比特币：投降结束宣告看涨反弹？

比特币矿工的投降，即矿工因无法盈利而停止活动的现象，似乎即将结束。

Bitcoin miners appear to be nearing the end of their capitulation, a period where they shut down their operations due to low profitability, a development that could have bullish implications for the cryptocurrency's price, a recent analysis shows.

最近的一项分析显示，比特币矿商似乎已接近投降的终点，在这段时期，他们因盈利能力低而关闭了运营，这一发展可能对加密货币的价格产生看涨影响。

Bitcoin: miner capitulation bottom vs bullish rally

比特币：矿商投降底部与看涨反弹

Capitulation among miners usually happens when the costs they incur to operate exceed the revenue they generate from mining BTC. This prompts them to sell their bitcoin holdings to cover their expenses, putting downward pressure on the crypto's price. But this phase of capitulation is often seen as a market bottom signal, indicating that the bitcoin price may soon rebound.

当矿工的运营成本超过了开采 BTC 所产生的收入时，通常就会发生矿工投降。这促使他们出售所持有的比特币来支付费用，从而给加密货币的价格带来下行压力。但这一阶段的投降往往被视为市场探底信号，表明比特币价格可能很快就会反弹。

In 2024, Bitcoin miners were especially impacted by the halving, which slashed their daily mining revenue from $79 million to $29 million. This drastic seven-fold decrease in revenue led many miners to switch off their rigs en masse, resulting in a 7.7% drop in hashrate, the total computing power of the Bitcoin network.

2024 年，比特币矿工受到减半的影响尤其严重，他们的每日挖矿收入从 7900 万美元大幅削减至 2900 万美元。收入急剧下降七倍，导致许多矿工集体关闭矿机，导致比特币网络的总算力哈希率下降 7.7%。

But recent signals show that miner capitulation might be coming to an end, with daily miner revenue rising to $35 million, slowly approaching the yearly average of $40 million. If this trend continues, it could indicate market stabilization and a possible bitcoin price recovery.

但最近的信号表明，矿工的投降可能即将结束，矿工每日收入将升至 3500 万美元，慢慢接近年均 4000 万美元。如果这种趋势持续下去，可能表明市场稳定，比特币价格可能回升。

History repeating itself?

历史重演？

This miner capitulation is also happening in a way that is comparable to the one seen at the end of 2022, following the FTX crash, which marked the market bottom at the time, according to analysts. This similarity suggests that the Bitcoin market may be close to hitting a new bottom, which could pave the way for another potential recovery.

分析师称，这种矿商投降的方式也与 2022 年底 FTX 崩盘后发生的情况类似，当时标志着市场触底。这种相似性表明，比特币市场可能即将触底，这可能为另一次潜在复苏铺平道路。

While the capitulation of Bitcoin miners may create downward pressure on the crypto's price, it could also be signaling a turning point. With signs of stabilization in miner revenues and a decrease in selling pressure, the price of Bitcoin might soon see a recovery. Investors and market observers will be keeping a close eye on these developments to assess the next steps in the Bitcoin market.

虽然比特币矿工的投降可能会对加密货币的价格造成下行压力，但这也可能预示着一个转折点。随着矿商收入稳定的迹象和抛售压力的减轻，比特币的价格可能很快就会复苏。投资者和市场观察人士将密切关注这些事态发展，以评估比特币市场的下一步行动。

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