QCP Capital：比特币矿工投降限制BTC上涨！

对此，数字资产交易公司QCP Capital表示，他们认为这是由于比特币矿商正在经历减半后的“投降”，直接限制了价格上涨。

In response, digital asset trading company QCP Capital stated that it believed that the price increase was directly constrained by the fact that Bitcoin miners were experiencing & & ldquao; surrender & & rdquao; and that the price increase was directly limited.

比特币矿工主要依赖两个收入来源：挖矿奖励和交易手续费，而这必须超过挖矿成本才有利可图，因此矿工需要考量以下几点，才能避免退出挖矿行业：

Bitcoin miners rely mainly on two sources of income: mining incentives and transaction fees, which must exceed the cost of mining in order to be profitable, so miners need to consider the following in order to avoid withdrawing from the mining industry:

1.手续费收入上涨

1. Increased revenue from fees

2.比特币价格上涨

2. Bitcoin price increase

3.挖矿成本降低

3. Lower mining costs

上个月完成的比特币第四次减半，使矿工挖矿的区块奖励从6.25枚BTC减半至3.125枚BTC。虽然比特币符文协议(Runes)一度让矿工赚取丰厚手续费，但随着该协议的快速退烧，手续费收入骤减，导致无利可图的矿工数量越多，并不得不退出投降。QCP Capital认为，这一情况限制了比特币价格的上涨。

The fourth half of Bitcoin, which was completed last month, halved the incentives for miners to dig from 6.25 BTCs to 3.125 BTCs. Although the Bitcoin symbolic agreement (Runes) once allowed miners to earn a very high fee, it led to a sharp reduction in fees and fees, leading to an increase in the number of unprofitable miners and forced them to surrender.

至于这对比特币价格影响会多久？有分析人士认为，随着无利可图的矿工退出挖矿，比特币的挖矿成本下降，目前还在营运的矿工可能并不会急于出售手中的比特币以换取经营资金，这在某种程度会在未来减轻了市场上的抛压，短期内比特币下跌空间似乎也是有限的。

As to how long this will affect the price of bitcoin? Some analysts argue that, as unprofitable miners withdraw from mining, bitcoin’s mining costs fall, and still operating miners may not be in a hurry to sell bitcoins in exchange for operating funds, which will, to some extent, reduce market pressure in the future, and that short-term Nebitco’s fall seems to be limited.

QCP Capital表示，加密市场将迎来一个平静的夏季，成交量将较低，并且没有任何明显的催化剂来推动市场。

QCP Capital stated that the encryption market would usher in a calm summer, with a low turnover and no apparent catalyst to drive the market.

Kaiko警告：手续费收入骤减恐致矿企抛售潮

Kaiko warns that a sharp drop in fees threatens mining companies to sell

5月中旬时，加密货币研究公司Kaiko亦在其周报中表示，在夏季的几个月里，交易活动通常会放缓，流动性也会枯竭。

In mid-May, the crypto-currency research company Kaiko also stated in its weekly newspaper that trading activities usually slowed down and liquidity dried up during the summer months.

此外，该机构指出，比特币矿企通常将持有的比特币视为资产负债表中的流动资产，以便他们可以出售持有的比特币来支付营运费用。报告中警告道，随着矿工手续费收入的下滑，矿工的抛售压力会随之增加：|这些持有大量比特币的矿企如果被迫出售哪怕是一小部分资产，也会对市场产生负面影响。|

In addition, the agency notes that Bitcoin miners usually view their holdings of bitcoins as liquid assets in the balance sheet so that they can sell the holdings of bitcoins to cover operating costs. The report warns that, as miners’ fees fall, the pressure on miners to sell them increases: these miners, who hold large amounts of bitcoins, will also have a negative impact on the market if they are forced to sell even a small fraction of their assets.

根据Kaiko的数据，美国两大上市矿企持有的比特币总价值超过16亿美元。Marathon Digital持有17,631枚BTC，价值略高于11亿美元；而Riot Platforms则持有8,872枚BTC，价值超过5亿美元。

According to Kaiko, the total value of Bitcoin held by two major United States-listed mining companies exceeds $1.6 billion. Marathon Digital held 17,631 BTCs worth just over $1.1 billion, while Riot Platforms held 8,872 BTCs worth over $500 million.

另一家加密研究机构10x Research 4月在报告中也对减半后的比特币走势发出警告，其分析师预测矿工可能会在减半后清算价值50亿美元的BTC，这种抛售可能会持续4到6个月，导致比特币在未来几个月内横盘整理。

Another cryptographic research institute, 10x Research, also warned in its April report of the movement of bitcoin after halving, whose analysts predicted that miners might settle BTC worth $5 billion after halving, and that such sales could last from four to six months, leading to the consolidation of bitcoin across the board in the coming months.

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