由於財務壓力，比特幣礦工是否處於拋售的邊緣？查看數據和圍繞礦工銷售壓力的辯論。

Bitcoin Miners: Underpaid and a Ticking Time Bomb?

比特幣礦工：薪水不足和滴答時間炸彈？

Bitcoin miners are feeling the squeeze, and some analysts think it's a ticking time bomb. Are they underpaid? Will they start dumping their BTC holdings to stay afloat? Let's dive in.

比特幣礦工感到擠壓，一些分析師認為這是一個滴答tick彈的定時炸彈。他們薪水不足嗎？他們會開始傾倒自己的BTC持股以保持生存嗎？讓我們潛水。

The Underpaid Miner: A Grim Reality?

付費礦工：一個嚴峻的現實？

Recent on-chain data suggests Bitcoin miners are indeed feeling the pinch. The Miner Profit/Loss Sustainability indicator, which compares miner revenue with mining difficulty, has taken a nosedive. This metric is flashing an 'extremely underpaid' signal, raising concerns about potential selloffs.

最近的鏈上數據表明，比特幣礦工確實感覺到了捏。將礦工收入與採礦難度進行比較的礦工盈利/損失可持續性指標已有諾言。該指標正在閃爍“極其低薪”信號，引起了人們對潛在拋售的擔憂。

Historically, when miners face financial pressure, they sell some of their Bitcoin to cover expenses like electricity bills. Given the current situation, it's reasonable to wonder if we're about to see increased selling pressure from this group.

從歷史上看，當礦工面臨財務壓力時，他們出售一些比特幣來支付電費等費用。鑑於當前情況，有理由懷疑我們是否會看到該組的銷售壓力增加。

Is Selling Inevitable? Not So Fast...

賣不可避免嗎？不太快...

While the 'underpaid' narrative is compelling, there's another side to the story. Jameson Lopp, a Bitcoin advocate, argues that miners aren't the primary source of selling pressure. He suggests that large companies are buying more Bitcoin daily than miners are producing.

儘管“低薪”敘述令人信服，但故事還有另一面。比特幣倡導者詹姆森·洛普（Jameson Lopp）認為，礦工不是銷售壓力的主要來源。他建議，大公司每天購買比礦工生產的比特幣更多。

Lopp even goes so far as to say that newly mined Bitcoin has a minimal impact on market depth and volume. According to him, it's a drop in the bucket compared to the Bitcoin available on exchanges.

LOPP甚至說新開采的比特幣對市場深度和數量的影響很小。據他說，與交易所可用的比特幣相比，這是桶的下降。

Hashrate Hiccups and the Bigger Picture

哈希拉特打ic和更大的圖景

Adding fuel to the fire, the Bitcoin hashrate (the total computing power used for mining) recently experienced a significant drop after hitting an all-time high. This could indicate that miners are struggling to maintain their operations and upgrades due to financial constraints.

為火災增加了燃料，比特幣哈希（用於採礦的總計算能力）最近在達到歷史最高的高度後會大幅下降。這可能表明，由於財務限制，礦工正在努力維持其運營和升級。

The debate highlights a crucial point: the dynamics of Bitcoin supply and demand are complex. While miner selling is a factor, institutional accumulation and overall market sentiment play significant roles.

辯論突出了一個關鍵點：比特幣供求的動態很複雜。雖然礦工銷售是一個因素，但機構積累和整體市場情緒扮演著重要角色。

My Two Satoshis

我的兩個satoshis

I think it's premature to sound the alarm just yet. While the data paints a concerning picture, miners have proven resilient in the past. They're incentivized to hold onto their Bitcoin, as their long-term profitability depends on the network's success. However, we should keep close eyes on Miner Profit/Loss Sustainability indicator in the near future. If the negative trend continues, it may indicate the increase of miners selling pressure.

我認為剛才發出警報還為時過早。儘管數據繪製了有關圖片的繪製，但礦工過去已證明有彈性。他們激勵他們堅持自己的比特幣，因為他們的長期盈利能力取決於網絡的成功。但是，我們應該在不久的將來密切關注礦工的損益可持續性指標。如果負面趨勢繼續進行，則可能表明礦工銷售壓力的增加。

So, What's Next?

那麼，下一步是什麼？

The situation with Bitcoin miners is definitely one to watch. Are they truly underpaid and about to unleash a wave of selling? Or are they hodling strong, weathering the storm? Only time will tell. But one thing's for sure: the Bitcoin market is never boring, is it?

比特幣礦工的情況絕對是值得關注的。他們是否真的不足並釋放出銷售浪潮？還是他們在強壯，風雨雨？只有時間會證明。但是可以肯定的是：比特幣市場永遠不會無聊，是嗎？