比特幣（BTC）礦業公司恢復出售其BTC

該結果標誌著自2024年10月以來的每月清算率最高。

The publicly traded Bitcoin mining companies have resumed selling their BTC starting from March, according to what reported. This is a real trend reversal, compared to the strong HODL strategy implemented during the months of the presidential elections, in the midst of the BTC bull run.

根據報導，公開交易的比特幣礦業公司從3月開始恢復了BTC。與在BTC公牛競選中，與在總統選舉的幾個月中實施的強大霍德戰略相比，這是一種真正的趨勢逆轉。

Specifically, there would be as many as 15 publicly listed mining companies that collectively sold over 40% of their total BTC production last month.

具體來說，上個月將有多達15家公開上市的礦業公司銷售其BTC總產量的40％以上。

CleanSpark, one of the leading BTC mining companies in the USA, has itself announced that it will change its BTC hodler strategy started in mid-2023.

CleanSpark是美國領先的BTC礦業公司之一，它本身宣布將改變其BTC Hodler戰略於2023年中期開始。

In this regard, the CEO of CleanSpark, Zach Bradford, stated:

在這方面，CleanSpark的首席執行官Zach Bradford表示：

“With our Bitcoin holdings exceeding 12,000, valued at approximately 1 billion dollars, we believe it is the right time to evolve from the nearly 100% holding strategy adopted in mid-2023 and return to using a portion of our monthly production to support operations. This represents a significant strategic distinction compared to many of our peers, who continue to rely on share dilution to finance operational costs or on increasing leverage to grow Bitcoin reserves.

“由於我們的比特幣持有量超過12,000，價值約10億美元，我們認為現在是從2023年中期通過的近100％的持有策略發展的合適時機，並返回使用我們的每月生產以支撐運營來支持運營。這代表著許多戰略上的區別，與我們的許多同行相比，他們繼續依靠股份延伸的措施，以增強運營成本，以延長依據，以增強依據的依據，以實現不斷增長的依據。

We consider our approach deliberately strategic rather than ideological, especially now that we have reached our current size. While remaining committed to Bitcoin as a long-term asset, we believe that a more effective way to increase shareholder value is a balanced approach between monetizing new production and building long-term holdings.”

我們認為我們的方法是故意戰略性的，而不是意識形態的，尤其是現在我們已經達到了當前的規模。在繼續致力於比特幣作為長期資產的同時，我們認為，提高股東價值的一種更有效的方法是使新生產和建立長期持有的貨幣化的一種平衡的方法。 ”

Other companies like HIVE, Bitfarms, and Ionic Digital have already sold more than 100% of their March BTC production.

其他公司，例如Hive，Bitfarms和Ionic Digital已經出售了其3月BTC生產的100％以上。

Bitcoin Mining: the publicly traded companies stop being HODLer of BTC

比特幣採礦：公開交易的公司停止成為BTC的霍德勒

This trend change from HODL of BTC to seller of BTC suggests that miners might respond to the narrowing profit margins between the low levels of the hash price and the growing uncertainty of the trade war.

從BTC的HODL到BTC賣方的這種趨勢變化表明，礦工可能會響應哈希價格低水平與貿易戰不確定性日益確定的狹窄利潤率。

Not only that, this recovery in sales of Bitcoin by publicly traded mining companies is also marking the highest monthly liquidation rate since October 2024.

不僅如此，通過公開交易的礦業公司在比特幣銷售中銷售的回收率也標誌著自2024年10月以來的每月清算率最高。

In fact, last October, the liquidation reports reached similar peaks, but the sales largely eased with the rise in BTC prices, until the end of the year.

實際上，去年10月，清算報告達到了類似的高峰，但銷售量在很大程度上隨著BTC價格的上漲而緩解，直到年底。

With the Bitcoin hashprice near the cycle lows and transaction fees in the blocks down to 1.1%, mining companies seem to once again rely on their BTC reserves to support operations and bolster liquidity.

隨著比特幣的哈希股票接近週期的低點和交易費用降至1.1％，礦業公司似乎再次依靠其BTC儲備來支持運營和增強流動性。

The increase in BTC sales by these companies could also be due to the increase in capital expenditures in the sector.

這些公司的BTC銷售增加也可能是由於該行業資本支出的增加所致。

Various large mining companies have announced the expansion of infrastructures, the upgrade of ASICs, or diversification into the high-performance computing sector, all activities that require capital in a more challenging context after the halving.

各種大型礦業公司宣布擴大基礎設施，ASIC的升級或多元化為高性能計算部門，所有活動都需要資本在半點後更具挑戰性的環境中。

Arizona advances in regulation

亞利桑那州的監管進展

Recently, regarding Bitcoin mining, there has been talk about the approval by the Arizona Senate of the HB 2342 law that protects miners.

最近，關於比特幣採礦，已經談到了亞利桑那州參議院《 HB 2342法律保護礦工》的批准。

The vote was 17 in favor and 12 against, and therefore, the law now passes into the hands of the governor for final approval.

投票是17個贊成，反對12票，因此，該法律現在已移交給州長的最終批准。

Specifically, the new law HB 2342 aims to prevent any city or county from imposing zoning or usage restrictions on individuals who carry out BTC mining or operate blockchain nodes in their own homes.

具體而言，新法律HB 2342旨在防止任何城市或縣對在自己家中進行BTC採礦或操作區塊鏈節點的個人對個人施加分區或使用限制。

More than the companies, therefore, in Arizona the aim is to protect the freedom of individuals for the mining activity from the threat of local government.

因此，在亞利桑那州，更多的目的是保護採礦活動免受地方政府威脅的個人自由。