關於比特幣的苛刻真相終於到了

曾幾何時，比特幣被吹捧為人民的錢，一個自由主義者的夢想，由政府或銀行財團掩蓋。

In the early days of Bitcoin, it was often touted as the people’s money, a libertarian dream unshackled by governments or banking consortiums. A decentralized utopia of peer-to-peer transactions and digital sovereignty, fueled by the collective computing power of the people.

在比特幣的早期，它經常被吹捧為人民的錢，一個自由主義者的夢想，由政府或銀行財團掩蓋。人民的集體計算能力推動了點對點交易和數字主權的分散式烏托邦。

Of course, the harsh truth is that the financial gains realized by mining Bitcoin are now outweighed by its energy costs, according to a report published by CoinShares, a cryptocurrency investment firm.

當然，苛刻的事實是，根據加密貨幣投資公司Coinshares發表的一份報告，礦業比特幣實現的財務收益現在已經超過了其能源成本。

The math used to be simple enough. Let your graphics card crunch some numbers and voilà, free money. The energy costs were manageable, and the Bitcoin you got in exchange for a slightly higher power bill that month would eventually negate it, so who cares?

數學過去足夠簡單。讓您的圖形卡處理一些數字，然後免費，免費的錢。能源成本是可以管理的，您獲得的比特幣以換取那個月的稍高電費賬單最終會否定它，所以誰在乎呢？

But Bitcoin had a cap. 21 million coins. A small price to pay for a truly decentralized cryptocurrency, right? Wrong.

但是比特幣有帽子。 2100萬硬幣。為真正的分散加密貨幣支付的價格很小，對嗎？錯誤的。

With each Bitcoin mined, the reward got smaller and the math harder. In 2025, it now costs more to mine a single Bitcoin than you get from selling it. For your average crypto-bro with a garage rig and dreams of Lambos, it now costs about $137,000 in electricity to mine a Bitcoin worth $94,000. Ouch.

隨著每個比特幣開採，獎勵變得更小，數學越來越難。在2025年，挖掘單個比特幣的成本比出售它的成本要高。對於帶有車庫鑽機和Lambos夢想的平均加密貨幣，現在，要開採一個價值94,000美元的比特幣的電費約為137,000美元。哎喲。

Even for the big dogs with entire warehouse setups and enough fans to cool it all, the best-case scenario is a mining cost of $82,000. That’s a razor-thin margin that probably isn’t worth the investment anymore.

即使對於擁有整個倉庫設置和足夠的粉絲來冷卻的大型狗，最佳場景也是挖掘成本為82,000美元。這是一個剃須刀的利潤率，可能不再值得投資。

And who’s still profiting from this madness? The whales. The top 8 percent of wallets now control around 99 percent of all Bitcoin. The dream of decentralization just wound up centralizing a ton of monopoly money wealth into the hands of the people who were already vastly wealthy.

誰仍然從這種瘋狂中獲利？鯨魚。現在，最高的錢包控制了所有比特幣的99％。權力下放的夢想只是將大量的壟斷財富集中在已經很富有的人們的手中。

Bitcoin isn’t the freedom-fueled monetary revolution it promised to be. It’s a speculative pyramid that lets dull rich dudes cosplay as cyberpunk edgelords, all while making them enormous piles of cash that they can toss onto their already tall piles of cash.

比特幣並不是它承諾將要的自由驅動的貨幣革命。這是一種投機性金字塔，可以讓乏味的富有傢伙角色扮演作為Cyber​​punk Edgelords，同時使它們可以扔到已經很高的現金中。

Meanwhile, the average bitcoin investor is sitting there wondering if they’re ever going to see a return after investing their life savings into fake money.

同時，普通的比特幣投資者坐在那裡，想知道他們在將救生儲蓄投入假錢後是否會看到回報。