随着投资者减少活动，矿商在比特币市场面临挑战时坚持不懈

Glassnode 的最新报告显示，尽管矿工收入下降，但比特币算力持续上升。与此同时，投资者对交易所的参与度和交易量显着下降，反映出投机兴趣下降。

Bitcoin miners are showing no signs of slowing down despite decreasing revenues, according to the latest report from onchain analytics firm Glassnode.

根据链上分析公司 Glassnode 的最新报告，尽管收入下降，比特币矿商并没有表现出放缓的迹象。

The report, published on⽉曜日に, highlights a persistent rise in Bitcoin’s hashrate, pushing it to an all-time high (ATH) of 370 exahashes per second (EH/s). This increase comes even as miner revenues have dropped by 22% since March, presenting a curious scenario within the bitcoin mining landscape.

该报告发布于⽉曜日に，强调了比特币算力的持续上升，将其推至每秒 370 exahashes (EH/s) 的历史新高 (ATH)。尽管自 3 月份以来矿工收入下降了 22%，但比特币挖矿领域出现了一个奇怪的情况，但这种增长还是出现了。

According to Glassnode’s findings, total miner revenue currently stands at $844 million, with a vast majority ($824 million) being attributed to block subsidies and the remaining $20 million coming from transaction fees. The report notes that while transaction fee revenue has declined, it is still significantly higher than pre-bull market levels.

根据 Glassnode 的调查结果，目前矿工总收入为 8.44 亿美元，其中绝大多数（8.24 亿美元）来自区块补贴，其余 2000 万美元来自交易费用。报告指出，虽然交易费收入有所下降，但仍显着高于牛市前的水平。

“Despite revenues being volatile, miners have continued to install new hardware, pushing the industry hashrate to new all-time highs,” the report adds. “This scenario is ultimately setting the stage for more competitive dynamics within the bitcoin mining sector.”

报告补充道：“尽管收入波动较大，但矿商仍在继续安装新硬件，将行业算力推向历史新高。” “这种情况最终将为比特币挖矿行业内更具竞争性的动态奠定基础。”

Furthermore, Glassnode’s analysis reveals a decline in investor activity on exchanges, with onchain exchange-related volume contracting and indicating a shift away from short-term trades.

此外，Glassnode 的分析显示，交易所上的投资者活动有所下降，链上交易所相关交易量出现萎缩，表明投资者正在从短期交易中转移。

The report highlights a trend of capital outflows from both bitcoin and ethereum exchange-traded funds (ETFs), reflecting a slowdown in market activity.

该报告强调了比特币和以太坊交易所交易基金（ETF）的资本外流趋势，反映出市场活动放缓。

“Starting with the bitcoin ETFs, we can see that net capital flows in USD have softened since Aug 2024 and are now reporting an outflow of $107M/week,” the report states.

报告指出：“从比特币 ETF 开始，我们可以看到自 2024 年 8 月以来美元净资本流动已经放缓，目前每周流出 1.07 亿美元。”

“In contrast, while both bitcoin and ethereum ETFs are experiencing capital outflows, the magnitude of demand differs between the two assets, at least within the context of current market conditions. On aggregate, the ethereum ETFs have experienced a total outflow of $-13.1M.”

“相比之下，虽然比特币和以太坊 ETF 都面临着资本外流，但这两种资产的需求量却有所不同，至少在当前市场条件下是这样。总的来说，以太坊 ETF 的总流出额为-1310 万美元。”

Miners, facing pressure from rising mining difficulty and energy costs, are reportedly selling less of their block rewards on the spot market. This strategy aims to capitalize on potential future price increases, leading to a buildup of bitcoin on miners’ balance sheets.

据报道，面临采矿难度和能源成本上升的压力，矿工在现货市场上出售的区块奖励减少了。该策略旨在利用未来潜在的价格上涨，导致比特币在矿工资产负债表上的积累。

However, Glassnode cautions that the combination of high hashrate and low revenues could result in sell-side pressure if market conditions deteriorate.

然而，Glassnode 警告称，如果市场状况恶化，高算力和低收入的结合可能会导致卖方压力。

In summary, Glassnode’s report presents a nuanced perspective on the state of the bitcoin market, highlighting contrasting dynamics between miners and short-term investors.

总之，Glassnode 的报告对比特币市场状况提出了细致入微的观点，强调了矿工和短期投资者之间的对比动态。

While miners express optimism and continue to expand network capacity, a slowdown in investor activity and capital outflows from ETFs indicate a waning enthusiasm for quick trades.

尽管矿商表现出乐观态度并继续扩大网络容量，但投资者活动放缓和 ETF 资本外流表明快速交易的热情正在减弱。

As the network fundamentals remain strong and the interplay between miner activity and investor sentiment continues to evolve, it will be interesting to observe how these factors ultimately shape the future trajectory of the crypto asset.

随着网络基本面依然强劲，矿工活动和投资者情绪之间的相互作用不断发展，观察这些因素最终如何塑造加密资产的未来轨迹将会很有趣。