隨著拋售壓力加大，礦工減持比特幣，比特幣 (BTC) 價格交易至 65,000 美元左右

比特幣 (BTC) 的價格交易在 65,000 美元左右，因為最大的加密貨幣的拋售壓力不斷加大，山寨幣受到了猛烈攻擊。

Bitcoin price trades around $65,000 as selling pressure mounts for the largest cryptocurrency, which has been impacting altcoins heavily. For altcoins to stop crashing, BTC needs to hold strong.

隨著最大的加密貨幣的拋售壓力加大，比特幣價格交易在 65,000 美元左右，這對山寨幣產生了嚴重影響。為了讓山寨幣停止崩潰，比特幣需要保持堅挺。

While $65k-$66k seems to be the sweet spot for the largest cryptocurrency by market cap, a drop to $60k can be expected in the near future. Even a deeper flush to $50K isn’t out of the picture for Bitcoin, which would only spell trouble for altcoins.

雖然 65,000 美元至 66,000 美元似乎是市值最大的加密貨幣的最佳點，但預計在不久的將來會跌至 60,000 美元。對於比特幣來說，甚至更進一步沖至 5 萬美元也不是不可能的，這只會給山寨幣帶來麻煩。

This lack of enthusiasm and excitement in the market isn’t new either. A correction should be expected after prices rallied to new all-time highs (ATHs) a few months ago. Also, summer tends to see a lull in activity; hence, the adage ‘sell in May and go away.’ This seasonally weaker historical performance tends to go on until October.

市場缺乏熱情和興奮也不是什麼新鮮事。幾個月前價格上漲至歷史新高 (ATH) 後，預計會出現調整。此外，夏季的活動往往會比較平靜。因此，有句格言「五月賣出，走開」。這種季節性疲弱的歷史表現往往會持續到十月。

As noted by Kaiako research, “Both crypto and traditional financial markets are experiencing the typical summer trading lull. Historically, Q3 has had the lowest volume by a significant margin, with cumulative BTC trade volume over 40% below the highest-volume quarter.”

正如 Kaiako 研究指出的那樣，「加密貨幣和傳統金融市場都正在經歷典型的夏季交易平靜期。從歷史上看，第三季的交易量大幅下降，比特幣累積交易量比最高交易量季度低了 40% 以上。

So, for now, Bitcoin should be expected to stagnate and experience muted volatility. The crypto asset is also gaining maturity with the launch of Spot Bitcoin ETF and BlackRock’s IBIT overtaking crypto-native Grayscale to become the world’s largest Bitcoin ETF.

因此，就目前而言，比特幣應該會停滯不前並經歷溫和的波動。隨著現貨比特幣 ETF 的推出，以及貝萊德的 IBIT 超越加密原生灰度，成為全球最大的比特幣 ETF，加密資產也日趨成熟。

Another reason for the ongoing weakness in the market could be attributed to Bitcoin miners offloading their BTC holdings due to a decline in revenue after the halving event.

市場持續疲軟的另一個原因可能是比特幣礦商因減半事件後收入下降而拋售比特幣。

Miners Driving Bitcoin Sell-Offs?

礦工推動比特幣拋售？

The fourth halving, which occurred on April 19, slashed Bitcoin miner rewards from 6.25 BTC to 3.125 BTC per mined block.

第四次減半發生在 4 月 19 日，比特幣礦工獎勵從每個開採區塊的 6.25 BTC 大幅削減至 3.125 BTC。

Besides the rewards getting halved, miner revenues are negatively affected by the declining transaction fees. As of writing, Bitcoin’s average transaction fees have been 24.4 sats/vB or 0.000063 BTC ($4.11), as per Bitinfocharts. Right before and right after the halving, the fees rallied to their almost $128 peak, but since then, they have been going down and keeping below $5. There was a small burst to $83.7 on June 7, but fees are back to previous low levels.

