<p>市场目前确实在考验投资者的耐心。</p>
<p>比特币 [BTC] 仍然交易在其 $126,000 峰值下方约 30%，这使得许多持有者处于亏损状态。例如，短期持有者的成本基础约为 $102,000。因此，短期持有者大约面临 12% 的未实现损失。</p>
<p>矿业方面的情况也没有好到哪里去。</p>
<p>根据 Glassnode 的数据，总矿工收入从十月中旬的 562 BTC 降至现在的 502 BTC，下降了 11%。这清楚地表明矿工们感受到压力，因为收入和盈利能力受到影响。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-total-miner-revenue-all-miners-btc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-total-miner-revenue-all-miners-btc.png"/></p>
<p>来源：Glassnode</p>
<p>值得注意的是，这一下降发生在挖矿难度创下新高的情况下。</p>
<p>在十一月初，比特币挖矿难度跃升至创纪录的 159 万亿，这意味着矿工现在需要更多的算力和电力才能获得相同的奖励。基本上，他们的工作变得更加艰难，但收入却减少了。</p>
<p>这对盈利能力造成了严重压力。</p>
<p>再加上市场尚未完全转向风险偏好，BTC 的 $90,000 支撑位仍然不稳，这就引发了一个问题——随着收入下降和挖矿难度创下新高，矿工是否正被迫走向清算？</p>
<h2>在市场不确定性中，比特币矿工面临压力</h2>
<p>看起来现在仍然太早去判断底部。</p>
<p>机构资本在比特币中尚未完全到位。BTC ETF 的资金流动非常波动，资金每天都在进出。例如，最近的数据突显出净流出达 8000 万美元。</p>
<p>历史上，在之前的牛市中，BTC 的大幅波动依赖于持续的 ETF 流入。没有这种支持，跌破 $90,000 仍然是一个真实的可能性。而且，看起来矿工的耐心已经开始消耗殆尽。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-miner-net-position-change.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-miner-net-position-change.png"/></p>
<p>来源：Glassnode</p>
<p>在十一月底，比特币矿工的净头寸变化仍然处于负值，达到 -3,555 BTC。这与 BTC 跌至约 $80,000 相对应。有趣的是，似乎又出现了类似的模式。</p>
<p>附图显示，该指标已再次转为负值，净流出为 -487 BTC——这表明一些矿工可能开始清算。这可能对矿工钱包中持有的 30 天 BTC 供应造成压力。</p>
<p>从本质上讲，另一波矿工分配可能正在暗中酝酿。随着市场波动性仍然很高，乐观的 BTC 竞标保持谨慎，全面的比特币矿工清算不能被排除。</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>比特币矿工收入在两个月内下降了 11%，这表明在挖矿难度创下新高的情况下盈利能力面临压力。</em></li>
<li><em>矿工的净头寸变化表明一些矿工开始清算。</em></li>
</ul>
<hr/>

<p>比特币矿工的收入下降了 11%，而挖矿难度达到了历史最高水平，导致盈利压力加大。矿工的净头寸变化显示出投降的迹象，因为市场波动性仍然很高，机构资本尚未稳定。在这些挑战中，矿工全面投降的潜力正在增加</p>

