比特币（BTC）矿业公司恢复出售其BTC

该结果标志着自2024年10月以来的每月清算率最高。

The publicly traded Bitcoin mining companies have resumed selling their BTC starting from March, according to what reported. This is a real trend reversal, compared to the strong HODL strategy implemented during the months of the presidential elections, in the midst of the BTC bull run.

根据报道，公开交易的比特币矿业公司从3月开始恢复了BTC。与在BTC公牛竞选中，与在总统选举的几个月中实施的强大霍德战略相比，这是一种真正的趋势逆转。

Specifically, there would be as many as 15 publicly listed mining companies that collectively sold over 40% of their total BTC production last month.

具体来说，上个月将有多达15家公开上市的矿业公司销售其BTC总产量的40％以上。

CleanSpark, one of the leading BTC mining companies in the USA, has itself announced that it will change its BTC hodler strategy started in mid-2023.

CleanSpark是美国领先的BTC矿业公司之一，它本身宣布将改变其BTC Hodler战略于2023年中期开始。

In this regard, the CEO of CleanSpark, Zach Bradford, stated:

在这方面，CleanSpark的首席执行官Zach Bradford表示：

“With our Bitcoin holdings exceeding 12,000, valued at approximately 1 billion dollars, we believe it is the right time to evolve from the nearly 100% holding strategy adopted in mid-2023 and return to using a portion of our monthly production to support operations. This represents a significant strategic distinction compared to many of our peers, who continue to rely on share dilution to finance operational costs or on increasing leverage to grow Bitcoin reserves.

“由于我们的比特币持有量超过12,000，价值约10亿美元，我们认为现在是从2023年中期通过的近100％的持有策略发展的合适时机，并返回使用我们的每月生产以支撑运营来支持运营。这代表着许多战略上的区别，与我们的许多同行相比，他们继续依靠股份延伸的措施，以增强运营成本，以延长依据，以增强依据的依据，以实现不断增长的依据。

We consider our approach deliberately strategic rather than ideological, especially now that we have reached our current size. While remaining committed to Bitcoin as a long-term asset, we believe that a more effective way to increase shareholder value is a balanced approach between monetizing new production and building long-term holdings.”

我们认为我们的方法是故意战略性的，而不是意识形态的，尤其是现在我们已经达到了当前的规模。在继续致力于比特币作为长期资产的同时，我们认为，提高股东价值的一种更有效的方法是使新生产和建立长期持有的货币化的一种平衡的方法。”

Other companies like HIVE, Bitfarms, and Ionic Digital have already sold more than 100% of their March BTC production.

其他公司，例如Hive，Bitfarms和Ionic Digital已经出售了其3月BTC生产的100％以上。

Bitcoin Mining: the publicly traded companies stop being HODLer of BTC

比特币采矿：公开交易的公司停止成为BTC的霍德勒

This trend change from HODL of BTC to seller of BTC suggests that miners might respond to the narrowing profit margins between the low levels of the hash price and the growing uncertainty of the trade war.

从BTC的HODL到BTC卖方的这种趋势变化表明，矿工可能会响应哈希价格低水平与贸易战不确定性日益确定的狭窄利润率。

Not only that, this recovery in sales of Bitcoin by publicly traded mining companies is also marking the highest monthly liquidation rate since October 2024.

不仅如此，通过公开交易的矿业公司在比特币销售中销售的回收率也标志着自2024年10月以来的每月清算率最高。

In fact, last October, the liquidation reports reached similar peaks, but the sales largely eased with the rise in BTC prices, until the end of the year.

实际上，去年10月，清算报告达到了类似的高峰，但销售量在很大程度上随着BTC价格的上涨而缓解，直到年底。

With the Bitcoin hashprice near the cycle lows and transaction fees in the blocks down to 1.1%, mining companies seem to once again rely on their BTC reserves to support operations and bolster liquidity.

随着比特币的哈希股票接近周期的低点和交易费用降至1.1％，矿业公司似乎再次依靠其BTC储备来支持运营和增强流动性。

The increase in BTC sales by these companies could also be due to the increase in capital expenditures in the sector.

这些公司的BTC销售增加也可能是由于该行业资本支出的增加所致。

Various large mining companies have announced the expansion of infrastructures, the upgrade of ASICs, or diversification into the high-performance computing sector, all activities that require capital in a more challenging context after the halving.

各种大型矿业公司宣布扩大基础设施，ASIC的升级或多元化为高性能计算部门，所有活动都需要资本在半点后更具挑战性的环境中。

Arizona advances in regulation

亚利桑那州的监管进展

Recently, regarding Bitcoin mining, there has been talk about the approval by the Arizona Senate of the HB 2342 law that protects miners.

最近，关于比特币采矿，已经谈到了亚利桑那州参议院《 HB 2342法律保护矿工》的批准。

The vote was 17 in favor and 12 against, and therefore, the law now passes into the hands of the governor for final approval.

投票是17个赞成，反对12票，因此，该法律现在已移交给州长的最终批准。

Specifically, the new law HB 2342 aims to prevent any city or county from imposing zoning or usage restrictions on individuals who carry out BTC mining or operate blockchain nodes in their own homes.

具体而言，新法律HB 2342旨在防止任何城市或县对在自己家中进行BTC采矿或操作区块链节点的个人对个人施加分区或使用限制。

More than the companies, therefore, in Arizona the aim is to protect the freedom of individuals for the mining activity from the threat of local government.

因此，在亚利桑那州，更多的目的是保护采矿活动免受地方政府威胁的个人自由。