BTC 區塊獎勵礦工因該代幣的法定價格遭受 2022 年「加密貨幣冬天」以來的最大跌幅而感到震驚

由於 BTC 的法定價格遭遇 2022 年「加密貨幣冬天」以來的最大跌幅，BTC 區塊獎勵礦工們感到震驚

Bitcoin (BTC) block reward miners are facing difficulties as the token’s fiat price experienced its steepest decline since the crypto winter of 2022, having severe implications for the future security of the blockchain on which the token resides.

比特幣 (BTC) 區塊獎勵礦工正面臨困難，因為該代幣的法定價格經歷了自 2022 年加密貨幣寒冬以來的最大跌幅，這對該代幣所在區塊鏈的未來安全產生了嚴重影響。

Crypto tokens crashed hard over the weekend and into Monday as a downward trend that prevailed for the past week accelerated sharply. The community identified a number of culprits, including the U.S. market-maker Jump Trading abruptly selling significant token volumes into thin liquidity; Japan’s hiking of interest rates leading to the unwinding of the yen carry trade; fears of a U.S. recession following a disappointing jobs report; and the newly pro-crypto Donald Trump’s path to the White House looking far less certain since incumbent Joe Biden handed his electoral baton to VP Kamala Harris.

由於過去一周普遍存在的下跌趨勢急劇加速，加密貨幣代幣在周末和周一大幅下跌。社區確定了許多罪魁禍首，其中包括美國做市商 Jump Trading 突然出售大量代幣，導致流動性稀薄；日本升息導致日圓套利交易平倉；令人失望的就業報告引發對美國經濟衰退的擔憂；自從現任總統拜登將選舉接力棒交給副總統卡馬拉·哈里斯以來，新近支持加密貨幣的唐納德·特朗普入主白宮的道路看起來遠沒有那麼確定。

Amidst all this carnage, the fact that BTC suffered a far greater price decline than traditional stocks and physical gold could prove the final nail in the coffin for BTC’s digital gold mantra. Despite being pitched as a safe haven in times of financial turmoil, BTC’s house of cards has been well and truly exposed as a fraud.

在所有這些大屠殺中，比特幣的價格跌幅遠大於傳統股票和實體黃金，這一事實可能會成為壓垮比特幣數位黃金口號的最後一根釘子。儘管比特幣在金融動盪時期被宣傳為避風港，但它的紙牌屋已經被徹底暴露為欺詐行為。

It’s particularly bad timing for U.S. Sen. Cynthia Lummis (R-WY), who just days before the crash, released a draft of her bill to establish a multi-billion dollar strategic reserve of BTC that would “serve as an additional store of value to bolster America’s balance sheet.” Given that BTC’s fiat value fell by more than one-quarter in just the past week, we’re left wondering whether Lummis typed ‘bolster’ when she really meant ‘demolish.’

對於美國參議員辛西婭·盧米斯(Cynthia Lummis)（懷俄明州共和黨）來說，現在的時機尤其糟糕。比特幣戰略儲備，該儲備將“作為額外的價值儲存手段”以鞏固美國的資產負債表。鑑於比特幣的法定價值在過去一周內下跌了四分之一以上，我們不禁想知道 Lummis 是否在她真正的意思是「拆除」時輸入了「支持」。

A week ago, Trump pledged his own form of BTC-based strategic reserve, prompting rapturous cheers from crypto bros, who seemed to forget how they once celebrated the cryptic headline that Satoshi Nakamoto embedded in the Bitcoin genesis block 15 years ago. That headline, about governments bailing out struggling banks, was supposed to indicate the weakness of fiat currency. Now? Bail BTC out, big government… Please?

一週前，川普承諾建立自己的基於比特幣的戰略儲備，這引起了加密貨幣兄弟的熱烈歡呼，他們似乎忘記了他們曾經如何慶祝15 年前中本聰嵌入比特幣創世塊的神秘標題。這個關於政府救助陷入困境的銀行的標題本應表明法定貨幣的疲軟。現在？請大政府救助比特幣吧？

It’s probably a good thing that Monday’s scheduled virtual meeting of crypto execs and White House officials was postponed. The meeting, organized by Rep. Ro Khanna (D-CA), was supposed to focus on nudging the Democratic party away from its perceived anti-crypto stance and encouraging a less restrictive attitude that would see digital assets more firmly integrated with traditional finance. Good luck with that.

