比特币算力降至三周低点，矿工削减BTC

Summary of Bitcoin computing power and miners 'position data

According to mining data from September 20 to September 26, Bitcoin's seven-day average computing power has dropped to approximately 915.8 EH/s, while miners' Bitcoin positions decreased by 1,530 BTC in one week.

Summary of key data

• Computing power declines: Bitcoin's seven-day average computing power dropped to 915.8 EH/s, the lowest level in nearly three weeks.
• Decreased positions: Miners 'reserves fell by 1,530 BTC in a week, bringing total holdings to approximately 1.1928 million BTC.
• Puell multiple indicators rose: The indicator rose 0.24 in a week to reach 1.13.
• Network status: Mempool data shows that in several trading days in late September, network computing power remained below 1ZH/s.
• Sales behavior: As operational and infrastructure strategies further evolve, several listed mining companies continue to sell mined bitcoins.

Computing power trend analysis

Digital Asset reported that as of September 26, the seven-day moving average computing power was 915,844,520 TH/s, a decrease of approximately 34.86 million TH/s from the previous week. This reading is the lowest level since September 3. At the same time, reports citing CryptoQuant data showed that miners held Bitcoin reserves of 1,192,766 BTC, 1,530 BTC less than seven days ago.

Computing power readings show that from a seven-day average, the computing power used to secure the Bitcoin network is less than the previous week. Computing power measures the joint computing power miners use to process Bitcoin transactions and compete to add new blocks. Generally speaking, the higher the computing power of the network, the more computing resources participate in mining.

Public Mempool mining data supports a weakening trend in late September. After the threshold was exceeded in early September, daily and pool-level readings were below 1 ZH/s for several trading days. CoinWarz records show that the Bitcoin network computing power was approximately 954 EH/s on September 25, compared with nearly 984 EH/s the previous day. Its daily estimates showed significant fluctuations throughout September, including levels above 1 ZH/s on September 15 and September 9.

This change follows a longer downward trend since its peak in late 2025. Raphael Zagury, CEO of Twenty One Capital, described this period as Bitcoin's first "bear market in computing power", based on the distance between the network and previously recorded records. Zagury's presentation noted a decline of about 22% to 24% from its peak at the end of 2025. He attributed part of the decrease to mining companies shifting more computing power and capital to artificial intelligence computing.

The seven-day average on September 26 represents a short-term reading and should not be taken as evidence that all miners are reducing production capacity. Due to changes in block time, power conditions, mining difficulty and active equipment, Bitcoin computing power may fluctuate.

Miner Position Dynamics

During the same week, the amount of Bitcoin held by miners also fell. CryptoQuant data cited by Digital Asset showed that as of September 26, miners 'reserves were 1,192,766 BTC, a decrease of 1,530 BTC from the previous week.

CryptoQuant defines miner reserves as the bitcoins held in the associated wallets of miners and mining pools. A drop in the balance indicates that coins have been transferred from the wallets of the miners being tracked, although the destination and purpose may vary. Outflows may involve exchange sales, transfers to custodians, mortgage arrangements, loans or other treasury activities. Therefore, a decline in reserves does not prove that every bitcoin transferred out is sold on the open market.

In early September, miners 'reserves briefly changed in the opposite direction. Reports based on CryptoQuant data show that miners held nearly 1.1919 million BTC positions on September 5, an increase of 261 BTC from the previous week.

Public mining companies continue to demonstrate different treasury policies. For example, CleanSpark mined 593 BTC in August, but sold 821 BTC that month. According to crypto.news reporting on CleanSpark's August production, the company held 13,703 BTC at the end of August. Its average operating computing power reaches 38.3 EH/s. Other mining companies have reduced or stopped mining activity as computing infrastructure is being redirected to AI customers. Hyperscale Data stopped Bitcoin mining at its Michigan facility on September 1 while preparing an AI computing contract for the location. When crypto.news reported on the Michigan shutdown, it pointed out that the company's Bitcoin holdings have dropped significantly by about 79% from 1,006 BTC in July to about 215 BTC.

Puell Multiple Indicator Interpretation

尽管矿工持仓和算力下降，但比特币的Puell多重指标在一周内有所增加。Digital Asset报告称，9月26日的读数为1.13，比七天前上升了0.24。该指标比较了新发行比特币的每日美元价值与其365天移动平均值。读数高于1意味着每日矿工发行收入高于其一年平均水平。该指标不直接衡量矿工利润，因为它未考虑每个运营商的电力、融资或设备成本。

公共挖矿仪表板显示了类似的处于中性范围的读数。HalvingLens将9月26日的Puell多重指标置于1.01附近，并将该水平归类为正常。该网站当时估计每日矿工发行量接近450 BTC，每日矿工收入约为3,780万美元。个人Puell读数的差异可能源于数据时间、价格来源和方法论的不同。Digital Asset的1.13数字特指其引用的9月26日数据来源。

比特币目前的区块补贴仍为3.125 BTC，这是在2024年4月减半之后。crypto.news在其更新的减半指南中解释，下一次预期的削减将在2028年左右进行，届时每个区块的补贴将降至1.5625 BTC。

地区挖矿条件不均

9月份，不同运营商之间的挖矿条件存在显著差异。根据埃塞俄比亚电力公司的说法，由于水库流入量下降20%，埃塞俄比亚向比特币矿工提供的电力减少至合同水平的23%。crypto.news报道电力限制措施时指出，在上个财政年度，比特币挖矿消耗了埃塞俄比亚近三分之一的电力，并产生了该公用事业公司35%的收入。

公用事业公司计划于10月重新评估条件。进一步的限制可能取决于水库水平和电力需求。在网络层面，尽管七日算力读数较低，但比特币继续正常生产区块。Mempool显示，9月26日区块仍在清除，而池份额和短期算力估计值全天都在变化。

比特币的难度机制大约每2,016个区块调整一次，以应对网络计算能力的变化。下一次调整将响应整个难度周期内的实际区块生产情况，而不是单一的七日算力读数。