<p>比特币最近价格跌至 6 万美元以下，显著加剧了矿工的困境。</p>
<p>在周中抛售期间，链上数据显示，上市比特币矿工 MARA 将 8700 万美元（1318 BTC）转移至中心化交易所，可能是为了抛售。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-miner-MARA-distress.jpg?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/2026/02/Bitcoin-miner-MARA-distress.jpg"/></p>
<p>来源：Arkham/Lookonchain</p>
<p>根据 Bitcoin Treasuries 的数据，该矿工在撰写时持有 53250 BTC，使其成为继 Strategy 之后第二大持有比特币的上市公司。</p>
<p>也就是说，AMBCrypto 之前曾指出，1 月份矿工的抛售有所增加，日均抛售量达到 1 万 BTC，而价格在 8 万美元以下挣扎。</p>
<p>现在比特币价格进一步下滑，AMBCrypto 评估了矿工困境的程度以及是否可能出现缓解。</p>
<h2>比特币矿工收入降至 2024 年水平</h2>
<p>矿工的放弃总是发生在比特币的整体挖矿成本从商业角度变得难以承受时。电力是大部分成本的主要驱动因素，但网络哈希率上升和比特币价格下跌也可能是催化剂。</p>
<p>总体而言，这缩减了收入和矿工的整体盈利能力，迫使他们要么关闭，要么抛售比特币。</p>
<p>在撰写时，日均矿工收入已降至 2830 万美元，这是自 2024 年第三季度以来的水平——同比下降了 36%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-06-153943.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/2026/02/Screenshot-2026-02-06-153943.png"/></p>
<p>来源：YCharts</p>
<p>矿工收入的自由落体强化了该行业困境仍在持续。</p>
<p>事实上，根据跟踪这一放弃的 Hash Ribbons 指标，矿工危机（阴影区域）始于 11 月底，当时比特币跌破 10 万美元。</p>
<p>为了可能的缓解，哈希率的 30 日移动平均线（蓝色）总是会超过 60 日移动平均线（紫色）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/BM-Pro-Hash-Ribbons-Indicator.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/2026/02/BM-Pro-Hash-Ribbons-Indicator.png"/></p>
<p>来源：BM Pro</p>
<p>然而，在撰写时，30 日移动平均线在价格持续下跌至 7 万美元以下后，进一步与 60 日移动平均线拉开了距离，表明矿工的困境远未结束。</p>
<p>换句话说，价格反弹可能会吸引更多矿工抛售，可能限制比特币强劲、可持续的复苏。这可能引发价格下跌或延长整合。</p>
<h2>矿工会对比特币施压吗？</h2>
<p>在这里，值得指出的是，这种情况可能在 2 月份正在上演。</p>
<p>值得注意的是，14 日简单移动平均线矿工流出量在过去六天内飙升——达到年内最高的 10750 BTC。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-Miner-Outflow-Total-All-Miners-scaled.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/2026/02/Bitcoin-Miner-Outflow-Total-All-Miners-scaled.png"/></p>
<p>来源：CryptoQuant</p>
<p>这意味着矿工的抛售可能正在加速，可能会破坏强劲价格复苏的机会，除非该指标有所缓解。</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>MARA 似乎在矿工困境中出售了部分比特币持有量，因为比特币价格跌破 7 万美元。</em></li>
<li><em>比特币矿工收入下降了 36%，而矿工抛售的增加可能会使价格保持在区间内。</em></li>
</ul>
<hr/>

<p>比特币价格跌破 6 万美元加剧了矿工的困境，MARA 将 8700 万美元（1318 BTC）转移到交易所，可能是为了出售。MARA 持有 53250 BTC，是第二大公开比特币持有者。矿工收入已降至 2830 万美元，同比下降 36%，显示出行业持续的困境。30 天和 60 天移动平均线之间的差距扩大，暗示矿工面临持续挑战，这可能导致更多抛售，并限制比特币的复苏。近期矿工的资金流出已达到年度最高水平，进一步复杂化了价格复苏的前景</p>

