比特幣減半後：加密貨幣挖礦格局的典範轉移

2020 年5 月比特幣減半後，比特幣(BTC) 礦工的挖礦收入從平均每日600 萬美元大幅下降至5 月1 日的2,630 萬美元，原因是減半事件將挖礦獎勵從6.25 BTC 減少到3.125 BTC。

Post-Bitcoin Halving: A Paradigm Shift in the Cryptocurrency Mining Landscape

比特幣減半後：加密貨幣挖礦格局的典範轉移

The advent of May ushered in a seismic shift within the Bitcoin (BTC) mining industry, marked by a precipitous decline in miner profitability in the wake of the fourth Bitcoin halving event.

五月的到來引發了比特幣（BTC）採礦業的巨大轉變，其特徵是第四次比特幣減半事件後礦工獲利能力急劇下降。

Data compiled by Blockchain.com reveals that prior to the halving, BTC miners reveled in an average daily income of $6 million. However, this figure plummeted drastically in the aftermath of the event.

Blockchain.com 編製的數據顯示，在減半前，BTC 礦工的平均日收入為 600 萬美元。然而，這一數字在事件發生後急劇下降。

The Halving's Impact on Revenue Streams

減半對收入流的影響

The halving event, which transpired on April 20th, witnessed a reduction in block rewards from 6.25 BTC to 3.125 BTC. While the event initially triggered a surge in daily earnings for miners, a sharp decline ensued on May 1st, and further erosion is anticipated throughout the month.

4 月 20 日發生的減半事件見證了區塊獎勵從 6.25 BTC 減少至 3.125 BTC。雖然該事件最初引發了礦工每日收入的激增，但隨後在 5 月 1 日大幅下降，預計整個月將進一步下降。

On that fateful day, revenue accrued from block rewards and transaction fees post-halving dwindled to a mere $26.3 million. This downward trend has persisted, suggesting a lower baseline for BTC mining revenue going forward.

在那決定性的一天，減半後從區塊獎勵和交易費用中產生的收入減少至僅 2,630 萬美元。這種下降趨勢持續存在，顯示未來比特幣挖礦收入的基線較低。

Notably, on April 20th, mining revenue reached an unprecedented peak of over $107 million per day, a watershed moment in BTC's history. The recent volatility highlights the evolving dynamics of BTC mining, influenced by factors such as halving events and the advent of novel technologies like Bitcoin Runes.

值得注意的是，4 月 20 日，挖礦收入達到了前所未有的峰值，每天超過 1.07 億美元，這是 BTC 歷史上的分水嶺。最近的波動凸顯了比特幣挖礦的動態變化，其受到減半事件和比特幣符文等新技術出現等因素的影響。

Miners Respond with Strategic Maneuvers

礦工採取策略策略應對

In light of these developments, an analysis by Ki Young Ju, CEO of CryptoQuant, indicates that BTC must sustain a price above $80,000 for post-halving mining to remain profitable under current conditions. Consequently, miners have adopted proactive measures to enhance operational efficiency and reduce long-term expenses while maintaining competitiveness.

鑑於這些發展，CryptoQuant 執行長 Ki Young Ju 的分析表明，BTC 的價格必須維持在 80,000 美元以上，減半後挖礦才能在當前條件下保持盈利。因此，礦商採取了積極措施來提高營運效率並減少長期支出，同時保持競爭力。

Miners have also recalibrated their strategies to navigate the capricious BTC market. Reliance solely on fluctuating BTC market prices to fund operations is no longer tenable.

礦工們也重新調整了策略，以應對反覆無常的比特幣市場。僅僅依靠波動的比特幣市場價格來為營運提供資金已經不再站得住腳。

Bitfarms, a leading Bitcoin mining enterprise, epitomizes this proactive approach. The company has invested $240 million to triple its hash rate. Jeffrey Lucas, Bitfarms' Chief Financial Officer, disclosed that a portion of the investment was earmarked for the acquisition of 88,000 BTC miners.

Bitfarms 是一家領先的比特幣挖礦企業，體現了這種積極主動的做法。該公司已投資 2.4 億美元，將算力提高兩倍。 Bitfarms 財務長 Jeffrey Lucas 透露，部分投資專門用於收購 88,000 台 BTC 礦機。

Lucas further elaborated that Bitfarms aims to triple its hash rate to 21 EH/s, augment its targeted operating capacity by 83% to 440 MW, and enhance fleet efficiency by 40% to 21 w/TH. Despite these efforts, Bitfarms recorded its lowest monthly earnings in over two years, generating only 269 BTC in April.

Lucas 進一步闡述，Bitfarms 的目標是將其算力提高兩倍，達到 21 EH/s，將其目標營運能力提高 83% 至 440 MW，並將車隊效率提高 40% 至 21 w/TH。儘管做出了這些努力，Bitfarms 仍錄得兩年多來的最低月度收益，4 月僅產生 269 BTC。

Conclusion

結論

The fourth Bitcoin halving event has irrevocably altered the landscape of cryptocurrency mining. Miners grapple with reduced profitability, necessitating strategic adjustments to their operations. While the long-term implications remain uncertain, the industry continues to evolve, driven by technological advancements and market dynamics.

第四次比特幣減半事件不可逆轉地改變了加密貨幣挖礦的格局。礦商正努力應對獲利能力下降的問題，需要對其營運進行策略調整。儘管長期影響仍不確定，但該行業在技術進步和市場動態的推動下不斷發展。