利潤緊縮的比特幣礦工：儘管費用下降，但仍保持緊密

由於費用下降和網絡壓力，比特幣礦工正面臨利潤擠壓，但令人驚訝的是堅持自己的BTC。這種彈性背後是什麼？

Bitcoin miners are navigating a tough landscape of falling fees and network pressures, but a recent analysis reveals a surprising trend: they're holding onto their Bitcoin instead of selling. Let's dive into what's happening.

比特幣礦工正在駕駛費用下降和網絡壓力的艱難景觀，但是最近的分析顯示出令人驚訝的趨勢：他們堅持自己的比特幣而不是銷售。讓我們深入了解正在發生的事情。

The Profitability Puzzle: Falling Fees and High Volatility

盈利能力難題：費用下降和高波動性

Transaction fees on the Bitcoin network have plummeted to levels unseen since 2012, driven by a slowdown in on-chain activity. This directly impacts miner revenues, adding to the pressure. Simultaneously, hash rate volatility is at an all-time high, with some large-scale miners reportedly shutting down their ASIC machines due to dwindling revenues. Despite these challenges, the network's difficulty hasn't adjusted accordingly, further squeezing profit margins for those who remain online.

自2012年以來，比特幣網絡上的交易費用下降到從未見過的水平，這是由於鏈上活動的放緩而驅動。這直接影響了礦工收入，增加了壓力。同時，哈希率波動率在歷史最高時分，據報導，由於收入減少，一些大規模的礦工關閉了ASIC機器。儘管面臨這些挑戰，但該網絡的困難尚未相應調整，這進一步擠壓了保持在線的人的利潤率。

Miners Holding Strong: A Shift in Strategy

堅強的礦工：戰略的轉變

What's particularly interesting is that miners aren't selling off their BTC holdings to cover costs, a common practice in previous cycles. Instead, they seem to be exercising patience, potentially reallocating computing power or simply weathering the storm. Data suggests miner flow to exchanges has dropped significantly, indicating a strong holding pattern.

特別有趣的是，礦工沒有出售其BTC持有量以支付成本，這是以前的周期中的普遍做法。取而代之的是，他們似乎正在行使耐心，潛在地重新分配計算能力或只是風化風暴。數據表明，礦工流向交換的流量已大大下降，表明持有模式很強。

Why Aren't They Selling?

他們為什麼不賣？

Despite the profit crunch, miners are still earning enough to stay afloat. Some analysts point to the Puell Multiple, which, despite market conditions, indicates miner earnings are still above historical averages. Reduced selling pressure from miners can ease downward pressure on BTC, potentially creating a more stable environment for future growth. Bitcoin hovering around $107,000 provides some breathing room, allowing miners to strategically reposition themselves.

儘管有利潤緊縮，但礦工仍然有足夠的收入來維持生計。一些分析師指出了PUELL倍數，儘管市場條件，但礦工的收入仍高於歷史平均值。礦工的銷售壓力降低可以緩解BTC的向下壓力，從而為未來的增長創造了更穩定的環境。徘徊在107,000美元左右的比特幣提供了一些呼吸空間，使礦工可以自行重新定位。

A Period of Recalibration

重新校準時期

The current situation suggests a period of recalibration rather than panic. Miners might be redistributing hash power and optimizing operations to adapt to a slower network environment, betting on future price appreciation. Instead of capitulating, they're strategically positioning themselves for a potential rebound.

當前情況表明一段時間重新校準而不是恐慌。礦工可能會重新分配哈希功率並優化運營以適應較慢的網絡環境，從而押注未來價格的升值。他們沒有屈服，而是在戰略上定位自己的反彈。

The Road Ahead

前面的道路

If miners continue to hold their Bitcoin, despite the challenging mining conditions, it could set BTC up for further gains. However, if the pressure becomes too great and miners are incentivized to sell, it could lead to downward pressure on BTC's price.

如果礦工繼續持有比特幣，儘管採礦條件充滿了挑戰，但它可能會使BTC獲得進一步的收益。但是，如果壓力變得太大，礦工被激勵出售，則可能導致BTC價格的下降壓力。

So, what does all this mean? It seems Bitcoin miners are playing a long game, betting on the future of crypto. Will their patience pay off? Only time will tell. But for now, they're proving that even in a profit crunch, holding strong can be a viable strategy. Who knew digital pickaxes could be so resilient, eh?

那麼，這意味著什麼？看來比特幣礦工正在玩漫長的比賽，押注了加密貨幣的未來。他們的耐心會得到回報嗎？只有時間會證明。但是就目前而言，他們證明，即使在利潤緊縮中，保持強大的策略也是一個可行的策略。誰知道數字挑選可能是如此的韌性，是嗎？