In the Bitcoin network, miners play a key role, but they have faced multiple challenges recently. Due to the Bitcoin halving event and the decline in handling fees, the income of miners has been significantly reduced, and the income per unit of computing power has reached an all-time low. According to OKLink data, in the past two months, the unit computing power income of the Bitcoin network has fallen below US$0.05 many times and has continued to be sluggish.

The decline in the income of miners has led to a significant reduction in computing power. According to OKLink data, the computing power of the entire network has dropped by 15% from the peak, and has continued to decline recently. At the same time, miners have also increased their selling efforts on Bitcoin, becoming one of the main selling pressures in the market.

Data from IntoTheBlock shows that since 2024, miners have sold more than 50,000 Bitcoins, bringing miners’ Bitcoin reserves to an all-time low.

In particular, the compensation plan recently announced by the Mt. Gox trustee has also created certain expectations of selling pressure on the market. While the payout is expected to result in an influx of Bitcoin into the market, the actual impact may be less than expected. Alex Thorn, director of research at Galaxy Digital, estimates that the final number of Bitcoins likely to reach the market may only be about 65,000, well below the 140,000 previously expected.

Despite these challenges faced by the market, the Bitcoin ecosystem has demonstrated strong market resilience and adaptability. Long-term holders still dominate the market. They hold the vast majority of Bitcoins for more than 6 months. This structure helps stabilize the market. In addition, Bitcoin reserves on exchanges, although at low points, show that the market is actively accumulating.

Overall, despite certain short-term pressures and uncertainties in the current market, the Bitcoin ecosystem has demonstrated a solid foundation and long-term development potential in the long-term trend. #内容挖矿