{"id":924,"date":"2026-03-13T15:16:41","date_gmt":"2026-03-13T08:16:41","guid":{"rendered":"https:\/\/new.blockped.id\/?p=924"},"modified":"2026-03-13T15:16:41","modified_gmt":"2026-03-13T08:16:41","slug":"wintermute-penambang-kripto-perlu-mengoptimalkan-bitcoin-mereka-untuk-bertahan","status":"publish","type":"post","link":"https:\/\/new.blockped.id\/?p=924","title":{"rendered":"Wintermute: Penambang Kripto Perlu Mengoptimalkan Bitcoin Mereka untuk Bertahan"},"content":{"rendered":"

Banyak penambang Bitcoin<\/span><\/span> saat ini menghadapi tekanan profitabilitas karena imbal hasil dari aktivitas penambangan semakin menurun. Menurut perusahaan market maker kripto Wintermute<\/span><\/span>, para penambang mungkin perlu mengalihkan strategi bisnis, misalnya dengan menyediakan infrastruktur untuk industri kecerdasan buatan atau memanfaatkan kepemilikan Bitcoin mereka untuk menghasilkan pendapatan tambahan.<\/p>\n

Dalam sebuah laporan blog yang dirilis Kamis, Wintermute menjelaskan bahwa selama bertahun-tahun para penambang telah membangun infrastruktur energi berskala besar di wilayah dengan biaya listrik rendah. Infrastruktur tersebut kini sebenarnya sangat dibutuhkan oleh industri AI, namun sulit untuk direplikasi dengan cepat.<\/p>\n

Meski demikian, perusahaan tersebut menilai bahwa model bisnis penambangan Bitcoin masih cukup kaku secara struktural. Beralih ke bisnis hosting AI memang menarik, tetapi juga memerlukan investasi besar serta perubahan operasional yang signifikan.<\/p>\n

Laporan ini muncul di tengah langkah beberapa perusahaan tambang besar yang mulai melirik sektor AI. Salah satunya adalah MARA Holdings<\/span><\/span>, yang pada awal Maret mengajukan dokumen ke U.S. Securities and Exchange Commission<\/span><\/span> untuk mengindikasikan rencana menjual sebagian kepemilikan BTC mereka guna mendukung peralihan ke teknologi tersebut. Sejak Oktober, perusahaan tambang yang terdaftar di bursa juga dilaporkan telah menjual lebih dari 15.000 Bitcoin.<\/p>\n

Penambang masih terpengaruh \u201cera HODL\u201d<\/h3>\n

Wintermute juga mencatat bahwa para penambang secara kolektif masih memegang sekitar 1% dari total pasokan Bitcoin yang beredar. Menurut perusahaan tersebut, praktik ini merupakan warisan dari \u201cera HODL\u201d, di mana banyak pelaku industri memilih menyimpan Bitcoin sebagai cadangan pasif.<\/p>\n

Padahal, berbagai strategi pengelolaan aset sebenarnya dapat dimanfaatkan untuk menghasilkan imbal hasil tambahan. Selain metode umum seperti staking atau layanan keuangan terdesentralisasi (DeFi), penambang juga dapat memanfaatkan manajemen portofolio yang lebih aktif. Contohnya termasuk menggunakan instrumen derivatif seperti covered calls<\/em> atau cash-secured puts<\/em> untuk memonetisasi risiko pasar.<\/p>\n

Di sisi lain, pendekatan yang lebih pasif juga tersedia, misalnya dengan menyalurkan Bitcoin ke protokol pinjaman kripto untuk memperoleh bunga.<\/p>\n

Wintermute menilai bahwa pengelolaan neraca secara aktif merupakan peluang yang masih jarang dimanfaatkan oleh para penambang. Menurut mereka, penambang yang menjadikan Bitcoin sebagai aset produktif, bukan sekadar cadangan pasif, akan memiliki keunggulan kompetitif menjelang siklus halving<\/em> berikutnya.<\/p>\n

Tekanan profit berbeda dari siklus sebelumnya<\/h3>\n

Perusahaan tersebut juga menyoroti bahwa untuk pertama kalinya dalam siklus pasar empat tahunan, harga Bitcoin tidak berhasil mencapai kenaikan dua kali lipat yang biasanya diperlukan untuk menutup penurunan pendapatan akibat halving<\/em>. Margin kotor para penambang pun telah mencapai titik yang pada siklus sebelumnya sering menandai dasar pasar bearish.<\/p>\n

Selain itu, pendapatan dari biaya transaksi juga belum mampu menutupi kekurangan tersebut karena sifatnya tidak stabil dan hanya muncul pada periode tertentu. Sementara itu, kenaikan biaya energi terus menekan profitabilitas.<\/p>\n

Berdasarkan data yang dianalisis, kondisi saat ini berbeda dari siklus pasar sebelumnya pada 2018 dan 2022. Wintermute menilai tekanan tersebut sebagai bentuk \u201cpenyaringan sehat\u201d yang sejalan dengan desain jaringan Bitcoin dan pada akhirnya dapat membuat industri penambangan menjadi lebih efisien.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banyak penambang Bitcoin saat ini menghadapi tekanan profitabilitas karena imbal hasil dari aktivitas penambangan semakin menurun. Menurut perusahaan market maker kripto Wintermute, para penambang mungkin perlu mengalihkan strategi bisnis, misalnya […]<\/p>\n","protected":false},"author":1,"featured_media":926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-berita"],"yoast_head":"\nWintermute: Penambang Kripto Perlu Mengoptimalkan Bitcoin Mereka untuk Bertahan - Blockped<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/new.blockped.id\/?p=924\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wintermute: Penambang Kripto Perlu Mengoptimalkan Bitcoin Mereka untuk Bertahan - Blockped\" \/>\n<meta property=\"og:description\" content=\"Banyak penambang Bitcoin saat ini menghadapi tekanan profitabilitas karena imbal hasil dari aktivitas penambangan semakin menurun. 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