由于财务压力，比特币矿工是否处于抛售的边缘？查看数据和围绕矿工销售压力的辩论。

Bitcoin Miners: Underpaid and a Ticking Time Bomb?

比特币矿工：薪水不足和滴答时间炸弹？

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.

比特币矿工感到挤压，一些分析师认为这是一个滴答tick弹的定时炸弹。他们薪水不足吗？他们会开始倾倒自己的BTC持股以保持生存吗？让我们潜水。

The Underpaid Miner: A Grim Reality?

付费矿工：一个严峻的现实？

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.

最近的链上数据表明，比特币矿工确实感觉到了捏。将矿工收入与采矿难度进行比较的矿工盈利/损失可持续性指标已有诺言。该指标正在闪烁“极其低薪”信号，引起了人们对潜在抛售的担忧。

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.

从历史上看，当矿工面临财务压力时，他们出售一些比特币来支付电费等费用。鉴于当前情况，有理由怀疑我们是否会看到该组的销售压力增加。

Is Selling Inevitable? Not So Fast...

卖不可避免吗？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.

尽管“低薪”叙述令人信服，但故事还有另一面。比特币倡导者詹姆森·洛普（Jameson Lopp）认为，矿工不是销售压力的主要来源。他建议，大公司每天购买比矿工生产的比特币更多。

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甚至说新开采的比特币对市场深度和数量的影响很小。据他说，与交易所可用的比特币相比，这是桶的下降。

Hashrate Hiccups and the Bigger Picture

哈希拉特打ic和更大的图景

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.

为火灾增加了燃料，比特币哈希（用于采矿的总计算能力）最近在达到历史最高的高度后会大幅下降。这可能表明，由于财务限制，矿工正在努力维持其运营和升级。

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.

辩论突出了一个关键点：比特币供求的动态很复杂。虽然矿工销售是一个因素，但机构积累和整体市场情绪扮演着重要角色。

My Two Satoshis

我的两个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.

我认为刚才发出警报还为时过早。尽管数据绘制了有关图片的绘制，但矿工过去已证明有弹性。他们激励他们坚持自己的比特币，因为他们的长期盈利能力取决于网络的成功。但是，我们应该在不久的将来密切关注矿工的损益可持续性指标。如果负面趋势继续进行，则可能表明矿工销售压力的增加。

So, What's Next?

那么，下一步是什么？

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?

比特币矿工的情况绝对是值得关注的。他们是否真的不足并释放出销售浪潮？还是他们在强壮，风雨雨？只有时间会证明。但是可以肯定的是：比特币市场永远不会无聊，是吗？