矿工靠挖币赚收入、扛着电费;价格跌时被迫卖币,形成一股被逼出来的供给。Miners earn freshly-mined BTC but pay heavy power bills, so when price falls they're forced to sell — a wave of supply pushed out by hardship rather than choice.
它能告诉你矿工此刻是被挤得喘不过气,还是赚得盆满钵满。反直觉的地方在于:矿工「日子最难、大面积关机、收入跌到很差」这种吓人的状态,历史上往往出现在市场底部附近,反而是偏建设性的信号;真正值得警惕的是矿工「赚翻了」的时候,那才意味着市场偏热。它和财库公司、长期持有者一起,拼出市场供给这一侧的全貌。(注意:底部不等于马上就反弹。)It tells you whether miners are gasping for breath or rolling in profit. The counter-intuitive part: miners at maximum pain — many switching rigs off, revenue collapsing — sounds scary but has historically clustered near market bottoms, reading as constructive. It's miners being flush that signals an overheated market. Together with treasury companies and long-term holders, it fills out the supply side of the picture. (A bottom does not mean an immediate bounce.)