隨著減半後動態的展開，比特幣挖礦成本跌至 4.5 萬美元

在最近的比特幣減半事件之後，摩根大通估計挖礦成本已從超過 5 萬美元降至 4.5 萬美元。儘管有預期，但由於 Runes 協議的暫時推動，增加了交易費用，算力保持穩定。然而，這種提振是短暫的，礦工收入隨後下降，凸顯了礦工持續面臨的永續發展挑戰。

Bitcoin Mining Costs Plummet to $45,000 Amidst Post-Halving Dynamics

減半後比特幣挖礦成本暴跌至 45,000 美元

In a pivotal industry development, JPMorgan (NYSE:JPM) has unveiled a significant decline in Bitcoin mining costs, estimating a current level of approximately $45,000, down from previous highs exceeding $50,000. This notable decrease follows the quadrennial Bitcoin halving event that occurred last month, resulting in a 50% reduction in miner rewards.

在一項關鍵的產業發展中，摩根大通（NYSE：JPM）宣布比特幣挖礦成本大幅下降，估計目前水準約為 45,000 美元，低於先前超過 50,000 美元的高點。這一顯著下降是在上個月發生的四年一度的比特幣減半事件之後發生的，導致礦工獎勵減少了 50%。

However, contrary to initial expectations, the hashrate, a measure of the collective computational power allocated to Bitcoin mining and transaction processing, has not experienced an immediate decline post-halving. According to JPMorgan's analysis, this delay can be attributed to the launch of the Runes protocol, an innovative token creation mechanism that temporarily spiked transaction fees. This increase in fees led to a surge in miner revenue, counterbalancing the impact of reduced issuance rewards.

然而，與最初的預期相反，算力（衡量分配給比特幣挖礦和交易處理的集體計算能力的指標）在減半後並沒有立即下降。根據摩根大通的分析，這種延遲可歸因於 Runes 協議的推出，這是一種創新的代幣創建機制，導致交易費用暫時飆升。費用的增加導致礦工收入激增，抵消了發行獎勵減少的影響。

"This provided a temporary boost to miner revenue immediately following the Bitcoin halving," remarked analysts led by Nikolaos Panigirtzoglou. Notwithstanding this momentary uptick, the report highlights that the elevated fees were short-lived, with user activity and fees undergoing a substantial decline in recent weeks. This ongoing challenge underscores the ongoing struggle for Bitcoin miners to sustain their revenue streams, especially in the post-halving environment.

以 Nikolaos Panigirtzoglou 為首的分析師表示：“比特幣減半後，這立即暫時提振了礦商收入。”儘管出現短暫的上升，但報告強調，費用的上漲是短暫的，最近幾週用戶活動和費用大幅下降。這項持續的挑戰凸顯了比特幣礦商維持收入流的持續鬥爭，特別是在減半後的環境中。

As the hype surrounding the Runes protocol subsided, network power consumption witnessed a sharper decline than the hashrate, an indication that less efficient miners with outdated rigs have abandoned the network. The report emphasizes the existence of a feedback loop with Bitcoin prices: as prices fall, more unprofitable miners are compelled to leave the network, leading to a further reduction in hashrate and mining costs.

隨著圍繞 Runes 協議的炒作消退，網路功耗的下降幅度大於算力下降幅度，這表明使用過時設備的效率較低的礦工已經放棄了網路。該報告強調了比特幣價格存在反饋循環：隨著價格下跌，更多無利可圖的礦工被迫離開網絡，導致算力和挖礦成本進一步下降。

Despite the current cost-cutting measures, JPMorgan remains cautious about the near-term outlook for Bitcoin prices, citing a lack of positive catalysts and waning retail interest as key headwinds. The report concludes that Bitcoin miners face ongoing pressure to adapt to the post-halving environment, where sustainable profitability remains a primary concern.

儘管採取了當前的成本削減措施，摩根大通仍然對比特幣價格的近期前景持謹慎態度，稱缺乏積極的催化劑和散戶興趣減弱是主要阻力。該報告的結論是，比特幣礦商面臨著適應減半後環境的持續壓力，其中可持續獲利能力仍然是首要問題。