比特币矿工在减半前套现，表明看涨信心

比特币矿商因预期即将到来的减半而出售其持有的比特币，这与 2020 年减半之前的积累有所不同。这种转变归因于比特币的高价格，该价格已经超过了历史最高点，使矿工能够实现利润并升级设备，以在减半后的环境中保持竞争力。

Bitcoin Miners Cash Out Ahead of Halving, Signaling Market Confidence

比特币矿工在减半前兑现，表明市场信心

As the highly anticipated Bitcoin (BTC) halving event looms on the horizon, a significant shift in miner behavior has emerged, marking a departure from previous halving cycles. Unlike in 2020, when miners accumulated BTC in anticipation of a post-halving bull run, this year's halving is witnessing a large-scale sell-off of miner-held BTC. This trend suggests that miners are capitalizing on the current high BTC price to upgrade their mining fleets and prepare for the upcoming reduction in block rewards.

随着备受期待的比特币减半事件迫在眉睫，矿工行为出现了重大转变，标志着与之前减半周期的背离。与2020年矿工因预期减半后牛市而积累BTC不同，今年减半见证了矿工持有的BTC的大规模抛售。这一趋势表明，矿工正在利用当前较高的比特币价格来升级他们的矿机队伍，并为即将到来的区块奖励减少做好准备。

Declining Miner Balances Signal Profit-Taking

矿工余额下降表明获利了结

Data from blockchain analytics firm CryptoQuant reveals that miners' BTC reserves have dwindled by an astounding $866 million since January 1, 2024, forming a stark contrast to the 2020 halving, during which miners amassed approximately $429 million in the four-month lead-up to the third halving event. This significant sell-off indicates that many miners are already realizing profits ahead of the upcoming block reward reduction.

区块链分析公司 CryptoQuant 的数据显示，自 2024 年 1 月 1 日以来，矿工的 BTC 储备减少了惊人的 8.66 亿美元，与 2020 年减半形成鲜明对比，当时矿工在减半前的四个月里积累了约 4.29 亿美元。第三次减半事件。这种大幅抛售表明许多矿工已经在即将到来的区块奖励减少之前实现利润。

Upgrading Fleets to Stay Competitive

升级机队以保持竞争力

The decision by miners to sell off their BTC holdings is primarily driven by a desire to upgrade their mining equipment and maintain their competitive edge in the industry. As Colin Harper, Head of Content and Research at Bitcoin mining firm Luxor, explained, "Miners are offloading some of their holdings to stay competitive and ahead of the curve for when block rewards get cut."

矿工决定出售其持有的比特币主要是出于升级采矿设备并保持行业竞争优势的愿望。正如比特币矿业公司 Luxor 的内容和研究主管科林·哈珀 (Colin Harper) 所解释的那样，“矿工们正在抛售部分资产，以保持竞争力，并在区块奖励削减时保持领先地位。”

For instance, Marathon Digital Holdings, a major bitcoin mining company, announced in March 2024 that it had sold 290 bitcoins, valued at approximately $19.1 million, to support monthly operations and capitalize on strategic opportunities in the lead-up to the halving. Similarly, Riot Platforms sold 211 bitcoins in January 2024 and subsequently acquired 31,500 new mining rigs for $97.4 million.

例如，大型比特币挖矿公司 Marathon Digital Holdings 于 2024 年 3 月宣布，已出售 290 枚比特币，价值约 1910 万美元，以支持每月运营并利用减半前的战略机会。同样，Riot Platforms 在 2024 年 1 月出售了 211 个比特币，随后以 9740 万美元收购了 31,500 台新矿机。

Hashrate Implications

算力影响

The timing of the BTC price surge this year, which pushed the cryptocurrency above its previous all-time high ahead of the halving, is expected to have a significant impact on the hashrate of the Bitcoin network. Harper predicts that a key difference between this halving and previous ones will be the amount of hashrate that goes offline following the reward reduction.

今年比特币价格飙升的时机，在减半之前将加密货币推高至之前的历史高点，预计将对比特币网络的算力产生重大影响。哈珀预测，这次减半与之前的减半之间的一个关键区别将是奖励减少后离线的算力数量。

"Bitcoin's price hitting an all-time high before the halving changed the equation for the hashrate that will come offline," he said. "This means that fewer firms will be forced to discontinue their operations, and a smaller percentage of overall hashrate will go offline following this year's halving."

他说：“在减半之前，比特币的价格创下了历史新高，改变了即将下线的算力方程。” “这意味着，今年减半后，被迫停止运营的公司将减少，整体算力的下线比例也将减少。”

In the 2020 halving, Bitcoin's hashrate dropped by 18.4% in the week following the event. However, for the 2024 halving, Luxor Mining estimates that only 3% to 7% of the hashrate will go offline, due to the higher profit margins miners are currently enjoying.

2020 年减半后，比特币算力在减半后一周下降了 18.4%。然而，卢克索矿业预计，到 2024 年减半，只有 3% 到 7% 的算力会下线，因为矿工目前享有较高的利润率。

Market Confidence and Future Outlook

市场信心与未来展望

The large-scale sell-off of miner-held BTC can be interpreted as a sign of confidence in the long-term value of Bitcoin. Miners are often considered to be some of the most knowledgeable and well-informed market participants in the cryptocurrency industry. Their decision to sell off large amounts of BTC at current prices suggests that they believe the asset has significant upside potential in the coming months and years.

矿工持有的比特币的大规模抛售可以被解读为对比特币长期价值充满信心的迹象。矿工通常被认为是加密货币行业中知识最丰富、消息最灵通的市场参与者。他们决定以当前价格出售大量比特币，这表明他们相信该资产在未来几个月和几年内具有巨大的上涨潜力。

As we approach the halving, it is important to note that the event has historically marked the beginning of a bull market for Bitcoin. With miners positioned to upgrade their equipment and increase their hashrate, the network is poised for continued growth and resilience in the face of future challenges.

当我们临近减半时，值得注意的是，该事件在历史上标志着比特币牛市的开始。随着矿工升级设备并提高算力，网络将在面对未来挑战时保持持续增长和弹性。