BTC 区块奖励矿工因该代币的法定价格遭受 2022 年“加密货币冬天”以来的最大跌幅而感到震惊

由于 BTC 的法定价格遭遇 2022 年“加密货币冬天”以来的最大跌幅，BTC 区块奖励矿工们感到震惊

Bitcoin (BTC) block reward miners are facing difficulties as the token’s fiat price experienced its steepest decline since the crypto winter of 2022, having severe implications for the future security of the blockchain on which the token resides.

比特币 (BTC) 区块奖励矿工正面临困难，因为该代币的法定价格经历了自 2022 年加密货币寒冬以来的最大跌幅，这对该代币所在区块链的未来安全产生了严重影响。

Crypto tokens crashed hard over the weekend and into Monday as a downward trend that prevailed for the past week accelerated sharply. The community identified a number of culprits, including the U.S. market-maker Jump Trading abruptly selling significant token volumes into thin liquidity; Japan’s hiking of interest rates leading to the unwinding of the yen carry trade; fears of a U.S. recession following a disappointing jobs report; and the newly pro-crypto Donald Trump’s path to the White House looking far less certain since incumbent Joe Biden handed his electoral baton to VP Kamala Harris.

由于过去一周普遍存在的下跌趋势急剧加速，加密货币代币在周末和周一大幅下跌。社区确定了许多罪魁祸首，其中包括美国做市商 Jump Trading 突然出售大量代币，导致流动性稀薄；日本加息导致日元套利交易平仓；令人失望的就业报告引发对美国经济衰退的担忧；自从现任总统乔·拜登将选举接力棒交给副总统卡马拉·哈里斯以来，新近支持加密货币的唐纳德·特朗普入主白宫的道路看起来远没有那么确定。

Amidst all this carnage, the fact that BTC suffered a far greater price decline than traditional stocks and physical gold could prove the final nail in the coffin for BTC’s digital gold mantra. Despite being pitched as a safe haven in times of financial turmoil, BTC’s house of cards has been well and truly exposed as a fraud.

在所有这些大屠杀中，比特币的价格跌幅远大于传统股票和实物黄金，这一事实可能会成为压垮比特币数字黄金口号的最后一根钉子。尽管比特币在金融动荡时期被宣传为避风港，但它的纸牌屋已经被彻底暴露为欺诈行为。

It’s particularly bad timing for U.S. Sen. Cynthia Lummis (R-WY), who just days before the crash, released a draft of her bill to establish a multi-billion dollar strategic reserve of BTC that would “serve as an additional store of value to bolster America’s balance sheet.” Given that BTC’s fiat value fell by more than one-quarter in just the past week, we’re left wondering whether Lummis typed ‘bolster’ when she really meant ‘demolish.’

对于美国参议员辛西娅·卢米斯 (Cynthia Lummis)（怀俄明州共和党）来说，现在的时机尤其糟糕。就在崩盘前几天，她发布了一份法案草案，旨在建立数十亿美元的比特币战略储备，该储备将“作为额外的价值储存手段”以巩固美国的资产负债表。”鉴于比特币的法定价值在过去一周内下跌了四分之一以上，我们不禁想知道 Lummis 是否在她真正的意思是“拆除”时输入了“支持”。

A week ago, Trump pledged his own form of BTC-based strategic reserve, prompting rapturous cheers from crypto bros, who seemed to forget how they once celebrated the cryptic headline that Satoshi Nakamoto embedded in the Bitcoin genesis block 15 years ago. That headline, about governments bailing out struggling banks, was supposed to indicate the weakness of fiat currency. Now? Bail BTC out, big government… Please?

一周前，特朗普承诺建立自己的基于比特币的战略储备，这引起了加密货币兄弟的热烈欢呼，他们似乎忘记了他们曾经如何庆祝 15 年前中本聪嵌入比特币创世块的神秘标题。这个关于政府救助陷入困境的银行的标题本应表明法定货币的疲软。现在？请大政府救助比特币吧？

It’s probably a good thing that Monday’s scheduled virtual meeting of crypto execs and White House officials was postponed. The meeting, organized by Rep. Ro Khanna (D-CA), was supposed to focus on nudging the Democratic party away from its perceived anti-crypto stance and encouraging a less restrictive attitude that would see digital assets more firmly integrated with traditional finance. Good luck with that.

