比特幣礦工努力跟上市場，因為BTC下降了11.28％

這種下降不僅影響了短期持有人的盈利能力，而且還影響了礦工。

Bitcoin [BTC] has dropped by nearly 11.28% on the charts since hitting a new all-time high of $109k three weeks ago. This decline has affected not only short-term holders in terms of profitability but also miners. In fact, the latest dip in BTC’s price charts has left miners struggling to keep up with the market.

自從三週前達到新的10.9 k美元的新高點以來，比特幣[BTC]在圖表上下跌了近11.28％。這種下降不僅影響了短期持有人的盈利能力，而且影響了礦工。實際上，BTC價格表中的最新下降使礦工努力跟上市場。

CryptoQuant analyst Frost, for instance, observed that miners are extremely underpaid right now, risking miners' capitulation.

例如，加密分析師弗羅斯特（Frost）觀察到礦工目前的薪水極低，冒著礦工投降的風險。

Bitcoin’s Miner Profit/Loss Enters Extreme Underpaid Zone

比特幣的礦工盈利/損失進入極端薪水區域

According to CryptoQuant, Bitcoin miners’ profit-loss sustainability has entered the extremely underpaid zone. This comes following the April 2024 halving which resulted in a rising mining difficulty. While it has become more difficult to mine, Bitcoin’s hash rate has continued to grow – A sign of the surge in competition among miners.

據隱性股權公司稱，比特幣礦工的利潤損失的可持續性進入了極高的薪水區域。這是在2024年4月減半後導致採礦難度增加的。雖然挖掘越來越困難，但比特幣的哈希率持續增長，這是礦工競爭激增的標誌。

As Bitcoin continued to decline since hitting its ATH, miners’ returns have been shrinking. On the contrary, the realized mining cost has been relatively high, compared to the last difficulty bottom.

隨著比特幣撞擊其ATH以來繼續下降，礦工的回報越來越縮小。相反，與最後一個難度底部相比，實現的採礦成本相對較高。

This market condition suggests that miners might start to capitulate soon. Historically, when miner profit/loss profitability turns negative, it is often followed by a mid-term positive price reaction. Simply put, miners have reacted by selling Bitcoin to cover costs.

這種市場狀況表明，礦工可能很快就開始屈服。從歷史上看，當礦工的盈利/損失盈利能力變為負面時，通常會出現中期正價反應。簡而言之，礦工通過出售比特幣來支付成本做出了反應。

With miners actively selling, the miner-to-exchange flows hit record levels too, indicating that miners are selling heavily at the moment. We can also see this as the miners' netflow total turned positive after being negative for five consecutive days. This seemed to imply that more miners are sending their BTC tokens to exchanges to sell.

隨著礦工的積極銷售，礦工到交換的流量也達到了創紀錄的水平，這表明礦工目前正在大量銷售。我們還可以將其視為礦工的Netflow連續五天為陰性後變成正面。這似乎意味著越來越多的礦工將其BTC令牌發送到交易所出售。

While some miners may be capitulating, others could be accumulating more BTC. As miner capitulation begins, it could present an opportunity for other market participants to re-enter the market at lower prices and accumulate Bitcoin.

雖然有些礦工可能會屈服，但其他礦工可能會積累更多的BTC。隨著礦工的投降開始，它可能會為其他市場參與者提供一個以較低價格重新進入市場並累積比特幣的機會。

Miners Responded To Operational Difficulties By Selling, Some Could Capitulate Temporarily

礦工通過銷售來應對運營困難，有些人可以暫時屈服

In previous cycles, this situation has created accumulation zones for other market participants to re-enter the market.

在以前的周期中，這種情況為其他市場參與者重新進入市場創造了積累區。

Is Miner Capitulation Ahead For BTC?

BTC是否提前進行了礦工投降？

Hence, with miners' profitability dropping, it’s essential to determine if capitulation for miners is ahead or not.

因此，隨著礦工的盈利能力下降，必須確定礦工的投降是否領先。

Look at the Puell multiple, for instance. This metric has remained above 1 since 13 January, dropping below 1 only twice in 2025, during the first weeks of the year. What this means is that although the Puell multiple has fluctuated, miner revenue remains moderately healthy.

例如，看看Puell多倍。自1月13日以來，該指標一直保持在1以上，在2025年的第一周，僅在2025年兩次以下。這意味著，儘管PUELL多重倍數已經波動，但礦工收入仍然適中健康。

Therefore, as long as this remains above 1, miners are less likely to capitulate. Hence, the drop could just be a healthy correction instead of weakness. This could imply accumulation by strong miners and investors.

因此，只要這保持在1以上，礦工就不太可能屈服。因此，下降可能只是健康的糾正而不是弱點。這可能意味著強大的礦工和投資者積累。

What’s Next Now?

現在是什麼？

According to AMBCrypto’s analysis, for Bitcoin miners to avoid capitulation, BTC’s price has to recover to increase miner profit/loss.

根據Ambcrypto的分析，為了避免比特幣礦工進行投降，BTC的價格必須恢復以增加礦工的損益/損失。

If the price continues to fall, just as it has over the past week, miners' capitulation could be next. Therefore, BTC must reclaim and hold above $100k for miners' sustainability goals to be achieved.

如果價格持續下跌，就像過去一周的價格一樣，礦工的投降可能是下一個。因此，BTC必須收回並持有超過10萬美元的礦工可持續性目標。