<p>The market is really testing investor patience right now.</p>
<div class="lb-trans"><p>市场目前确实在考验投资者的耐心。</p>
</div><p>Bitcoin [BTC] is still trading about 30% below its $126k peak, leaving a lot of holders underwater. For example, the STH cost basis is around $102k. So, short-term holders are seeing roughly 12% in unrealized losses.</p>
<div class="lb-trans"><p>比特币 [BTC] 仍然交易在其 $126,000 峰值下方约 30%，这使得许多持有者处于亏损状态。例如，短期持有者的成本基础约为 $102,000。因此，短期持有者大约面临 12% 的未实现损失。</p>
</div><p>The mining side isn’t doing much better either.</p>
<div class="lb-trans"><p>矿业方面的情况也没有好到哪里去。</p>
</div><p>According to Glassnode, total miner revenue dropped from 562 BTC in mid-October to 502 BTC now – An 11% decline. That’s a clear sign miners are feeling the squeeze as revenue and profitability take a hit.</p>
<div class="lb-trans"><p>根据 Glassnode 的数据，总矿工收入从十月中旬的 562 BTC 降至现在的 502 BTC，下降了 11%。这清楚地表明矿工们感受到压力，因为收入和盈利能力受到影响。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-total-miner-revenue-all-miners-btc.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-total-miner-revenue-all-miners-btc.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>来源：Glassnode</p>
</div><p>Notably, this drop is happening even as mining difficulty hits new highs.</p>
<div class="lb-trans"><p>值得注意的是，这一下降发生在挖矿难度创下新高的情况下。</p>
</div><p>In early November, Bitcoin mining difficulty jumped to a record 159 trillion, meaning miners now need more hashing power and electricity just to earn the same rewards. Basically, they’re working harder but making less.</p>
<div class="lb-trans"><p>在十一月初，比特币挖矿难度跃升至创纪录的 159 万亿，这意味着矿工现在需要更多的算力和电力才能获得相同的奖励。基本上，他们的工作变得更加艰难，但收入却减少了。</p>
</div><p>That’s putting some serious pressure on profitability.</p>
<div class="lb-trans"><p>这对盈利能力造成了严重压力。</p>
</div><p>Add in the fact that the market hasn’t fully turned risk-on yet, with BTC’s $90k floor still shaky, it begs the question – Are miners being pushed towards capitulation as revenue drops and difficulty hits record highs?</p>
<div class="lb-trans"><p>再加上市场尚未完全转向风险偏好，BTC 的 $90,000 支撑位仍然不稳，这就引发了一个问题——随着收入下降和挖矿难度创下新高，矿工是否正被迫走向清算？</p>
</div><h2>Bitcoin miners under pressure amid market uncertainty</h2>
<div class="lb-trans"><h2>在市场不确定性中，比特币矿工面临压力</h2>
</div><p>Looks like it’s still too early to call a bottom.</p>
<div class="lb-trans"><p>看起来现在仍然太早去判断底部。</p>
</div><p>Institutional capital in Bitcoin hasn’t fully arrived yet. BTC ETFs have been showing highly volatile flows, with money moving in and out day-to-day. The most recent data, for example, highlighted $80 million in net outflows.</p>
<div class="lb-trans"><p>机构资本在比特币中尚未完全到位。BTC ETF 的资金流动非常波动，资金每天都在进出。例如，最近的数据突显出净流出达 8000 万美元。</p>
</div><p>Historically, during previous bull rallies, BTC’s big moves have relied on consistent ETF inflows. Without that support, a drop below $90k remains a real possibility. And, it looks like miner patience is already wearing thin right now.</p>
<div class="lb-trans"><p>历史上，在之前的牛市中，BTC 的大幅波动依赖于持续的 ETF 流入。没有这种支持，跌破 $90,000 仍然是一个真实的可能性。而且，看起来矿工的耐心已经开始消耗殆尽。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-miner-net-position-change.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_btc-miner-net-position-change.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>来源：Glassnode</p>
</div><p>Back in late November, Bitcoin miners’ net position change stayed in the red, hitting –3,555 BTC. This corresponded with BTC dropping to around $80k. Interestingly, a similar pattern seems to be emerging again.</p>
<div class="lb-trans"><p>在十一月底，比特币矿工的净头寸变化仍然处于负值，达到 -3,555 BTC。这与 BTC 跌至约 $80,000 相对应。有趣的是，似乎又出现了类似的模式。</p>
</div><p>The attached chart revealed that the metric has flipped back to red, with –487 BTC in net outflows – A sign that some miners may be starting to capitulate. This may be putting pressure on the 30-day BTC supply held in miner wallets.</p>
<div class="lb-trans"><p>附图显示，该指标已再次转为负值，净流出为 -487 BTC——这表明一些矿工可能开始清算。这可能对矿工钱包中持有的 30 天 BTC 供应造成压力。</p>
</div><p>In essence, another wave of miner distribution could be brewing under the surface. With market volatility still high and bullish BTC bids remaining cautious, a full-blown Bitcoin miner capitulation can’t be ruled out.</p>
<div class="lb-trans"><p>从本质上讲，另一波矿工分配可能正在暗中酝酿。随着市场波动性仍然很高，乐观的 BTC 竞标保持谨慎，全面的比特币矿工清算不能被排除。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li><em>Bitcoin miner revenue has dropped 11% in two months, signaling stress in profitability as mining difficulty hits record highs.</em></li>
<li><em>Miners’ net position changes indicated that some are starting to capitulate.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>比特币矿工收入在两个月内下降了 11%，这表明在挖矿难度创下新高的情况下盈利能力面临压力。</em></li>
<li><em>矿工的净头寸变化表明一些矿工开始清算。</em></li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

比特币矿工的收入下降了 11%——接下来会是投降吗？