CryptoQuant 表示，比特币 (BTC) 算力非常接近 ATH

CryptoQuant 分析师的新报告称，比特币 (BTC) 矿工已恢复营业

Bitcoin’s hashrate hit a new all-time high earlier this week, recovering from an 8.5% drawdown in July. At the same time, the miner hash price has plunged to a record low of $0.038 per TH/s. This metric, which measures how much a miner can earn per amount of mining computing power, hovered around $0.05 per TH/s shortly after the Bitcoin halving in April.

比特币算力本周早些时候创下历史新高，从 7 月份 8.5% 的下降中恢复过来。与此同时，矿机哈希价格已跌至每 TH/s 0.038 美元的历史低点。该指标衡量矿工每单位挖矿算力能赚取多少收入，在 4 月份比特币减半后不久，该指标徘徊在每 TH/s 0.05 美元左右。

However, as BTC briefly slipped to $49,500, outflows from smaller miner cohorts surged to 19,000 BTC on August 5, marking the highest level since March 18. This suggests that some miners sold a portion of their holdings as their average profit margins reduced to 25%, the lowest since January 22.

然而，随着 BTC 短暂跌至 49,500 美元，8 月 5 日，规模较小的矿工群体的资金流出激增至 19,000 BTC，创下 3 月 18 日以来的最高水平。这表明，随着平均利润率降至 25%，一些矿工出售了部分持有的比特币。为1月22日以来的最低水平。

During the sale of their reserves, some miners realized losses due to bitcoin’s dip in value. They saw the largest daily loss since May 29, a whopping $22 million.

在出售储备金的过程中，一些矿工因比特币价值下跌而遭受损失。他们遭遇了自 5 月 29 日以来最大单日损失，高达 2200 万美元。

On the other hand, large Bitcoin mining entities have increased their holdings through consistent accumulation. In contrast, the Bitcoin holdings of smaller entities have bottomed. These miners may record more declines in their reserves as on-chain analysis shows more selling activity due to low profitability.

另一方面，大型比特币挖矿实体通过持续积累增持比特币。相比之下，较小实体的比特币持有量已经触底。这些矿商的储备量可能会出现更多下降，因为链上分析显示，由于盈利能力较低，销售活动增多。

CryptoQuant’s Miner Profit/Loss Sustainability metric indicates that miners are still underpaid, especially as mining difficulty is on the rise and prices have slumped.

CryptoQuant 的矿工盈利/亏损可持续性指标表明，矿工的薪酬仍然偏低，特别是在采矿难度不断上升且价格暴跌的情况下。

On the brighter side, miner capitulation events and higher miner outflows usually occur near local bottoms for BTC prices during bull cycles. This means that a bitcoin rally may be on the horizon.

从好的一面来看，在牛市周期中，矿工投降事件和矿工外流增加通常发生在 BTC 价格的局部底部附近。这意味着比特币反弹可能即将到来。