比特币（BTC）矿工在减半后面临挑战和适应

自 2024 年 4 月比特币减半以来，矿商面临着盈利挑战，催生了新的战略，包括多元化进军人工智能和可再生能源领域。

Bitcoin miners have faced challenges following the April 2024 halving, which reduced mining rewards.

2024 年 4 月减半后，比特币矿工面临挑战，挖矿奖励减少。

In response, miners have adopted new strategies to remain profitable, including diversification into AI and renewable energy.

作为回应，矿商采取了新的战略来保持盈利，包括多元化发展人工智能和可再生能源。

After the Bitcoin halving in April 2024, which slashed mining rewards, miners encountered significant profitability hurdles, leading many to pivot and adopt new strategies to stay afloat. With rising energy costs and reduced block rewards, miners have shifted their focus to operational efficiency and hardware upgrades. Some are also venturing into AI and cloud computing, utilising their data centres for additional revenue streams. The post-halving landscape has seen industry consolidation and an increased drive for innovation, as only the most efficient mining operations are expected to succeed in this competitive environment, according to blog.bitfinex.com.

2024 年 4 月，比特币减半，挖矿奖励大幅削减，矿工们遇到了重大的盈利障碍，导致许多矿工转向并采取新策略来维持生计。随着能源成本的上升和区块奖励的减少，矿工已将注意力转向运营效率和硬件升级。一些公司还涉足人工智能和云计算，利用其数据中心获得额外的收入来源。据 blog.bitfinex.com 称，减半后的格局见证了行业整合和创新动力的增强，因为只有最高效的挖矿业务才能在这种竞争环境中取得成功。

Bitcoin Halving Brings Block Reward Cuts and Slimming Margins

比特币减半带来区块奖励削减和利润缩减

Since the 2024 Bitcoin halving on April 20th, the mining industry has faced significant challenges. The halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC per block, has halved miners’ revenues, pushing many to the brink of profitability. This cut has led to operational changes across the industry, as smaller miners face potential shutdowns while larger, more capitalised firms ramp up operations to increase efficiency. Energy costs, in particular, have become a primary concern as miners seek to reduce operational expenses amidst this new economic reality.

自4月20日2024年比特币减半以来，挖矿业面临着重大挑战。这次减半将挖矿奖励从每个区块 6.25 BTC 减少到 3.125 BTC，矿工的收入也减少了一半，将许多矿工推向盈利的边缘。这次削减导致了整个行业的运营变化，因为规模较小的矿商面临着潜在的停产，而规模较大、资本较多的公司则加大运营力度以提高效率。随着矿商在新的经济现实中寻求减少运营支出，能源成本尤其成为首要关注的问题。

In the months following the halving, miners have seen fluctuations in Bitcoin’s price, with short-lived rallies providing some relief but not enough to offset the reduced block rewards. Hashrate, the measure of computational power used to mine Bitcoin, initially dropped but has since shown signs of recovery. However, this recovery comes with increased mining difficulty, as competition intensifies among the remaining miners. The situation has forced many to adopt advanced hardware and pursue energy-efficient strategies to stay profitable.

在减半后的几个月里，矿工们看到了比特币价格的波动，短暂的反弹提供了一些缓解，但不足以抵消减少的区块奖励。算力（用于开采比特币的计算能力的指标）最初下降，但此后出现了复苏的迹象。然而，随着剩余矿工之间的竞争加剧，这种复苏伴随着采矿难度的增加。这种情况迫使许多公司采用先进的硬件并追求节能策略以保持盈利。

Many miners are exploring diversification beyond Bitcoin. Several firms have begun offering their infrastructure for artificial intelligence (AI) and cloud computing, a growing industry with high energy demands. This pivot provides an alternative revenue stream for miners with large data centres and access to significant power resources. However, transitioning to AI is not without challenges, as the infrastructure requirements differ significantly from Bitcoin mining.

许多矿工正在探索比特币以外的多元化。多家公司已开始为人工智能 (AI) 和云计算提供基础设施，这是一个不断发展的行业，能源需求很高。这一枢纽为拥有大型数据中心和重要电力资源的矿商提供了替代收入来源。然而，向人工智能过渡并非没有挑战，因为基础设施要求与比特币挖矿有很大不同。

The post-halving period has been characterised by adaptation and consolidation within the industry. Miners are merging, upgrading their hardware, and exploring alternative uses for their infrastructure in response to the halving’s revenue cuts. While the long-term effects of the halving will play out over the next few years, the current landscape suggests that only the most efficient and innovative mining operations will thrive in this new era of reduced block rewards.

