本週BTC區塊獎勵挖礦集中度提高

本週，BTC 的區塊獎勵挖礦集中度變得更加集中，加劇了人們對該網路工作量證明共識機制未來的擔憂。

Cory Klippsten, CEO of Swan Bitcoin, announced on July 22 that the company will likely discontinue its Managed Mining business in the near term. This decision comes amid pessimism about generating significant revenue from the unit, which led to the company’s decision to pull its plans for an initial public offering (IPO) in the near future.

Swan Bitcoin 執行長 Cory Klippsten 於 7 月 22 日宣布，該公司可能會在短期內終止其託管挖礦業務。這項決定是在對該部門產生大量收入的悲觀情緒做出的，這導致該公司決定在不久的將來取消其首次公開募股（IPO）計劃。

To make matters worse, Klippsten noted that the derailment of the IPO plans will necessitate staff cuts across many functions, though the scale of these cuts was not disclosed. He praised his former staff, vowing to help them find new roles in the crypto sector.

更糟的是，Klippsten 指出，IPO 計畫的脫軌將導致許多職能部門裁員，但裁員規模並未揭露。他讚揚了他的前員工，並發誓要幫助他們在加密貨幣領域找到新的角色。

Despite being actively engaged in mining since last summer, Swan only announced the launch of its Managed Mining service a few months ago. The launch highlighted Swan’s capability to “take a large amount of capital and deploy it quickly and efficiently into a mining operation owned by the investor that meets their particular strategic requirements.”

儘管Swan自去年夏天以來就積極從事挖礦業務，但幾個月前才宣布推出託管挖礦服務。此次發布凸顯了 Swan 的能力：“吸收大量資金，並將其快速有效地部署到投資者擁有的採礦業務中，以滿足其特定的戰略需求。”

However, given Klippsten’s pessimism regarding the generation of “significant near-term revenue,” it now appears that the Managed Mining unit’s not-so-unique selling point was its ability to take a large amount of capital and burn it quickly.

然而，考慮到 Klippsten 對「近期可觀收入」的產生持悲觀態度，現在看來，託管挖礦部門的不那麼獨特的賣點是其能夠吸收大量資本並迅速燃燒的能力。

This is not a slight against Swan but rather a reflection of the harsh realities affecting the entire BTC block rewards mining sector. Following the scheduled ‘halving’ of the block subsidy earlier this year, the economics of BTC mining are no longer adding up.

這並不是對 Swan 的輕視，而是反映了影響整個 BTC 區塊獎勵挖礦產業的嚴酷現實。繼今年稍早計劃的區塊補貼「減半」之後，比特幣挖礦的經濟效益不再增加。

Even as the fiat value of the BTC token has recovered a substantial portion of the losses incurred over the past couple of months, it is still often not high enough to cover the massive electricity costs of successfully mining a BTC block.

儘管 BTC 代幣的法定價值已經彌補了過去幾個月所造成的大部分損失，但它通常仍然不足以支付成功開採 BTC 區塊的巨額電力成本。

This unfortunate reality has led many miners to sell their BTC block rewards as soon as they are earned, in an effort to keep their lights shining and their hardware humming. However, as jurisdictions assess the burdens imposed on their electrical grids by mining sites and taxpayers learn of the sweetheart deals negotiated by some of these sites, the future viability of BTC mining appears anything but assured.

這一不幸的現實導致許多礦工在獲得比特幣區塊獎勵後立即出售，以保持他們的光芒和硬體的運作。然而，隨著司法管轄區評估礦場對其電網造成的負擔，以及納稅人了解到其中一些礦場達成的甜心交易，比特幣挖礦的未來可行性似乎並不確定。

BTC is essentially in a no-win situation here. With the network’s throughput being artificially constrained in 2017 by BTC Core developers seeking to transform Bitcoin from peer-to-peer electronic cash into ‘digital gold,’ BTC can never process enough transactions to realize Satoshi Nakamoto’s vision of transaction fees eventually supplanting block rewards as miners’ primary compensation.

比特幣在這裡基本上處於雙贏的局面。 2017 年，BTC Core 開發人員試圖將比特幣從點對點電子現金轉變為“數位黃金”，人為地限制了網路的吞吐量，因此BTC 永遠無法處理足夠的交易來實現中本聰的交易費用最終取代區塊獎勵的願景。

It is becoming increasingly clear to miners that BTC’s fiat price cannot be perpetually relied upon to "go to the moon," a height at which the current block subsidy would be sufficient to cover their costs. Even if it does, this will only encourage miners to add more hash power, creating another technological ‘arms race’ in which local utility companies will be the only winners.