除了獎勵減半之外，礦工收入也受到交易費用下降的負面影響。根據 Bitinfocharts，截至撰寫本文時，比特幣的平均交易費用為 24.4 sats/vB 或 0.000063 BTC（4.11 美元）。在減半之前和之後，費用飆升至近 128 美元的峰值，但自那以後，費用一直在下降並保持在 5 美元以下。 6 月 7 日小漲至 83.7 美元，但費用又回到先前的低點。

With that, Bitcoin mining profitability is now down at 0.0498 USD/Day for 1 THash/s. In the second half of 2023, profitability remained between $0.05 and $08, only to increase in anticipation of the halving, surging to $0.175 on the very next day. But mining profitability is now making new lows.

如此一來，比特幣挖礦獲利能力現已下降至 1 THash/s 的 0.0498 美元/天。 2023 年下半年，獲利能力維持在 0.05 美元至 08 美元之間，只是隨著減半的預期而增加，第二天飆升至 0.175 美元。但礦業獲利能力目前正創下新低。

So, it makes sense that with network hashrate at 630.4 Ehash/s keeping around the ATH at 732.289 Th/s hit on May 24 while revenues have fallen substantially, miners are choosing to sell their BTC to fund their daily operations.

因此，隨著網路算力保持在630.4 Ehash/s 左右，ATH 保持在5 月24 日達到的732.289 Th/s 左右，而收入大幅下降，礦工選擇出售BTC 來為其日常運營提供資金，這是有道理的。

Earlier this month, Marathon Digital, the largest U.S.-listed bitcoin miner, reported selling more than 60% of all the BTC it mined since halving. While Riot Platforms didn’t sell any, CleanSpark sold 2.43 BTC.

本月早些時候，美國最大的比特幣礦商 Marathon Digital 報告稱，自減半以來，其開採的 BTC 已售出 60% 以上。雖然 Riot Platforms 沒有出售任何比特幣，但 CleanSpark 出售了 2.43 BTC。

However, with BTC mining cost coming in at $83,000, it is expected that the price of bitcoin may not remain under this level for a long time. Data provider CryptoQuant believes sustained low revenues and high hashrate may imply a potential market bottom.

然而，隨著BTC挖礦成本達到83,000美元，預計比特幣價格可能不會長期維持在該水準以下。數據供應商 CryptoQuant 認為，持續的低收入和高算力可能意味著潛在的市場底部。

JPMorgan analysts also noted that the hashprice, which measures just how much a Bitcoin miner can expect to earn from a particular quantity of hashrate, is currently 15% below the lows seen during the bear market bottom in December 2022. This, the analysts said, is “unsustainable,” and as such, they “expect hashprice to increase in the coming weeks as the network hashrate declines.”

摩根大通分析師還指出，哈希價格（衡量比特幣礦工可以從特定數量的哈希率中賺取多少收益）目前比 2022 年 12 月熊市底部期間的低點低 15%。 “不可持續的”，因此，他們“預計隨著網路算力的下降，算力價格將在未來幾週內上漲”。

A Shift in Mining Sector, Price Action

採礦業的轉變，價格走勢

Amidst all this, the market cap of 14 US-listed bitcoin miners reached a record $22.8bln after they rallied in the first half of this month, as per JPMorgan analysts.

據摩根大通分析師稱，在這一切之中，14 家在美國上市的比特幣礦商的市值在本月上半月上漲後達到了創紀錄的 228 億美元。

Core Scientific led the pack with 117% gains. The miner recently rejected a $1.6 bln buying offer from AI cloud provider CoreWeave, with which it had a 12-year, $3.5 billion partnership to host CoreWeave’s AI-related services. Many in the Bitcoin mining world, such as IREN and Hut 8, have been pursuing AI to diversify their businesses. Core Scientific was followed by TeraWulf and IREN, which jumped 80% and 70%, respectively. Argo Blockchain was the only one that fell during this time.

Core Scientific 以 117% 的漲幅領先。該礦商最近拒絕了 AI 雲端供應商 CoreWeave 的 16 億美元收購要約，該礦商與該公司建立了為期 12 年、價值 35 億美元的合作夥伴關係，以託管 CoreWeave 的 AI 相關服務。比特幣挖礦領域的許多公司，例如 IREN 和 Hut 8，一直在尋求人工智慧來實現業務多元化。緊隨 Core Scientific 之後的是 TeraWulf 和 IREN，分別上漲了 80% 和 70%。 Argo區塊鏈是這段時間唯一下跌的區塊鏈。