减半后时期的特点是行业内的适应和整合。矿商正在合并、升级硬件，并探索基础设施的替代用途，以应对减半带来的收入削减。虽然减半的长期影响将在未来几年内显现出来，但目前的情况表明，只有最高效和创新的挖矿业务才能在这个区块奖励减少的新时代蓬勃发展。

Rising energy costs have also intensified the challenges faced by Bitcoin miners. As electricity is the primary operational cost for mining (aside from hardware), those reliant on expensive or volatile energy sources are seeing their profit margins squeezed, making it increasingly difficult to remain viable. Only miners with access to the cheapest, often renewable, energy will be able to stay competitive, as they can operate more cost-effectively. This energy-driven pressure is expected to force many smaller or less efficient operations to capitulate, leading to consolidation in the industry, where only well-capitalised or strategically positioned firms with low-cost energy can weather the storm of the current market cycle.

能源成本上涨也加剧了比特币矿工面临的挑战。由于电力是采矿业的主要运营成本（除了硬件之外），那些依赖昂贵或不稳定能源的企业的利润率正在受到挤压，从而越来越难以维持生存。只有能够获得最便宜（通常是可再生能源）的矿商才能保持竞争力，因为他们可以更具成本效益地运营。这种能源驱动的压力预计将迫使许多规模较小或效率较低的企业屈服，从而导致行业整合，只有资本充足或战略定位良好、拥有低成本能源的公司才能经受当前市场周期的风暴。

As Competition Increases, Miners Seek to Diversify Revenue Streams

随着竞争加剧，矿商寻求收入来源多元化

Bitcoin miners have been compelled to explore diversification strategies to sustain their profitability. One key approach has been leveraging their existing data centres for alternative uses, particularly for supporting AI and cloud computing. Bitcoin mining firms like Core Scientific and BitDigital have begun repurposing their infrastructure to host high-performance computing services, which cater to the rising demand for AI applications. These firms are capitalising on the existing overlap between mining infrastructure and AI data centres, such as access to vast power supplies and fibre connectivity, to offer these services at scale. This allows them to tap into a growing market while reducing their dependence on volatile Bitcoin rewards.

比特币矿商被迫探索多元化战略以维持盈利能力。一种关键方法是利用现有数据中心进行替代用途，特别是支持人工智能和云计算。 Core Scientific 和 BitDigital 等比特币挖矿公司已经开始重新利用其基础设施来托管高性能计算服务，以满足对人工智能应用不断增长的需求。这些公司正在利用采矿基础设施和人工智能数据中心之间现有的重叠（例如获得大量电源和光纤连接）来大规模提供这些服务。这使他们能够进入不断增长的市场，同时减少对不稳定的比特币奖励的依赖。

Another significant trend is the pivot towards energy-focused revenue streams. Mining firms are increasingly exploring ways to integrate renewable energy sources, such as solar, wind, and geothermal, into their operations. TeraWulf, for example, powers its mining facilities with nuclear energy and is planning to offer its infrastructure for machine learning tasks. By aligning themselves with sustainable energy initiatives, miners not only reduce operational costs but also position themselves favourably in a regulatory environment that is becoming more environmentally conscious.

另一个重要趋势是转向以能源为中心的收入来源。矿业公司越来越多地探索将太阳能、风能和地热能等可再生能源整合到其运营中的方法。例如，TeraWulf 利用核能为其采矿设施提供动力，并计划为其机器学习任务提供基础设施。通过与可持续能源计划保持一致，矿商不仅可以降低运营成本，还可以在环保意识日益增强的监管环境中处于有利地位。

Additionally, some miners are exploring partnerships with power companies, converting surplus energy or stranded resources into operational power, creating a new avenue for financial returns while contributing to grid stability.

此外，一些矿商正在探索与电力公司建立合作伙伴关系，将剩余能源或滞留资源转化为运营电力，创造新的财务回报途径，同时为电网稳定做出贡献。

In some cases, miners are directly monetising their access to energy infrastructure by offering surplus power to external customers. Companies like Marathon Digital have entered agreements where they are compensated for converting stranded methane or biomass into energy, effectively turning their mining facilities into energy hubs. This not only reduces their own energy costs but also provides an entirely new revenue stream through energy sales. By

在某些情况下，矿商通过向外部客户提供剩余电力来直接将其对能源基础设施的使用权货币化。 Marathon Digital 等公司已签订协议，将滞留的甲烷或生物质转化为能源，从而获得补偿，从而有效地将其采矿设施转变为能源中心。这不仅降低了他们自己的能源成本，还通过能源销售提供了全新的收入来源。经过