比特幣礦工在減半前套現，顯示看漲信心

比特幣礦商因預期即將到來的減半而出售其持有的比特幣，這與 2020 年減半之前的累積有所不同。這種轉變歸因於比特幣的高價格，該價格已經超過了歷史最高點，使礦工能夠實現利潤併升級設備，以在減半後的環境中保持競爭力。

Bitcoin Miners Cash Out Ahead of Halving, Signaling Market Confidence

比特幣礦工在減半前兌現，顯示市場信心

As the highly anticipated Bitcoin (BTC) halving event looms on the horizon, a significant shift in miner behavior has emerged, marking a departure from previous halving cycles. Unlike in 2020, when miners accumulated BTC in anticipation of a post-halving bull run, this year's halving is witnessing a large-scale sell-off of miner-held BTC. This trend suggests that miners are capitalizing on the current high BTC price to upgrade their mining fleets and prepare for the upcoming reduction in block rewards.

隨著備受期待的比特幣減半事件迫在眉睫，礦工行為出現了重大轉變，標誌著與先前減半週期的背離。與2020年礦工因預期減半後牛市而累積BTC不同，今年減半見證了礦工持有的BTC的大規模拋售。這一趨勢表明，礦工正在利用當前較高的比特幣價格來升級他們的礦機隊伍，並為即將到來的區塊獎勵減少做好準備。

Declining Miner Balances Signal Profit-Taking

礦工餘額下降表示獲利了結

Data from blockchain analytics firm CryptoQuant reveals that miners' BTC reserves have dwindled by an astounding $866 million since January 1, 2024, forming a stark contrast to the 2020 halving, during which miners amassed approximately $429 million in the four-month lead-up to the third halving event. This significant sell-off indicates that many miners are already realizing profits ahead of the upcoming block reward reduction.

區塊鏈分析公司CryptoQuant 的數據顯示，自2024 年1 月1 日以來，礦工的BTC 儲備減少了驚人的8.66 億美元，與2020 年減半形成鮮明對比，當時礦工在減半前的四個月裡累積了約4.29 億美元。第三次減半事件。這種大幅拋售表明許多礦工已經在即將到來的區塊獎勵減少之前實現利潤。

Upgrading Fleets to Stay Competitive

升級機隊以保持競爭力

The decision by miners to sell off their BTC holdings is primarily driven by a desire to upgrade their mining equipment and maintain their competitive edge in the industry. As Colin Harper, Head of Content and Research at Bitcoin mining firm Luxor, explained, "Miners are offloading some of their holdings to stay competitive and ahead of the curve for when block rewards get cut."

礦工決定出售其持有的比特幣主要是出於升級採礦設備並保持行業競爭優勢的願望。正如比特幣礦業公司 Luxor 的內容和研究主管 Colin Harper 所解釋的那樣，“礦工們正在拋售部分資產，以保持競爭力，並在區塊獎勵削減時保持領先地位。”

For instance, Marathon Digital Holdings, a major bitcoin mining company, announced in March 2024 that it had sold 290 bitcoins, valued at approximately $19.1 million, to support monthly operations and capitalize on strategic opportunities in the lead-up to the halving. Similarly, Riot Platforms sold 211 bitcoins in January 2024 and subsequently acquired 31,500 new mining rigs for $97.4 million.

例如，大型比特幣挖礦公司 Marathon Digital Holdings 於 2024 年 3 月宣布，已出售 290 枚比特幣，價值約 1,910 萬美元，以支持每月營運並利用減半前的戰略機會。同樣，Riot Platforms 在 2024 年 1 月出售了 211 個比特幣，隨後以 9,740 萬美元收購了 31,500 台新礦機。

Hashrate Implications

算力影響

The timing of the BTC price surge this year, which pushed the cryptocurrency above its previous all-time high ahead of the halving, is expected to have a significant impact on the hashrate of the Bitcoin network. Harper predicts that a key difference between this halving and previous ones will be the amount of hashrate that goes offline following the reward reduction.

今年比特幣價格飆升的時機，在減半前將加密貨幣推高至先前的歷史高點，預計將對比特幣網路的算力產生重大影響。哈珀預測，這次減半與先前的減半之間的一個關鍵差異將是獎勵減少後離線的算力數量。

"Bitcoin's price hitting an all-time high before the halving changed the equation for the hashrate that will come offline," he said. "This means that fewer firms will be forced to discontinue their operations, and a smaller percentage of overall hashrate will go offline following this year's halving."

他說：“在減半之前，比特幣的價格創下了歷史新高，改變了即將下線的算力方程式。” “這意味著，今年減半後，被迫停止運營的公司將減少，整體算力的下線比例也將減少。”

In the 2020 halving, Bitcoin's hashrate dropped by 18.4% in the week following the event. However, for the 2024 halving, Luxor Mining estimates that only 3% to 7% of the hashrate will go offline, due to the higher profit margins miners are currently enjoying.

2020 年減半後，比特幣算力在減半後一週下降了 18.4%。然而，盧克索礦業預計，到 2024 年減半，只有 3% 到 7% 的算力會下線，因為礦工目前享有較高的利潤率。

Market Confidence and Future Outlook

市場信心與未來展望

The large-scale sell-off of miner-held BTC can be interpreted as a sign of confidence in the long-term value of Bitcoin. Miners are often considered to be some of the most knowledgeable and well-informed market participants in the cryptocurrency industry. Their decision to sell off large amounts of BTC at current prices suggests that they believe the asset has significant upside potential in the coming months and years.

礦工持有的比特幣的大規模拋售可以被解讀為對比特幣長期價值充滿信心的跡象。礦工通常被認為是加密貨幣產業中​​知識最豐富、消息最靈通的市場參與者。他們決定以當前價格出售大量比特幣，這表明他們相信該資產在未來幾個月和幾年內具有巨大的上漲潛力。

As we approach the halving, it is important to note that the event has historically marked the beginning of a bull market for Bitcoin. With miners positioned to upgrade their equipment and increase their hashrate, the network is poised for continued growth and resilience in the face of future challenges.

當我們接近減半時，值得注意的是，該事件在歷史上標誌著比特幣牛市的開始。隨著礦工升級設備並提高算力，網路將在面對未來挑戰時保持持續成長和彈性。