礦工們越來越清楚，不能永遠依賴比特幣的法定價格來“登上月球”，在這個高度上，當前的區塊補貼足以支付他們的成本。即使確實如此，這只會鼓勵礦工增加更多的算力，從而引發另一場技術“軍備競賽”，當地公用事業公司將成為唯一的贏家。

With mining profitability at a six-year low, the BTC economic model is undeniably broken. For far too long, the accepted wisdom has been ‘price follows hash,’ but this fallacy has been unceremoniously debunked by the market.

由於挖礦獲利能力處於六年來的最低點，比特幣的經濟模式無可否認已經被打破。長期以來，人們普遍認為“價格跟隨哈希值”，但這種謬論已被市場毫不客氣地揭穿。

BTC is already under the de facto control of just two mining groups, and this concentration will only worsen over time.

BTC實際上已經被兩個礦業集團所控制，而且這種集中度只會隨著時間的推移而惡化。

In an attempt to ensure favorable treatment, some major U.S.-based miners are donating millions to Donald Trump’s presidential campaign, evidently believing that he will have their back if he returns to the White House. This is quite a hypocritical turn for some of these formerly diehard anti-statists, whose economic futures now hinge on a potential government bailout.

為了確保獲得優惠待遇，一些美國主要礦商向唐納德·川普的總統競選活動捐贈了數百萬美元，顯然他們相信，如果他重返白宮，他們將得到他的支持。對於一些以前頑固的反國家主義者來說，這是一個相當虛偽的轉變，他們的經濟未來現在取決於潛在的政府救助。

Other miners are unwilling to wait until next January; instead, they are ‘pivoting’ to serve as artificial intelligence (AI) data centers, which currently offer an opportunity to earn actual revenue. The fact that AI promises to benefit a wider swathe of humanity than a relative handful of BTC bagholders may also ensure that AI data centers retain the goodwill of the utilities, at least for now.

其他礦工不願意等到明年一月；相反，它們正在「轉向」充當人工智慧（AI）資料中心，目前提供了賺取實際收入的機會。事實上，人工智慧有望使更廣泛的人類受益，而不是相對少數的比特幣持有者，這一事實也可能確保人工智慧資料中心保留公用事業公司的善意，至少目前是如此。

Contrast BTC’s downward spiral with that of the BSV blockchain, which imposes no upper limit on its transaction throughput, thereby providing a clear pathway for realizing Satoshi’s long-term vision of how Bitcoin would evolve. Considering that Satoshi left a detailed roadmap for all to see, you have to wonder how everyone in BTC ended up choosing this transactional dead-end.

將BTC 的螺旋式下降與BSV 區塊鏈的螺旋式下降進行對比，BSV 區塊鏈對其交易吞吐量沒有上限，從而為實現中本聰關於比特幣如何發展的長期願景提供了一條清晰的途徑。考慮到中本聰留下了詳細的路線圖供所有人查看，你不得不想知道 BTC 的每個人如何最終選擇了這個交易死胡同。

Caught with their mints downThere’s a curious sidebar to the Swan surrender, specifically, the fact that the entity behind the Tether (USDT) stablecoin had provided a “significant commitment” to Swan’s mining operations. Less than three months ago, Tether CEO Paolo Ardoino claimed to be “thrilled about the future of this collaboration” with Swan.

Swan 的投降有一個奇怪的側面，具體來說，Tether (USDT) 穩定幣背後的實體向 Swan 的挖礦業務提供了「重大承諾」。不到三個月前，Tether 執行長 Paolo Ardoino 聲稱對與 Swan 的「此次合作的未來感到興奮」。

One would have thought Ardoino might have been able to read the tea leaves more accurately, given Tether’s historic role in propping up BTC’s price. Consider BTC’s abrupt resumption of its allegedly inexorable upward trajectory around mid-July, which just so happened to coincide with Tether’s minting of another $2 billion in its USDT stablecoin.

鑑於 Tether 在支撐 BTC 價格方面的歷史性作用，人們可能會認為 Ardoino 可能能夠更準確地解讀茶葉。考慮一下 BTC 在 7 月中旬左右突然恢復其所謂的不可阻擋的上漲軌跡，而這恰好與 Tether 又鑄造了 20 億美元的 USDT 穩定幣同時發生。

A leading theory is that Te

一個主導理論是 Te