比特幣（BTC）礦工在減半後面臨挑戰與適應

自 2024 年 4 月比特幣減半以來，礦商面臨獲利挑戰，催生了新的策略，包括多元化進軍人工智慧和再生能源領域。

Bitcoin miners have faced challenges following the April 2024 halving, which reduced mining rewards.

2024 年 4 月減半後，比特幣礦工面臨挑戰，挖礦獎勵減少。

In response, miners have adopted new strategies to remain profitable, including diversification into AI and renewable energy.

作為回應，礦商採取了新的策略來保持獲利，包括多元化發展人工智慧和再生能源。

After the Bitcoin halving in April 2024, which slashed mining rewards, miners encountered significant profitability hurdles, leading many to pivot and adopt new strategies to stay afloat. With rising energy costs and reduced block rewards, miners have shifted their focus to operational efficiency and hardware upgrades. Some are also venturing into AI and cloud computing, utilising their data centres for additional revenue streams. The post-halving landscape has seen industry consolidation and an increased drive for innovation, as only the most efficient mining operations are expected to succeed in this competitive environment, according to blog.bitfinex.com.

2024 年 4 月，比特幣減半，挖礦獎勵大幅削減，礦工們遇到了重大的獲利障礙，導致許多礦工轉向並採取新策略來維持生計。隨著能源成本的上升和區塊獎勵的減少，礦工已將注意力轉向營運效率和硬體升級。一些公司也涉足人工智慧和雲端運算，利用其資料中心獲得額外的收入來源。據 blog.bitfinex.com 稱，減半後的格局見證了產業整合和創新動力的增強，因為只有最高效的挖礦業務才能在這種競爭環境中取得成功。

Bitcoin Halving Brings Block Reward Cuts and Slimming Margins

比特幣減半帶來區塊獎勵削減和利潤縮減

Since the 2024 Bitcoin halving on April 20th, the mining industry has faced significant challenges. The halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC per block, has halved miners’ revenues, pushing many to the brink of profitability. This cut has led to operational changes across the industry, as smaller miners face potential shutdowns while larger, more capitalised firms ramp up operations to increase efficiency. Energy costs, in particular, have become a primary concern as miners seek to reduce operational expenses amidst this new economic reality.

自4月20日2024年比特幣減半以來，挖礦業面臨重大挑戰。這次減半將挖礦獎勵從每個區塊 6.25 BTC 減少到 3.125 BTC，礦工的收入也減少了一半，將許多礦工推向盈利的邊緣。這次削減導致了整個行業的營運變化，因為規模較小的礦商面臨著潛在的停產，而規模較大、資本較多的公司則加大營運力度以提高效率。隨著礦商在新的經濟現實中尋求減少營運支出，能源成本尤其成為首要關注的問題。

In the months following the halving, miners have seen fluctuations in Bitcoin’s price, with short-lived rallies providing some relief but not enough to offset the reduced block rewards. Hashrate, the measure of computational power used to mine Bitcoin, initially dropped but has since shown signs of recovery. However, this recovery comes with increased mining difficulty, as competition intensifies among the remaining miners. The situation has forced many to adopt advanced hardware and pursue energy-efficient strategies to stay profitable.

在減半後的幾個月裡，礦工們看到了比特幣價格的波動，短暫的反彈提供了一些緩解，但不足以抵消減少的區塊獎勵。算力（用於開採比特幣的計算能力的指標）最初下降，但此後出現了復甦的跡象。然而，隨著剩餘礦工之間的競爭加劇，這種復甦伴隨著採礦難度的增加。這種情況迫使許多公司採用先進的硬體並追求節能策略以保持獲利。

Many miners are exploring diversification beyond Bitcoin. Several firms have begun offering their infrastructure for artificial intelligence (AI) and cloud computing, a growing industry with high energy demands. This pivot provides an alternative revenue stream for miners with large data centres and access to significant power resources. However, transitioning to AI is not without challenges, as the infrastructure requirements differ significantly from Bitcoin mining.

許多礦工正在探索比特幣以外的多元化。多家公司已開始為人工智慧 (AI) 和雲端運算提供基礎設施，這是一個不斷發展的行業，能源需求很高。這項樞紐為擁有大型資料中心和重要電力資源的礦商提供了替代收入來源。然而，向人工智慧過渡並非沒有挑戰，因為基礎設施需求與比特幣挖礦有很大不同。

The post-halving period has been characterised by adaptation and consolidation within the industry. Miners are merging, upgrading their hardware, and exploring alternative uses for their infrastructure in response to the halving’s revenue cuts. While the long-term effects of the halving will play out over the next few years, the current landscape suggests that only the most efficient and innovative mining operations will thrive in this new era of reduced block rewards.

