\u725b\u5e02\u4e0d\u518d\u662f\u4e00\u79cd\u7b56\u7565\u3002 \u76f8\u53cd\uff0c\u8be5\u516c\u53f8 \u8bf4 \u5982\u679c\u77ff\u5546\u60f3\u8981\u8fdb\u5165\u4e0b\u4e00\u6b21\u51cf\u534a\uff0c\u4ed6\u4eec\u5c06\u4e0d\u5f97\u4e0d\u5c06\u81ea\u5df1\u91cd\u5851\u4e3a\u57fa\u7840\u8bbe\u65bd\u548c\u8d22\u52a1\u7ba1\u7406\u8005\u3002 Wintermute \u5206\u6790\u5e08 Jasper De Maere 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