經過數月的ho積後，比特幣（BTC）礦工將其持有的40％傾銷

根據行業數據，15名礦工共同售出了上個月生產的比特幣的40％以上。此舉標誌著與最近的HODL趨勢明顯變化。

Industry data reveals that fifteen miners sold more than 40% of the Bitcoin they produced last month, according to a new report by TheMinerMag.

行業數據顯示，根據Theminermag的一份新報告，上個月有15名礦工上個月售出了他們生產的比特幣的40％以上。

This move marks a departure from the recent trend of miners holding onto their coins, and it also provides insight into how miners are adapting to the changing market landscape.

此舉標誌著礦工持有硬幣的最近趨勢的背離，它還可以洞悉礦工如何適應不斷變化的市場格局。

After several months of building their Bitcoin positions, miners are now beginning to reduce their holdings. This shift is evident in March’s selling spree, which follows a different pattern seen post-election.

在建立比特幣頭寸的幾個月後，礦工現在開始減少其持股。這一轉變在3月的銷售狂潮中顯而易見，這遵循了選舉後的另一種模式。

During that time, Bitcoin’s rally encouraged firms to maintain their coins, hoping for further price increases. However, with Bitcoin’s hash price—miners’ revenue per unit of computing power—now approaching cycle lows and block transaction fees falling to 1.1%, there is growing pressure on miners to adjust their strategies.

在此期間，比特幣的集會鼓勵公司維持硬幣，希望進一步上漲。但是，隨著比特幣的哈希價格（計算機單位計算能力的收入）現在接近週期低點並阻止交易費用降至1.1％，礦工的壓力越來越大，以調整其策略。

Moreover, rising geopolitical tensions and murmurs of a trade war could affect hardware imports and global liquidity, creating a challenging environment for miners. In such conditions, they are choosing to liquidate Bitcoin to cover costs, manage risk, and stay flexible to adapt to any changes.

此外，貿易戰的地緣政治緊張局勢和雜音的上升可能會影響硬件進口和全球流動性，從而為礦工創造一個具有挑戰性的環境。在這種情況下，他們選擇清算比特幣以支付成本，管理風險並保持靈活性以適應任何更改。

One example is CleanSpark, a leading U.S.-based mining firm, which announced Tuesday that it will begin selling a portion of its monthly BTC production to fund operating expenses. At the same time, the firm plans to use existing Bitcoin reserves for strategic growth initiatives.

一個例子是總部位於美國領先的採礦公司CleanSpark，該公司週二宣布，它將開始出售其每月BTC生產的一部分以資助運營費用。同時，該公司計劃將現有的比特幣儲量用於戰略增長計劃。

This approach highlights the balancing act that many miners are now facing as they navigate a post-halving world.

這種方法強調了許多礦工在途中瀏覽後的世界時正面臨的平衡行為。

Meanwhile, firms like HIVE, Bitfarms, and Ionic Digital sold more than 100% of their March production, indicating a deeper reliance on stored assets to meet operating expenses.

同時，像Hive，Bitfarms和Ionic Digital這樣的公司售出了100％以上的3月份生產，這表明對存儲的資產更加依賴以滿足運營費用。

This contrasts sharply with Q4 2024, when companies like Riot and Hut 8 were not only keeping their coins but also actively buying more, anticipating further gains from the cryptocurrency.

這與第四季度的2024年形成鮮明對比，當時Riot和Hut 8等公司不僅保留了硬幣，而且還積極購買更多的購買，預計加密貨幣將獲得更多收益。

The uptick in selling activity also coincides with rising capital expenditures. As the network’s mining reward halved in April, many companies began upgrading their hardware or branching into high-performance computing (HPC) to maintain profitability.

銷售活動的上升也與資本支出的上升相吻合。隨著該網絡的採礦獎勵在四月份減半，許多公司開始升級硬件或分支到高性能計算（HPC）中以保持盈利能力。

These investments require cash, and for miners, Bitcoin remains the most liquid asset on their books.

這些投資需要現金，對於礦工來說，比特幣仍然是他們書籍中最流動的資產。

It’s worth noting that not all miners are included in the latest data. Companies like Bit Digital, Argo, Terawulf, and Stronghold have ceased issuing monthly updates. Additionally, Core Scientific, once a key player in the space, no longer reports its BTC reserves.

值得注意的是，並非所有礦工都包含在最新數據中。像BIT Digital，Argo，Terawulf和storthold這樣的公司已經停止發布每月更新。此外，曾經是該空間中的關鍵參與者的核心科學不再報告其BTC儲備。

However, despite variations in reporting and company-specific decisions, the broader trends are clear: miners are responding to market stress with pragmatism, adjusting their strategies to stay afloat and profitable in a dynamic cryptocurrency environment.

但是，儘管報告和公司特定決策的差異很大，但更廣泛的趨勢是明顯的：礦工正在以實用主義對市場壓力做出反應，調整其在動態的加密貨幣環境中保持漂浮和盈利的策略。