<p>Bitcoin’s recent price drop to sub-$60k intensified miner distress significantly across the board.</p>
<div class="lb-trans"><p>比特币最近价格跌至 6 万美元以下，显著加剧了矿工的困境。</p>
</div><p>During the mid-week dump, on-chain data showed that MARA, a publicly listed BTC miner, moved $87 million (1,318 BTC) to centralized exchanges, possibly for a sell-off.</p>
<div class="lb-trans"><p>在周中抛售期间，链上数据显示，上市比特币矿工 MARA 将 8700 万美元（1318 BTC）转移至中心化交易所，可能是为了抛售。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-miner-MARA-distress.jpg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-miner-MARA-distress.jpg"/></p>
<p>Source: Arkham/Lookonchain</p>
<div class="lb-trans"><p>来源：Arkham/Lookonchain</p>
</div><p>According to Bitcoin Treasuries, the miner held 53,250 BTC at the time of writing, making it the second-largest public company holding BTC after Strategy.</p>
<div class="lb-trans"><p>根据 Bitcoin Treasuries 的数据，该矿工在撰写时持有 53250 BTC，使其成为继 Strategy 之后第二大持有比特币的上市公司。</p>
</div><p>That said, AMBCrypto had previously noted a hike in miner sell-offs in January, with the daily average hitting 10k BTC as the price struggled below $80k.</p>
<div class="lb-trans"><p>也就是说，AMBCrypto 之前曾指出，1 月份矿工的抛售有所增加，日均抛售量达到 1 万 BTC，而价格在 8 万美元以下挣扎。</p>
</div><p>Now that Bitcoin’s price has melted lower, AMBCrypto evaluated the extent of miner distress and whether possible relief is likely.</p>
<div class="lb-trans"><p>现在比特币价格进一步下滑，AMBCrypto 评估了矿工困境的程度以及是否可能出现缓解。</p>
</div><h2>Bitcoin miner revenue drops to 2024 levels</h2>
<div class="lb-trans"><h2>比特币矿工收入降至 2024 年水平</h2>
</div><p>Miner capitulation always occurs when the overall mining cost of BTC becomes unbearable from a business perspective. Electricity drives most of the cost, but rising network hashrate and falling BTC prices can also be catalysts.</p>
<div class="lb-trans"><p>矿工的放弃总是发生在比特币的整体挖矿成本从商业角度变得难以承受时。电力是大部分成本的主要驱动因素，但网络哈希率上升和比特币价格下跌也可能是催化剂。</p>
</div><p>Collectively, this shrinks the revenue and overall miner profitability, forcing them either to shut down or dump BTC.</p>
<div class="lb-trans"><p>总体而言，这缩减了收入和矿工的整体盈利能力，迫使他们要么关闭，要么抛售比特币。</p>
</div><p>At the time of writing, daily miner revenue had dropped to $28.3 million, the level last seen in Q3 2024 – A whopping 36% decline on a year-on-year (YoY) basis.</p>
<div class="lb-trans"><p>在撰写时，日均矿工收入已降至 2830 万美元，这是自 2024 年第三季度以来的水平——同比下降了 36%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-06-153943.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Screenshot-2026-02-06-153943.png"/></p>
<p>Source: YCharts</p>
<div class="lb-trans"><p>来源：YCharts</p>
</div><p>The miner’s revenue free fall reinforced that the sector’s distress was still on.</p>
<div class="lb-trans"><p>矿工收入的自由落体强化了该行业困境仍在持续。</p>
</div><p>In fact, according to the Hash Ribbons metric, which tracks this capitulation, the miner crisis (shaded areas) began in late November when BTC dropped below $100k.</p>
<div class="lb-trans"><p>事实上，根据跟踪这一放弃的 Hash Ribbons 指标，矿工危机（阴影区域）始于 11 月底，当时比特币跌破 10 万美元。</p>
</div><p>For potential relief, the hashrate’s 30-day MA (Moving Average, blue) always crosses above the 60-day MA (purple).</p>
<div class="lb-trans"><p>为了可能的缓解，哈希率的 30 日移动平均线（蓝色）总是会超过 60 日移动平均线（紫色）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/BM-Pro-Hash-Ribbons-Indicator.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/BM-Pro-Hash-Ribbons-Indicator.png"/></p>
<p>Source: BM Pro</p>
<div class="lb-trans"><p>来源：BM Pro</p>
</div><p>At the time of writing though, the 30-day MA had widened further from the 60-day MA after an extended price decline below $70k, signalling that miner distress was far from over.</p>
<div class="lb-trans"><p>然而，在撰写时，30 日移动平均线在价格持续下跌至 7 万美元以下后，进一步与 60 日移动平均线拉开了距离，表明矿工的困境远未结束。</p>
</div><p>In other words, price rebounds could attract more miner dumps, potentially capping a strong, sustainable BTC recovery. This might trigger a price drop or an extended consolidation.</p>
<div class="lb-trans"><p>换句话说，价格反弹可能会吸引更多矿工抛售，可能限制比特币强劲、可持续的复苏。这可能引发价格下跌或延长整合。</p>
</div><h2>Will miners pressure BTC?</h2>
<div class="lb-trans"><h2>矿工会对比特币施压吗？</h2>
</div><p>Here, it’s worth pointing out that such a scenario might be be playing out in February.</p>
<div class="lb-trans"><p>在这里，值得指出的是，这种情况可能在 2 月份正在上演。</p>
</div><p>Notably, the 14-day SMA Miner Outflows, which tracks miner sell-offs, has shot up over the past six days – Reaching a yearly high of 10.75k BTC.</p>
<div class="lb-trans"><p>值得注意的是，14 日简单移动平均线矿工流出量在过去六天内飙升——达到年内最高的 10750 BTC。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-Miner-Outflow-Total-All-Miners-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/02/Bitcoin-Miner-Outflow-Total-All-Miners-scaled.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>This implied that miners’ sell-offs might be gathering pace and may derail the odds of a strong price recovery, unless the metric eases.</p>
<div class="lb-trans"><p>这意味着矿工的抛售可能正在加速，可能会破坏强劲价格复苏的机会，除非该指标有所缓解。</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>MARA seemed to have sold part of its BTC holdings amid miner distress as BTC’s price dropped below $70k.</em></li>
<li><em>BTC miner revenue declined by 36% and rising miner sell-offs could keep the price range-bound.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>MARA 似乎在矿工困境中出售了部分比特币持有量，因为比特币价格跌破 7 万美元。</em></li>
<li><em>比特币矿工收入下降了 36%，而矿工抛售的增加可能会使价格保持在区间内。</em></li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

Bitcoin – Is MARA’s $87M BTC move more evidence of miner distress?

- 比特币价格跌至 6 万美元以下，矿工的财务压力增加。  
- MARA 将 1,318 BTC 以 8,700 万美元的价格转移至集中交易所。  
- 矿工收入下降 36%，卖压可能制约比特币的强劲反弹。

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比特币——MARA 的 8700 万美元 BTC 交易是否进一步证明了矿工的困境？