英伟达 200 亿美元发债，给比特币矿工转型 AI 的故事又添了一把火

marsbitPublished on 2026-06-16Last updated on 2026-06-16

Abstract

英伟达计划发行至少200亿美元债券，用于AI投资和偿债，反映出市场对AI基础设施的旺盛需求。这一趋势也为面临利润压力的比特币矿工提供了转型方向。随着2024年比特币减半后挖矿难度和成本上升，利润空间被严重挤压，矿工们开始抛售比特币库存并寻求新收入来源。多家矿企如HIVE、TeraWulf、Hut 8、CleanSpark等正利用其现有的高耗能厂房和电力设施，转向改造为AI数据中心或提供算力服务。分析师认为，AI基础设施业务可能成为这些公司未来的主要价值所在。

作者:Sam Bourgi

编译:深潮 TechFlow

深潮导读:英伟达计划发债至少 200 亿美元,给 AI 基础设施的需求热度做了一次背书。这件事和加密圈的关系,在于一批比特币矿工正把闲置的电力和厂房改造成 AI 数据中心。HIVE、TeraWulf、Hut 8、CleanSpark 都在转这条路,而背后的真实压力是:挖矿这门生意越来越不赚钱了,2024 年减半之后尤其难熬。这篇短讯把这条产业暗线串了起来。

芯片厂商英伟达据报道也加入了 AI 发债潮,计划发行 200 亿美元债券。这笔融资再次说明市场对 AI 基础设施和数据中心的需求有多旺,而这股需求也给那些想跳出加密本行的比特币矿工开了一扇新门。

周一,彭博社报道称,英伟达打算通过一笔分多档发行的债券募资至少 200 亿美元,用于 AI 相关投资和偿还现有债务。

报道援引知情人士的说法称,英伟达计划发行 7 个不同期限的债券,从 2 年期到 30 年期不等。其中期限最长的债券,收益率预计比同期限美国国债高出约 0.9 个百分点。

这笔发债说明投资者对给 AI 扩张提供资金这件事仍然有胃口,也说明这家行业里最有话语权的公司之一认为 AI 基础设施的需求还会维持在高位。

来源 Cointelegraph

英伟达是驱动大语言模型的 GPU 的头号供应商,坐在整个 AI 生态的中心。它的芯片被各家超大规模云厂商和云服务商大量采用,所以它的资本开支计划一向被当作整个行业的风向标来盯。

这场持续不断的 AI 建设潮,也让越来越多的比特币矿工受益。这些矿工开始把自己那些高耗能的厂房和电力设施,改造成高性能计算和 AI 托管的场地。

HIVE Digital、TeraWulf、Hut 8、CleanSpark 这些公司,过去几乎只靠比特币挖矿收入活着,现在则把自己重新包装成数据中心算力的提供方,靠手里现成的基础设施和电力协议,去吃算力需求增长的红利。

挖矿这门生意,利润还在被挤压

矿工们之所以拼命往 AI 上转,是因为加密本行的经济账越来越难算,2024 年 4 月减半之后尤其明显。减半叠加居高不下的挖矿难度和运营成本,把利润空间压得很薄。

有分析师把这段时间形容为「史上最残酷的利润环境」。结果就是不少矿工开始抛掉一部分比特币库存、降低杠杆,到挖矿之外去找新的收入来源。

根据 TheEnergyMag 的数据,去年 10 月到今年 3 月这段时间,比特币矿工合计卖掉了超过 1.5 万枚 BTC。

图注:自去年 10 月 BTC 冲到 12.6 万美元以上的高点后,矿企的库存抛售开始加速

来源 TheEnergyMag

在这样的背景下,分析师预期大矿企会逐渐变成 AI 基础设施的供应商。比如伯恩斯坦(Bernstein)近期就表示,他们认为 IREN 未来的价值绝大部分会来自 AI 基础设施,理由是这家公司的云端 AI 业务增长很快。

Related Questions

Q英伟达计划发行债券募资的主要目的是什么？

A英伟达计划发行至少200亿美元的债券，其募资的主要目的是用于AI相关的投资以及偿还现有的债务，这反映了其对持续高企的AI基础设施和数据中心需求的信心。

Q文章中提到哪些比特币矿工公司正在向AI数据中心业务转型？

A文章中提到正在向AI数据中心和高性能计算业务转型的比特币矿工公司包括HIVE Digital、TeraWulf、Hut 8以及CleanSpark。

Q比特币矿工们为什么要转型进入AI领域？

A比特币矿工转型进入AI领域的主要原因是挖矿业务的利润空间持续受到挤压。尤其是在2024年4月比特币减半之后，叠加居高不下的挖矿难度和运营成本，挖矿经济性变得很差。他们希望利用现有的大规模电力和基础设施，去抓住AI算力需求的增长红利，寻找新的收入来源。

Q根据文章，比特币矿工在面临利润压力时采取了什么行动？

A面对利润压力，许多比特币矿工开始抛售手中持有的部分比特币库存以回笼资金，同时降低自身的财务杠杆，并积极在挖矿业务之外（如AI基础设施服务）开拓新的收入来源。根据数据，从去年10月到今年3月，矿工们合计卖出了超过1.5万枚BTC。

Q分析师对像IREN这样的矿企未来估值有何看法？

A伯恩斯坦（Bernstein）等分析师认为，像IREN这样的大矿企的未来价值将绝大部分来自AI基础设施业务，而不是传统的比特币挖矿。他们做出这一判断的理由是这些公司在云端AI业务上展现出了快速增长的趋势。

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