经过数月的ho积后，比特币（BTC）矿工将其持有的40％倾销

根据行业数据，15名矿工共同售出了上个月生产的比特币的40％以上。此举标志着与最近的HODL趋势明显变化。

Industry data reveals that fifteen miners sold more than 40% of the Bitcoin they produced last month, according to a new report by TheMinerMag.

行业数据显示，根据Theminermag的一份新报告，上个月有15名矿工上个月售出了他们生产的比特币的40％以上。

This move marks a departure from the recent trend of miners holding onto their coins, and it also provides insight into how miners are adapting to the changing market landscape.

此举标志着矿工持有硬币的最近趋势的背离，它还可以洞悉矿工如何适应不断变化的市场格局。

After several months of building their Bitcoin positions, miners are now beginning to reduce their holdings. This shift is evident in March’s selling spree, which follows a different pattern seen post-election.

在建立比特币头寸的几个月后，矿工现在开始减少其持股。这一转变在3月的销售狂潮中显而易见，这遵循了选举后的另一种模式。

During that time, Bitcoin’s rally encouraged firms to maintain their coins, hoping for further price increases. However, with Bitcoin’s hash price—miners’ revenue per unit of computing power—now approaching cycle lows and block transaction fees falling to 1.1%, there is growing pressure on miners to adjust their strategies.

在此期间，比特币的集会鼓励公司维持硬币，希望进一步上涨。但是，随着比特币的哈希价格（计算机单位计算能力的收入）现在接近周期低点并阻止交易费用降至1.1％，矿工的压力越来越大，以调整其策略。

Moreover, rising geopolitical tensions and murmurs of a trade war could affect hardware imports and global liquidity, creating a challenging environment for miners. In such conditions, they are choosing to liquidate Bitcoin to cover costs, manage risk, and stay flexible to adapt to any changes.

此外，贸易战的地缘政治紧张局势和杂音的上升可能会影响硬件进口和全球流动性，从而为矿工创造一个具有挑战性的环境。在这种情况下，他们选择清算比特币以支付成本，管理风险并保持灵活性以适应任何更改。

One example is CleanSpark, a leading U.S.-based mining firm, which announced Tuesday that it will begin selling a portion of its monthly BTC production to fund operating expenses. At the same time, the firm plans to use existing Bitcoin reserves for strategic growth initiatives.

一个例子是总部位于美国领先的采矿公司CleanSpark，该公司周二宣布，它将开始出售其每月BTC生产的一部分以资助运营费用。同时，该公司计划将现有的比特币储量用于战略增长计划。

This approach highlights the balancing act that many miners are now facing as they navigate a post-halving world.

这种方法强调了许多矿工在途中浏览后的世界时正面临的平衡行为。

Meanwhile, firms like HIVE, Bitfarms, and Ionic Digital sold more than 100% of their March production, indicating a deeper reliance on stored assets to meet operating expenses.

同时，像Hive，Bitfarms和Ionic Digital这样的公司售出了100％以上的3月份生产，这表明对存储的资产更加依赖以满足运营费用。

This contrasts sharply with Q4 2024, when companies like Riot and Hut 8 were not only keeping their coins but also actively buying more, anticipating further gains from the cryptocurrency.

这与第四季度的2024年形成鲜明对比，当时Riot和Hut 8等公司不仅保留了硬币，而且还积极购买更多的购买，预计加密货币将获得更多收益。

The uptick in selling activity also coincides with rising capital expenditures. As the network’s mining reward halved in April, many companies began upgrading their hardware or branching into high-performance computing (HPC) to maintain profitability.

销售活动的上升也与资本支出的上升相吻合。随着该网络的采矿奖励在四月份减半，许多公司开始升级硬件或分支到高性能计算（HPC）中以保持盈利能力。

These investments require cash, and for miners, Bitcoin remains the most liquid asset on their books.

这些投资需要现金，对于矿工来说，比特币仍然是他们书籍中最流动的资产。

It’s worth noting that not all miners are included in the latest data. Companies like Bit Digital, Argo, Terawulf, and Stronghold have ceased issuing monthly updates. Additionally, Core Scientific, once a key player in the space, no longer reports its BTC reserves.

值得注意的是，并非所有矿工都包含在最新数据中。像BIT Digital，Argo，Terawulf和storthold这样的公司已经停止发布每月更新。此外，曾经是该空间中的关键参与者的核心科学不再报告其BTC储备。

However, despite variations in reporting and company-specific decisions, the broader trends are clear: miners are responding to market stress with pragmatism, adjusting their strategies to stay afloat and profitable in a dynamic cryptocurrency environment.

但是，尽管报告和公司特定决策的差异很大，但更广泛的趋势是明显的：矿工正在以实用主义对市场压力做出反应，调整其在动态的加密货币环境中保持漂浮和盈利的策略。