原定於週一舉行的加密貨幣高管和白宮官員虛擬會議被推遲，這可能是一件好事。這次會議由眾議員羅·卡納 (D-CA) 組織，旨在推動民主黨改變其反加密貨幣立場，並鼓勵採取較少限制的態度，使數位資產與傳統金融更加牢固地結合。祝你好運。

Crypto-focused stocks like Michael Saylor’s MicroStrategy (NASDAQ: MSTR) and the Coinbase (NASDAQ: COIN) digital asset exchange tanked in pre-opening trades, with MSTR being down nearly 30% at one point. It probably didn’t help that last week Saylor announced yet another stock dilution plan—this one a $2 billion’ equity offering program’—to buy even more BTC.

Michael Saylor 的MicroStrategy（納斯達克股票代碼：MSTR）和Coinbase（納斯達克股票代碼：COIN）等數位資產交易所等專注於加密貨幣的股票在開盤前交易中大幅下跌，MSTR 一度下跌近30%。上週塞勒宣布了另一項股票稀釋計劃——這是一項價值 20 億美元的“股票發行計劃”——以購買更多的比特幣，這可能沒有幫助。

Crypto-focused exchange traded funds (ETFs) also took a pounding from the start of Monday’s trading, as investors weren’t able to make any moves on the weekend while the funds’ underlying assets were being set on fire.

以加密貨幣為重點的交易所交易基金（ETF）從週一交易開始也遭受重創，因為投資者在周末無法採取任何行動，而基金的基礎資產卻被點燃。

The stocks of publicly listed BTC block reward miners like MARA (NASDAQ: MARA) (formerly Marathon Digital), CleanSpark and Riot Platforms (NASDAQ: RIOT) all took double-digit tumbles on Monday morning. While they clawed back some of these losses before the bell rang, none of them finished in the black. So, it’s this aspect of the current debacle that this article will focus upon.

MARA（納斯達克股票代碼：MARA）（原Marathon Digital）、CleanSpark 和Riot Platforms（納斯達克股票代碼：RIOT）等公開上市的BTC 區塊獎勵礦工的股票週一上午均出現兩位數下跌。雖然他們在鈴聲響起前挽回了部分損失，但沒有一家公司獲利。因此，本文將重點放在當前災難的這一方面。

Mining red ink

開採紅墨水

BTC miners were already struggling due to the recent halving of the block rewards, making a high token price crucial to sustaining miners’ ability to turn a profit. But BTC’s mining difficulty hit a new all-time high last week, meaning it now costs even more to compete for the right to mine a new block.

由於最近區塊獎勵減半，比特幣礦工已經陷入困境，這使得高代幣價格對於維持礦工的獲利能力至關重要。但比特幣的挖礦難度上週創下歷史新高，這意味著現在爭奪新區塊開採權的成本更高。

Miners relying on aging hardware are at a particular disadvantage in this fight, as their rigs continue to devour expensive electricity without a decent shot at the reward that comes from mining a new block. This struggle was on full display in the Q2 reports of publicly traded mining groups, including two of the trio mentioned above.

依賴老化硬體的礦工在這場鬥爭中處於特別不利的地位，因為他們的鑽機繼續消耗昂貴的電力，而無法從開採新區塊中獲得可觀的回報。這種鬥爭在上市礦業集團的第二季報告中得到了充分體現，其中包括上述三家公司中的兩家。

CleanSpark won’t report its latest quarterly results until later in the week, but Riot Platforms said it generated revenue of $70 million in the three months ending June 30, while booking a net loss of $84.4 million. That loss would have been worse were it not for the nearly $14 million in ‘power credits’ it received from public utilities in the states in which it operates.

CleanSpark 要到本週稍後才會公佈最新季度業績，但 Riot Platforms 表示，截至 6 月 30 日的三個月內，該公司實現了 7,000 萬美元的收入，同時淨虧損 8,440 萬美元。如果不是它從其運營所在州的公用事業公司獲得了近 1400 萬美元的“電力信用”，那麼損失可能會更嚴重。

MARA didn’t perform any better, reporting revenue of $145 million and a net loss of just under $200 million, much of that via the ‘fair value’ decline of the more than 20,000 BTC tokens it holds. Despite this impairment, MARA recently announced that it had made “a shift in our treasury policy and adopted

MARA 的表現也沒有更好，報告收入為 1.45 億美元，淨虧損略低於 2 億美元，其中大部分是由於其持有的 20,000 多個 BTC 代幣的「公允價值」下降所致。儘管存在這種損害，農業農村部最近宣布「我們的財政政策發生了轉變，並採取了