比特幣：投降結束宣告看漲反彈？

比特幣礦工的投降，即礦工因無法獲利而停止活動的現象，似乎即將結束。

Bitcoin miners appear to be nearing the end of their capitulation, a period where they shut down their operations due to low profitability, a development that could have bullish implications for the cryptocurrency's price, a recent analysis shows.

最近的一項分析顯示，比特幣礦商似乎已接近投降的終點，在這段時期，他們因盈利能力低而關閉了運營，這一發展可能對加密貨幣的價格產生看漲影響。

Bitcoin: miner capitulation bottom vs bullish rally

比特幣：礦商投降底部與看漲反彈

Capitulation among miners usually happens when the costs they incur to operate exceed the revenue they generate from mining BTC. This prompts them to sell their bitcoin holdings to cover their expenses, putting downward pressure on the crypto's price. But this phase of capitulation is often seen as a market bottom signal, indicating that the bitcoin price may soon rebound.

當礦工的營運成本超過了開採 BTC 所產生的收入時，通常就會發生礦工投降。這促使他們出售所持有的比特幣來支付費用，從而對加密貨幣的價格造成下行壓力。但這一階段的投降往往被視為市場探底訊號，表明比特幣價格可能很快就會反彈。

In 2024, Bitcoin miners were especially impacted by the halving, which slashed their daily mining revenue from $79 million to $29 million. This drastic seven-fold decrease in revenue led many miners to switch off their rigs en masse, resulting in a 7.7% drop in hashrate, the total computing power of the Bitcoin network.

2024 年，比特幣礦工受到減半的影響尤其嚴重，他們的每日挖礦收入從 7,900 萬美元大幅削減至 2,900 萬美元。收入急劇下降七倍，導致許多礦工集體關閉礦機，導致比特幣網路的總算力哈希率下降 7.7%。

But recent signals show that miner capitulation might be coming to an end, with daily miner revenue rising to $35 million, slowly approaching the yearly average of $40 million. If this trend continues, it could indicate market stabilization and a possible bitcoin price recovery.

但最近的信號表明，礦工的投降可能即將結束，礦工每日收入將升至 3500 萬美元，慢慢接近年均 4000 萬美元。如果這種趨勢持續下去，可能表示市場穩定，比特幣價格可能回升。

History repeating itself?

歷史重演？

This miner capitulation is also happening in a way that is comparable to the one seen at the end of 2022, following the FTX crash, which marked the market bottom at the time, according to analysts. This similarity suggests that the Bitcoin market may be close to hitting a new bottom, which could pave the way for another potential recovery.

分析師稱，這種礦商投降的方式也與 2022 年底 FTX 崩盤後發生的情況類似，當時標誌著市場觸底。這種相似性表明，比特幣市場可能即將觸底，這可能為另一次潛在復甦鋪平道路。

While the capitulation of Bitcoin miners may create downward pressure on the crypto's price, it could also be signaling a turning point. With signs of stabilization in miner revenues and a decrease in selling pressure, the price of Bitcoin might soon see a recovery. Investors and market observers will be keeping a close eye on these developments to assess the next steps in the Bitcoin market.

雖然比特幣礦工的投降可能會對加密貨幣的價格造成下行壓力，但這也可能預示著一個轉折點。隨著礦商收入穩定的跡象和拋售壓力的減輕，比特幣的價格可能很快就會復甦。投資者和市場觀察家將密切關注這些事態發展，以評估比特幣市場的下一步。

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