利润紧缩的比特币矿工：尽管费用下降，但仍保持紧密

由于费用下降和网络压力，比特币矿工正面临利润挤压，但令人惊讶的是坚持自己的BTC。这种弹性背后是什么？

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.

比特币矿工正在驾驶费用下降和网络压力的艰难景观，但是最近的分析显示出令人惊讶的趋势：他们坚持自己的比特币而不是销售。让我们深入了解正在发生的事情。

The Profitability Puzzle: Falling Fees and High Volatility

盈利能力难题：费用下降和高波动性

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年以来，比特币网络上的交易费用下降到从未见过的水平，这是由于链上活动的放缓而驱动。这直接影响了矿工收入，增加了压力。同时，哈希率波动率在历史最高时分，据报道，由于收入减少，一些大规模的矿工关闭了ASIC机器。尽管面临这些挑战，但该网络的困难尚未相应调整，这进一步挤压了保持在线的人的利润率。

Miners Holding Strong: A Shift in Strategy

坚强的矿工：战略的转变

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.

特别有趣的是，矿工没有出售其BTC持有量以支付成本，这是以前的周期中的普遍做法。取而代之的是，他们似乎正在行使耐心，潜在地重新分配计算能力或只是风化风暴。数据表明，矿工流向交换的流量已大大下降，表明持有模式很强。

Why Aren't They Selling?

他们为什么不卖？

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.

尽管有利润紧缩，但矿工仍然有足够的收入来维持生计。一些分析师指出了PUELL倍数，尽管市场条件，但矿工的收入仍高于历史平均值。矿工的销售压力降低可以缓解BTC的向下压力，从而为未来的增长创造了更稳定的环境。徘徊在107,000美元左右的比特币提供了一些呼吸空间，使矿工可以自行重新定位。

A Period of Recalibration

重新校准时期

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.

当前情况表明一段时间重新校准而不是恐慌。矿工可能会重新分配哈希功率并优化运营以适应较慢的网络环境，从而押注未来价格的升值。他们没有屈服，而是在战略上定位自己的反弹。

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.

如果矿工继续持有比特币，尽管采矿条件充满了挑战，但它可能会使BTC获得进一步的收益。但是，如果压力变得太大，矿工被激励出售，则可能导致BTC价格的下降压力。

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?

那么，这意味着什么？看来比特币矿工正在玩漫长的比赛，押注了加密货币的未来。他们的耐心会得到回报吗？只有时间会证明。但是就目前而言，他们证明，即使在利润紧缩中，保持强大的策略也是一个可行的策略。谁知道数字挑选可能是如此的韧性，是吗？