自 2025 年 10 月以來，多家上市比特幣挖礦公司大規模拋售比特幣儲備，累計賣出規模估計達 1.5 萬枚，標誌著此前主導行業的「持幣財資策略」正遭到普遍棄守。部分行業觀察人士將當前環境描述為比特幣挖礦產業有史以來最嚴峻的利潤擠壓，利潤率收窄、債務壓力及市場重置的三重夾擊，迫使礦工重新評估資產負債表的整體管理方式。
清倉名單：主要礦工的減持紀錄
（來源：The Miner Mag）
本輪清倉潮中，多家上市礦商已完成或宣布具體的比特幣減持計劃：
Cango：2 月出售 4,451 枚比特幣，約佔其儲備的 60%，為本輪減持潮規模最大的單一事件之一
Bitdeer：上個月清算全部比特幣儲備，徹底放棄持幣財資策略，轉向 AI 高效能運算與資料中心業務
Riot Platforms：2024 年 12 月進行多次比特幣出售，為本輪礦工清倉潮的早期指標
Core Scientific：計劃在第一季出售約 2,500 枚比特幣以緩解現金流壓力
CleanSpark：全額償還以比特幣為抵押的信貸額度，官方表示此舉旨在降低利潤率收緊環境下的財務風險
策略轉向：持幣文化如何在壓力下崩解
在 2024 至 2025 年的市場上行週期中，多家大型礦工採取了類似企業比特幣財資的「持幣策略」，將較大比例的自挖比特幣存放在資產負債表上，以期藉助比特幣升值放大財務回報，此策略在牛市環境中廣受投資者認可。
然而，自 2025 年 10 月以來，市場條件顯著惡化：比特幣價格從高位回落、2024 年減半效應壓縮每區塊獎勵、挖礦難度持續攀升，多重因素同步壓縮礦工利潤率。在此背景下，上一輪擴張期積累的債務開始對現金流造成壓力，拋售比特幣成為去槓桿的最直接手段，而探索 AI 基礎設施、高效能運算（HPC）及資料中心服務等多元化收入來源，也成為礦工尋求結構性轉型的共同方向。
MARA Holdings：最大礦工的謹慎彈性立場
在本輪礦工清倉潮中，MARA Holdings 的監管文件更新一度引發市場警覺。更新後的申報文件顯示，MARA 可能同時買賣比特幣以維持靈活性，消息引發外界對最大上市礦工可能加入清倉行列的擔憂。
MARA 副總裁 Robert Samuels 隨後出面澄清，表示該申報允許有彈性的買賣操作，並不代表多數持倉的清算計劃。截至目前，MARA Holdings 持有逾 53,000 枚比特幣，是全球第二大比特幣公開持有機構，僅次於 Michael Saylor 旗下的 Strategy。
常見問題
礦工為何在這個時間點大規模拋售比特幣？
本輪拋售潮的核心驅動力是利潤率持續收窄。2024 年減半後每區塊獎勵減半，加上比特幣價格從高位回落，挖礦收益大幅壓縮；同時許多礦工在上行週期中承擔了擴張債務，在利潤率收緊的環境下面臨現金流壓力，拋售比特幣成為最直接的去槓桿方式。
礦工清倉潮對比特幣市場有何影響？
礦工被視為比特幣的結構性持有方，其大規模拋售通常在市場上形成持續的賣壓。自 10 月以來累計約 1.5 萬枚比特幣的拋售，對市場流動性形成一定衝擊，但其整體影響需結合機構買盤（如比特幣 ETF 資金流入）的抵消效應綜合評估。
MARA Holdings 是否面臨即時的比特幣清倉風險？
MARA 副總裁 Robert Samuels 已明確說明，更新後的監管文件允許靈活買賣操作，並不代表多數持倉的清算計劃。 MARA 目前持有逾 53,000 枚比特幣，仍是全球第二大比特幣公開持有機構，市場對其即時大規模拋售的擔憂目前並無官方依據支持。
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