隨著投資者減少活動，比特幣市場面臨挑戰，礦工們仍堅持不懈

Glassnode 的最新報告顯示，儘管礦工收入下降，但比特幣算力持續上升。同時，投資者對交易所的參與度和交易量顯著下降，反映出投機興趣下降。

Bitcoin miners are showing no signs of slowing down despite decreasing revenues, according to the latest report from onchain analytics firm Glassnode.

根據鏈上分析公司 Glassnode 的最新報告，儘管收入下降，比特幣礦商並沒有放緩的跡象。

The report, published on⽉曜日に, highlights a persistent rise in Bitcoin’s hashrate, pushing it to an all-time high (ATH) of 370 exahashes per second (EH/s). This increase comes even as miner revenues have dropped by 22% since March, presenting a curious scenario within the bitcoin mining landscape.

該報告發佈於⽉曜日に，強調了比特幣算力的持續上升，將其推至每秒 370 exahashes (EH/s) 的歷史新高 (ATH)。儘管自 3 月以來礦工收入下降了 22%，但比特幣挖礦領域出現了一個奇怪的情況，但這種成長還是出現了。

According to Glassnode’s findings, total miner revenue currently stands at $844 million, with a vast majority ($824 million) being attributed to block subsidies and the remaining $20 million coming from transaction fees. The report notes that while transaction fee revenue has declined, it is still significantly higher than pre-bull market levels.

根據 Glassnode 的調查結果，目前礦工總收入為 8.44 億美元，其中絕大多數（8.24 億美元）來自區塊補貼，其餘 2,000 萬美元來自交易費用。報告指出，雖然交易費收入下降，但仍顯著高於多頭前的水準。

“Despite revenues being volatile, miners have continued to install new hardware, pushing the industry hashrate to new all-time highs,” the report adds. “This scenario is ultimately setting the stage for more competitive dynamics within the bitcoin mining sector.”

報告補充說：“儘管收入波動較大，但礦商仍在繼續安裝新硬件，將行業算力推向歷史新高。” “這種情況最終將為比特幣挖礦行業內更具競爭性的動態奠定基礎。”

Furthermore, Glassnode’s analysis reveals a decline in investor activity on exchanges, with onchain exchange-related volume contracting and indicating a shift away from short-term trades.

此外，Glassnode 的分析顯示，交易所上的投資者活動下降，鏈上交易所相關交易量出現萎縮，顯示投資者正在從短期交易中轉移。

The report highlights a trend of capital outflows from both bitcoin and ethereum exchange-traded funds (ETFs), reflecting a slowdown in market activity.

該報告強調了比特幣和以太坊交易所交易基金（ETF）的資本外流趨勢，反映出市場活動放緩。

“Starting with the bitcoin ETFs, we can see that net capital flows in USD have softened since Aug 2024 and are now reporting an outflow of $107M/week,” the report states.

報告指出：“從比特幣 ETF 開始，我們可以看到自 2024 年 8 月以來美元淨資本流動已經放緩，目前每週流出 1.07 億美元。”

“In contrast, while both bitcoin and ethereum ETFs are experiencing capital outflows, the magnitude of demand differs between the two assets, at least within the context of current market conditions. On aggregate, the ethereum ETFs have experienced a total outflow of $-13.1M.”

「相較之下，雖然比特幣和以太坊 ETF 都面臨著資本外流，但這兩種資產的需求量卻存在差異，至少在當前市場狀況的背景下是如此。總的來說，以太坊 ETF 的總流出額為-1310 萬美元。

Miners, facing pressure from rising mining difficulty and energy costs, are reportedly selling less of their block rewards on the spot market. This strategy aims to capitalize on potential future price increases, leading to a buildup of bitcoin on miners’ balance sheets.

據報道，面臨採礦難度和​​能源成本上升的壓力，礦工在現貨市場上出售的區塊獎勵減少了。該策略旨在利用未來潛在的價格上漲，導致比特幣在礦工資產負債表上的累積。

However, Glassnode cautions that the combination of high hashrate and low revenues could result in sell-side pressure if market conditions deteriorate.

然而，Glassnode 警告稱，如果市場狀況惡化，高算力和低收入的結合可能會導致賣方壓力。

In summary, Glassnode’s report presents a nuanced perspective on the state of the bitcoin market, highlighting contrasting dynamics between miners and short-term investors.

總之，Glassnode 的報告對比特幣市場狀況提出了細緻的觀點，強調了礦工和短期投資者之間的對比動態。

While miners express optimism and continue to expand network capacity, a slowdown in investor activity and capital outflows from ETFs indicate a waning enthusiasm for quick trades.

儘管礦商表現出樂觀態度並繼續擴大網路容量，但投資者活動放緩和 ETF 資本外流表明快速交易的熱情正在減弱。

As the network fundamentals remain strong and the interplay between miner activity and investor sentiment continues to evolve, it will be interesting to observe how these factors ultimately shape the future trajectory of the crypto asset.

隨著網路基本面依然強勁，礦工活動和投資者情緒之間的相互作用不斷發展，觀察這些因素最終如何塑造加密資產的未來軌跡將會很有趣。