比特幣礦工在獎勵收縮和費用下降後掙扎

該網絡2024年4月減半後，比特幣礦業行業處於越來越大的壓力，這將塊補貼從6.25 BTC降低到3.125 BTC。

The Bitcoin mining industry is reportedly facing increasing difficulties following the network's April 2024 halving, which decreased block subsidies from 6.25 BTC to 3.125 BTC.

據報導，在該網絡2024年4月減半後，比特幣採礦業正面臨越來越多的困難，這將塊補貼從6.25 BTC降低到3.125 BTC。

Despite BTC's price now being at $95,000, miner earnings have not risen proportionally, with several measures highlighting sharp contractions in profitability.

儘管BTC的價格目前為95,000美元，但礦工的收入並未按比例提高，有幾項措施強調了盈利能力的急劇收縮。

One of the most striking shifts post-halving is the decline in transaction fees as a share of total miner revenue. Currently, fees contribute 1.48% to block rewards, one of the lowest ratios since early 2023. This drops reflects the waning demand for on-chain block space.

備受時間後，最引人注目的轉變之一是交易費用下降，這是礦工總收入的份額。目前，費用貢獻了1.48％的獎勵，這是自2023年初以來最低的比率之一。這降低反映了對鏈塊空間的需求減弱。

Temporary fee spikes from events like the launch of Runes and activity surrounding Ordinals pushed average fees to $127 per transaction in April 2024. However, those spikes proved fleeting.

諸如符文的發射和圍繞序數的活動之類的活動的臨時費用將平均費用提高到2024年4月的每筆交易127美元。但是，這些尖峰被證明是短暫的。

With fee levels having since collapsed below $2, transaction-based compensation for miners appears fundamentally unsustainable.

由於收費水平已倒閉以下$ 2，因此基於交易的礦工薪酬似乎從根本上是不可持續的。

Another concerning indicator is the stagnation of the hashprice despite Bitcoin's surging spot price. Hashprice, which measures miner earnings per petahash per second (PH/s), has failed to rise. As of late April 2025, hashprice stood at $48.9 per PH/s/day.

關於指標的另一個有關指標的另一個是儘管比特幣的現貨價格飆升，但仍停滯不前。 HashPrice衡量了每秒Petahash的礦工收益（pH/s），但未能上升。截至2025年4月下旬，HashPrice的價格為每天$ 48.9。

This contrasts sharply with previous bull cycles, where hashprice typically soared alongside BTC's value. The current discrepancy has left many mining operations struggling.

這與以前的牛週期形成鮮明對比，在該週期中，HashPrice通常與BTC的價值飆升。目前的差異使許多采礦業務陷入困境。

Mining rigs operating at 25–38 J/TH can only generate around $0.06 per kWh, which falls below the U.S. grid electricity average of $0.08. This puts even moderately efficient miners at risk of negative margins, pushing smaller or higher-cost operators to consider shutting down or upgrading hardware.

以25-38 j/th的價格運行的採礦鑽機只能產生約0.06美元的每千瓦時$ 0.06，低於美國電網電力平均水平0.08美元。這甚至使中等效率的礦工處於負利潤率的風險，推動了較小或更高成本的操作員考慮關閉或升級硬件。

The reduced fee contribution and stagnant hashprice highlight a broader concern about Bitcoin's long-term security model.

減少的費用貢獻和停滯的HashPrice突出了對比特幣長期安全模型的廣泛關注。

As block subsidies continue halving every four years, the network is expected to rely more heavily on transaction fees to incentivize miners. However, with off-chain solutions like the Lightning Network serving over 650 million indirectly connected users, on-chain activity seems increasingly insufficient to fill the revenue gap.

隨著Block補貼每四年繼續減半，預計該網絡將更依賴交易費用來激勵礦工。但是，隨著諸如Lightning網絡（諸如Lightning Network）的非鏈解決方案可為超過6.5億間接連接的用戶提供服務，鏈接活動似乎越來越不足以填補收入差距。

The sustainability of miner incentives, crucial to the network's security, may depend on new innovations in layer 2 adoption, fee market mechanics, or even protocol-level changes.

礦工激勵措施的可持續性對網絡的安全至關重要，可能取決於第2層採用，費用市場機械師甚至協議級別的變化中的新創新。