減半後時期的特徵是產業內的適應和整合。礦商正在合併、升級硬件，並探索基礎設施的替代用途，以應對減半帶來的收入削減。雖然減半的長期影響將在未來幾年內顯現出來，但目前的情況表明，只有最高效和創新的挖礦業務才能在這個區塊獎勵減少的新時代蓬勃發展。

Rising energy costs have also intensified the challenges faced by Bitcoin miners. As electricity is the primary operational cost for mining (aside from hardware), those reliant on expensive or volatile energy sources are seeing their profit margins squeezed, making it increasingly difficult to remain viable. Only miners with access to the cheapest, often renewable, energy will be able to stay competitive, as they can operate more cost-effectively. This energy-driven pressure is expected to force many smaller or less efficient operations to capitulate, leading to consolidation in the industry, where only well-capitalised or strategically positioned firms with low-cost energy can weather the storm of the current market cycle.

能源成本上漲也加劇了比特幣礦工面臨的挑戰。由於電力是採礦業的主要營運成本（除了硬體之外），那些依賴昂貴或不穩定能源的企業的利潤率正在受到擠壓，從而越來越難以維持生存。只有能夠獲得最便宜（通常是再生能源）的礦商才能保持競爭力，因為他們可以更具成本效益地運作。這種能源驅動的壓力預計將迫使許多規模較小或效率較低的企業屈服，從而導致行業整合，只有資本充足或策略定位良好、擁有低成本能源的公司才能經受當前市場週期的風暴。

As Competition Increases, Miners Seek to Diversify Revenue Streams

隨著競爭加劇，礦商尋求收入來源多元化

Bitcoin miners have been compelled to explore diversification strategies to sustain their profitability. One key approach has been leveraging their existing data centres for alternative uses, particularly for supporting AI and cloud computing. Bitcoin mining firms like Core Scientific and BitDigital have begun repurposing their infrastructure to host high-performance computing services, which cater to the rising demand for AI applications. These firms are capitalising on the existing overlap between mining infrastructure and AI data centres, such as access to vast power supplies and fibre connectivity, to offer these services at scale. This allows them to tap into a growing market while reducing their dependence on volatile Bitcoin rewards.

比特幣礦商被迫探索多元化策略以維持獲利能力。一種關鍵方法是利用現有資料中心進行替代用途，特別是支援人工智慧和雲端運算。 Core Scientific 和 BitDigital 等比特幣挖礦公司已開始重新利用其基礎設施來託管高效能運算服務，以滿足對人工智慧應用不斷增長的需求。這些公司正在利用採礦基礎設施和人工智慧資料中心之間現有的重疊（例如獲得大量電源和光纖連接）來大規模提供這些服務。這使他們能夠進入不斷增長的市場，同時減少對不穩定的比特幣獎勵的依賴。

Another significant trend is the pivot towards energy-focused revenue streams. Mining firms are increasingly exploring ways to integrate renewable energy sources, such as solar, wind, and geothermal, into their operations. TeraWulf, for example, powers its mining facilities with nuclear energy and is planning to offer its infrastructure for machine learning tasks. By aligning themselves with sustainable energy initiatives, miners not only reduce operational costs but also position themselves favourably in a regulatory environment that is becoming more environmentally conscious.

另一個重要趨勢是轉向以能源為中心的收入來源。礦業公司越來越多地探索將太陽能、風能和地熱等再生能源整合到其營運中的方法。例如，TeraWulf 利用核能為其採礦設施提供動力，並計劃為其機器學習任務提供基礎設施。透過與永續能源計畫保持一致，礦商不僅可以降低營運成本，還可以在環保意識日益增強的監管環境中處於有利地位。

Additionally, some miners are exploring partnerships with power companies, converting surplus energy or stranded resources into operational power, creating a new avenue for financial returns while contributing to grid stability.

此外，一些礦商正在探索與電力公司建立合作夥伴關係，將剩餘能源或滯留資源轉化為營運電力，創造新的財務回報途徑，同時為電網穩定做出貢獻。

In some cases, miners are directly monetising their access to energy infrastructure by offering surplus power to external customers. Companies like Marathon Digital have entered agreements where they are compensated for converting stranded methane or biomass into energy, effectively turning their mining facilities into energy hubs. This not only reduces their own energy costs but also provides an entirely new revenue stream through energy sales. By

在某些情況下，礦商透過向外部客戶提供剩餘電力來直接將其對能源基礎設施的使用權貨幣化。 Marathon Digital 等公司已簽訂協議，將滯留的甲烷或生物質轉化為能源，從而獲得補償，從而有效地將其採礦設施轉變為能源中心。這不僅降低了他們自己的能源成本，也透過能源銷售提供了全新的收入來源。經過