減半後礦工關閉無利可圖的礦機，比特幣算力暴跌

據報道，在第四次比特幣減半之後，比特幣挖礦公司已經關閉了不營利的礦機。這導致比特幣的算力大幅下降，跌至兩個月低點 575 EH/s。

Bitcoin Hashrate Decline: Mining Firms Decommissioning Unprofitable Rigs

比特幣算力下降：礦業公司退役無利可圖的礦機

In the wake of the fourth Bitcoin halving, mining firms have reportedly been decommissioning unprofitable mining rigs, leading to a significant decline in the network's hashrate.

據報道，在第四次比特幣減半之後，礦業公司已經退役了無利可圖的礦機，導致網路算力大幅下降。

Hashrate Drops to Two-Month Low

算力跌至兩個月低點

On May 10, Bitcoin's hashrate, which measures the total computational power dedicated to mining the cryptocurrency, plummeted to a two-month low of 575 exahashes per second (EH/s). This represents a substantial drop from its peak of over 600 EH/s in early April. While the hashrate has since recovered slightly to around 586 EH/s, it remains significantly below its previous levels.

5 月 10 日，比特幣的哈希率（衡量專用於挖掘加密貨幣的總運算能力）暴跌至每秒 575 exahashes (EH/s) 的兩個月低點。這比 4 月初超過 600 EH/s 的峰值大幅下降。雖然算力此後略有恢復至 586 EH/s 左右，但仍顯著低於先前的水平。

Miners' Response to Halving

礦工對減半的反應

Experts believe that the hashrate decline is primarily due to miners shutting down unprofitable rigs in response to the halving, which reduced the block reward for successful mining by 50%. This has raised operating costs and reduced profitability, especially for miners with less efficient equipment.

專家認為，算力下降的主要原因是礦工為了應對減半而關閉了無利可圖的礦機，這使得成功挖礦的區塊獎勵減少了 50%。這增加了營運成本並降低了盈利能力，特別是對於設備效率較低的礦工。

James Butterfill, head of research at CoinShares, stated that "the drop is a direct consequence of miners' decision to start turning off unprofitable rigs." He further predicts that the hashrate will continue to decline as miners adjust to the post-halving landscape.

CoinShares 研究主管詹姆斯·巴特菲爾 (James Butterfill) 表示，“價格下跌是礦工決定開始關閉無利可圖的鑽機的直接後果。”他進一步預測，隨著礦工適應減半後的情勢，算力將持續下降。

CoinShares' Forecast

CoinShares 的預測

CoinShares, a digital asset management company, had earlier forecasted that Bitcoin's hashrate would rise to 700 EH/s by 2025. However, the firm acknowledged that a temporary setback could occur after the halving as miners turn off unprofitable rigs.

數位資產管理公司CoinShares 早前預測，到2025 年，比特幣的算力將升至700 EH/s 不過，該公司承認，隨著礦工關閉無利可圖的礦機，減半後可能會出現暫時的挫折。

"Our model forecasts the hash rate rising to 700 exahash by 2025, although after the halving, it could fall by up to 10% as miners turn off unprofitable ASICs," the company said in an April 19 report.

該公司在4 月19 日的報告中表示：「我們的模型預測，到2025 年，哈希率將升至700 exahash，儘管減半後，隨著礦工關閉不盈利的ASIC，哈希率可能會下降10%。

Profitability Challenges

獲利能力挑戰

The profitability of Bitcoin mining primarily depends on infrastructure and energy costs. As Bitcoin's price fluctuates, so too does the profitability of mining.

比特幣挖礦的獲利能力主要取決於基礎設施和能源成本。隨著比特幣價格的波動，挖礦的獲利能力也會隨之波動。

Nazar Khan, co-founder and COO of TeraWulf, a publicly traded Bitcoin mining company, recently explained that "smaller mining operations with less energy-efficient equipment [are] going to be in danger." He added that only firms with access to low-cost energy and efficient equipment will remain profitable in the long run.

上市比特幣挖礦公司 TeraWulf 的聯合創始人兼首席營運官納扎爾·汗 (Nazar Khan) 最近解釋說，“使用能效較低的設備的小型挖礦業務將面臨危險。”他補充說，從長遠來看，只有能夠獲得低成本能源和高效設備的公司才能保持獲利。

Impact on Bitcoin Network

對比特幣網路的影響

A decline in hashrate can potentially impact the security and stability of the Bitcoin network, as it reduces the number of miners validating transactions and securing the blockchain. However, experts do not anticipate significant security concerns at this time, as the network remains resilient with a large and diverse pool of miners.

算力下降可能會影響比特幣網路的安全性和穩定性，因為它會減少驗證交易和保護區塊鏈的礦工數量。然而，專家們預計目前不會出現重大安全問題，因為網路仍然具有大量不同礦工的彈性。

Conclusion

結論

The post-halving downturn in Bitcoin's hashrate is primarily driven by miners decommissioning unprofitable rigs. While the network's security has not been immediately compromised, it remains to be seen how the hashrate will stabilize in the coming months. The declining profitability of Bitcoin mining is expected to continue to challenge smaller operations, while larger firms with access to low-cost energy and efficient equipment are likely to remain competitive in the long term.

比特幣減半後算力的下滑主要是由礦工退役無利可圖的礦機造成的。雖然網路安全尚未立即受到損害，但未來幾個月算力將如何穩定仍有待觀察。比特幣挖礦獲利能力的下降預計將繼續對小型企業構成挑戰，而擁有低成本能源和高效設備的大型企業可能會在長期內保持競爭力。