比特币矿工努力跟上市场，因为BTC下降了11.28％

这种下降不仅影响了短期持有人的盈利能力，而且还影响了矿工。

Bitcoin [BTC] has dropped by nearly 11.28% on the charts since hitting a new all-time high of $109k three weeks ago. This decline has affected not only short-term holders in terms of profitability but also miners. In fact, the latest dip in BTC’s price charts has left miners struggling to keep up with the market.

自从三周前达到新的10.9 k美元的新高点以来，比特币[BTC]在图表上下跌了近11.28％。这种下降不仅影响了短期持有人的盈利能力，而且影响了矿工。实际上，BTC价格表中的最新下降使矿工努力跟上市场。

CryptoQuant analyst Frost, for instance, observed that miners are extremely underpaid right now, risking miners' capitulation.

例如，加密分析师弗罗斯特（Frost）观察到矿工目前的薪水极低，冒着矿工投降的风险。

Bitcoin’s Miner Profit/Loss Enters Extreme Underpaid Zone

比特币的矿工盈利/损失进入极端薪水区域

According to CryptoQuant, Bitcoin miners’ profit-loss sustainability has entered the extremely underpaid zone. This comes following the April 2024 halving which resulted in a rising mining difficulty. While it has become more difficult to mine, Bitcoin’s hash rate has continued to grow – A sign of the surge in competition among miners.

据隐性股权公司称，比特币矿工的利润损失的可持续性进入了极高的薪水区域。这是在2024年4月减半后导致采矿难度增加的。虽然挖掘越来越困难，但比特币的哈希率持续增长，这是矿工竞争激增的标志。

As Bitcoin continued to decline since hitting its ATH, miners’ returns have been shrinking. On the contrary, the realized mining cost has been relatively high, compared to the last difficulty bottom.

随着比特币撞击其ATH以来继续下降，矿工的回报越来越缩小。相反，与最后一个难度底部相比，实现的采矿成本相对较高。

This market condition suggests that miners might start to capitulate soon. Historically, when miner profit/loss profitability turns negative, it is often followed by a mid-term positive price reaction. Simply put, miners have reacted by selling Bitcoin to cover costs.

这种市场状况表明，矿工可能很快就开始屈服。从历史上看，当矿工的盈利/损失盈利能力变为负面时，通常会出现中期正价反应。简而言之，矿工通过出售比特币来支付成本做出了反应。

With miners actively selling, the miner-to-exchange flows hit record levels too, indicating that miners are selling heavily at the moment. We can also see this as the miners' netflow total turned positive after being negative for five consecutive days. This seemed to imply that more miners are sending their BTC tokens to exchanges to sell.

随着矿工的积极销售，矿工到交换的流量也达到了创纪录的水平，这表明矿工目前正在大量销售。我们还可以将其视为矿工的Netflow连续五天为阴性后变成正面。这似乎意味着越来越多的矿工将其BTC令牌发送到交易所出售。

While some miners may be capitulating, others could be accumulating more BTC. As miner capitulation begins, it could present an opportunity for other market participants to re-enter the market at lower prices and accumulate Bitcoin.

虽然有些矿工可能会屈服，但其他矿工可能会积累更多的BTC。随着矿工的投降开始，它可能会为其他市场参与者提供一个以较低价格重新进入市场并累积比特币的机会。

Miners Responded To Operational Difficulties By Selling, Some Could Capitulate Temporarily

矿工通过销售来应对运营困难，有些人可以暂时屈服

In previous cycles, this situation has created accumulation zones for other market participants to re-enter the market.

在以前的周期中，这种情况为其他市场参与者重新进入市场创造了积累区。

Is Miner Capitulation Ahead For BTC?

BTC是否提前进行了矿工投降？

Hence, with miners' profitability dropping, it’s essential to determine if capitulation for miners is ahead or not.

因此，随着矿工的盈利能力下降，必须确定矿工的投降是否领先。

Look at the Puell multiple, for instance. This metric has remained above 1 since 13 January, dropping below 1 only twice in 2025, during the first weeks of the year. What this means is that although the Puell multiple has fluctuated, miner revenue remains moderately healthy.

例如，看看Puell多倍。自1月13日以来，该指标一直保持在1以上，在2025年的第一周，仅在2025年两次以下。这意味着，尽管PUELL多重倍数已经波动，但矿工收入仍然适中健康。

Therefore, as long as this remains above 1, miners are less likely to capitulate. Hence, the drop could just be a healthy correction instead of weakness. This could imply accumulation by strong miners and investors.

因此，只要这保持在1以上，矿工就不太可能屈服。因此，下降可能只是健康的纠正而不是弱点。这可能意味着强大的矿工和投资者积累。

What’s Next Now?

现在是什么？

According to AMBCrypto’s analysis, for Bitcoin miners to avoid capitulation, BTC’s price has to recover to increase miner profit/loss.

根据Ambcrypto的分析，为了避免比特币矿工进行投降，BTC的价格必须恢复以增加矿工的损益/损失。

If the price continues to fall, just as it has over the past week, miners' capitulation could be next. Therefore, BTC must reclaim and hold above $100k for miners' sustainability goals to be achieved.

如果价格持续下跌，就像过去一周的价格一样，矿工的投降可能是下一个。因此，BTC必须收回并持有超过10万美元的矿工可持续性目标。