<p>比特幣最近價格跌至 6 萬美元以下，顯著加劇了礦工的困境。</p>
<p>在週中拋售期間，鏈上數據顯示，上市比特幣礦工 MARA 將 8700 萬美元（1318 BTC）轉移至中心化交易所，可能是為了拋售。</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>來源：Arkham/Lookonchain</p>
<p>根據 Bitcoin Treasuries 的數據，該礦工在撰寫時持有 53250 BTC，使其成為繼 Strategy 之後第二大持有比特幣的上市公司。</p>
<p>也就是説，AMBCrypto 之前曾指出，1 月份礦工的拋售有所增加，日均拋售量達到 1 萬 BTC，而價格在 8 萬美元以下掙扎。</p>
<p>現在比特幣價格進一步下滑，AMBCrypto 評估了礦工困境的程度以及是否可能出現緩解。</p>
<h2>比特幣礦工收入降至 2024 年水平</h2>
<p>礦工的放棄總是發生在比特幣的整體挖礦成本從商業角度變得難以承受時。電力是大部分成本的主要驅動因素，但網絡哈希率上升和比特幣價格下跌也可能是催化劑。</p>
<p>總體而言，這縮減了收入和礦工的整體盈利能力，迫使他們要麼關閉，要麼拋售比特幣。</p>
<p>在撰寫時，日均礦工收入已降至 2830 萬美元，這是自 2024 年第三季度以來的水平——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>來源：YCharts</p>
<p>礦工收入的自由落體強化了該行業困境仍在持續。</p>
<p>事實上，根據跟蹤這一放棄的 Hash Ribbons 指標，礦工危機（陰影區域）始於 11 月底，當時比特幣跌破 10 萬美元。</p>
<p>為了可能的緩解，哈希率的 30 日移動平均線（藍色）總是會超過 60 日移動平均線（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>來源：BM Pro</p>
<p>然而，在撰寫時，30 日移動平均線在價格持續下跌至 7 萬美元以下後，進一步與 60 日移動平均線拉開了距離，表明礦工的困境遠未結束。</p>
<p>換句話説，價格反彈可能會吸引更多礦工拋售，可能限制比特幣強勁、可持續的復甦。這可能引發價格下跌或延長整合。</p>
<h2>礦工會對比特幣施壓嗎？</h2>
<p>在這裏，值得指出的是，這種情況可能在 2 月份正在上演。</p>
<p>值得注意的是，14 日簡單移動平均線礦工流出量在過去六天內飆升——達到年內最高的 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>來源：CryptoQuant</p>
<p>這意味着礦工的拋售可能正在加速，可能會破壞強勁價格復甦的機會，除非該指標有所緩解。</p>
<hr/>
<h2>最後思考</h2>
<ul>
<li><em>MARA 似乎在礦工困境中出售了部分比特幣持有量，因為比特幣價格跌破 7 萬美元。</em></li>
<li><em>比特幣礦工收入下降了 36%，而礦工拋售的增加可能會使價格保持在區間內。</em></li>
</ul>
<hr/>

<p>比特幣價格跌破 6 萬美元加劇了礦工的困境，MARA 將 8700 萬美元（1318 BTC）轉移到交易所，可能是為了出售。MARA 持有 53250 BTC，是第二大公開比特幣持有者。礦工收入已降至 2830 萬美元，同比下降 36%，顯示出行業持續的困境。30 天和 60 天移動平均線之間的差距擴大，暗示礦工面臨持續挑戰，這可能導致更多拋售，並限制比特幣的復甦。近期礦工的資金流出已達到年度最高水平，進一步複雜化了價格復甦的前景</p>

<p>Bitcoin’s recent price drop to sub-$60k intensified miner distress significantly across the board.</p>
<div class="lb-trans"><p>比特幣最近價格跌至 6 萬美元以下，顯著加劇了礦工的困境。</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>在週中拋售期間，鏈上數據顯示，上市比特幣礦工 MARA 將 8700 萬美元（1318 BTC）轉移至中心化交易所，可能是為了拋售。</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>來源：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>根據 Bitcoin Treasuries 的數據，該礦工在撰寫時持有 53250 BTC，使其成為繼 Strategy 之後第二大持有比特幣的上市公司。</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>也就是説，AMBCrypto 之前曾指出，1 月份礦工的拋售有所增加，日均拋售量達到 1 萬 BTC，而價格在 8 萬美元以下掙扎。</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>現在比特幣價格進一步下滑，AMBCrypto 評估了礦工困境的程度以及是否可能出現緩解。</p>
</div><h2>Bitcoin miner revenue drops to 2024 levels</h2>
<div class="lb-trans"><h2>比特幣礦工收入降至 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>礦工的放棄總是發生在比特幣的整體挖礦成本從商業角度變得難以承受時。電力是大部分成本的主要驅動因素，但網絡哈希率上升和比特幣價格下跌也可能是催化劑。</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>總體而言，這縮減了收入和礦工的整體盈利能力，迫使他們要麼關閉，要麼拋售比特幣。</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>在撰寫時，日均礦工收入已降至 2830 萬美元，這是自 2024 年第三季度以來的水平——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>來源：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>礦工收入的自由落體強化了該行業困境仍在持續。</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>事實上，根據跟蹤這一放棄的 Hash Ribbons 指標，礦工危機（陰影區域）始於 11 月底，當時比特幣跌破 10 萬美元。</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>為了可能的緩解，哈希率的 30 日移動平均線（藍色）總是會超過 60 日移動平均線（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>來源：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，在撰寫時，30 日移動平均線在價格持續下跌至 7 萬美元以下後，進一步與 60 日移動平均線拉開了距離，表明礦工的困境遠未結束。</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>換句話説，價格反彈可能會吸引更多礦工拋售，可能限制比特幣強勁、可持續的復甦。這可能引發價格下跌或延長整合。</p>
</div><h2>Will miners pressure BTC?</h2>
<div class="lb-trans"><h2>礦工會對比特幣施壓嗎？</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>在這裏，值得指出的是，這種情況可能在 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 日簡單移動平均線礦工流出量在過去六天內飆升——達到年內最高的 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>來源：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>這意味着礦工的拋售可能正在加速，可能會破壞強勁價格復甦的機會，除非該指標有所緩解。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最後思考</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 似乎在礦工困境中出售了部分比特幣持有量，因為比特幣價格跌破 7 萬美元。</em></li>
<li><em>比特幣礦工收入下降了 36%，而礦工拋售的增加可能會使價格保持在區間內。</em></li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

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

- 比特幣價格跌至 6 萬美元以下，礦工的財務壓力增加。  
- MARA 將 1,318 BTC 以 8,700 萬美元的價格轉移至集中交易所。  
- 礦工收入下降 36%，賣壓可能制約比特幣的強勁反彈。

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比特幣——MARA 的 8700 萬美元 BTC 交易是否進一步證明了礦工的困境？