原定于周一举行的加密货币高管和白宫官员虚拟会议被推迟，这可能是一件好事。这次会议由众议员罗·卡纳 (D-CA) 组织，旨在推动民主党改变其反加密货币立场，并鼓励采取较少限制的态度，使数字资产与传统金融更加牢固地结合。祝你好运。

Crypto-focused stocks like Michael Saylor’s MicroStrategy (NASDAQ: MSTR) and the Coinbase (NASDAQ: COIN) digital asset exchange tanked in pre-opening trades, with MSTR being down nearly 30% at one point. It probably didn’t help that last week Saylor announced yet another stock dilution plan—this one a $2 billion’ equity offering program’—to buy even more BTC.

Michael Saylor 的 MicroStrategy（纳斯达克股票代码：MSTR）和 Coinbase（纳斯达克股票代码：COIN）等数字资产交易所等专注于加密货币的股票在开盘前交易中大幅下跌，MSTR 一度下跌近 30%。上周塞勒宣布了另一项股票稀释计划——这是一项价值 20 亿美元的“股票发行计划”——以购买更多的比特币，这可能没有帮助。

Crypto-focused exchange traded funds (ETFs) also took a pounding from the start of Monday’s trading, as investors weren’t able to make any moves on the weekend while the funds’ underlying assets were being set on fire.

以加密货币为重点的交易所交易基金（ETF）从周一交易开始也遭受重创，因为投资者在周末无法采取任何行动，而基金的基础资产却被点燃。

The stocks of publicly listed BTC block reward miners like MARA (NASDAQ: MARA) (formerly Marathon Digital), CleanSpark and Riot Platforms (NASDAQ: RIOT) all took double-digit tumbles on Monday morning. While they clawed back some of these losses before the bell rang, none of them finished in the black. So, it’s this aspect of the current debacle that this article will focus upon.

MARA（纳斯达克股票代码：MARA）（原 Marathon Digital）、CleanSpark 和 Riot Platforms（纳斯达克股票代码：RIOT）等公开上市的 BTC 区块奖励矿工的股票周一上午均出现两位数下跌。虽然他们在铃声响起前挽回了部分损失，但没有一家公司实现盈利。因此，本文将重点讨论当前灾难的这一方面。

Mining red ink

开采红墨水

BTC miners were already struggling due to the recent halving of the block rewards, making a high token price crucial to sustaining miners’ ability to turn a profit. But BTC’s mining difficulty hit a new all-time high last week, meaning it now costs even more to compete for the right to mine a new block.

由于最近区块奖励减半，比特币矿工已经陷入困境，这使得高代币价格对于维持矿工的盈利能力至关重要。但比特币的挖矿难度上周创下历史新高，这意味着现在争夺新区块开采权的成本甚至更高。

Miners relying on aging hardware are at a particular disadvantage in this fight, as their rigs continue to devour expensive electricity without a decent shot at the reward that comes from mining a new block. This struggle was on full display in the Q2 reports of publicly traded mining groups, including two of the trio mentioned above.

依赖老化硬件的矿工在这场斗争中处于特别不利的地位，因为他们的钻机继续消耗昂贵的电力，而无法从开采新区块中获得可观的回报。这种斗争在上市矿业集团的第二季度报告中得到了充分体现，其中包括上述三家公司中的两家。

CleanSpark won’t report its latest quarterly results until later in the week, but Riot Platforms said it generated revenue of $70 million in the three months ending June 30, while booking a net loss of $84.4 million. That loss would have been worse were it not for the nearly $14 million in ‘power credits’ it received from public utilities in the states in which it operates.

CleanSpark 要到本周晚些时候才会公布最新季度业绩，但 Riot Platforms 表示，截至 6 月 30 日的三个月内，该公司实现了 7000 万美元的收入，同时净亏损 8440 万美元。如果不是它从其运营所在州的公用事业公司获得了近 1400 万美元的“电力信用”，那么损失可能会更严重。

MARA didn’t perform any better, reporting revenue of $145 million and a net loss of just under $200 million, much of that via the ‘fair value’ decline of the more than 20,000 BTC tokens it holds. Despite this impairment, MARA recently announced that it had made “a shift in our treasury policy and adopted

MARA 的表现也没有更好，报告收入为 1.45 亿美元，净亏损略低于 2 亿美元，其中大部分是由于其持有的 20,000 多个 BTC 代币的“公允价值”下降所致。尽管存在这种损害，农业农村部最近宣布“我们的财政政策发生了转变，并采取了