比特币BTCUSD采矿收入在2024年第四季度达到37亿美元，比上一季度增长了42％

比特币BTCUSD采矿收入在2024年第四季度达到37亿美元，比上一季度增长了42％，并且接近相似的水平

Bitcoin BTCUSD mining revenues reached $3.7 billion in the fourth quarter of 2024, a 42% increase from the prior quarter, and are approaching similar levels of around $3.6 billion in Q1 2025, according to data from Coin Metrics.

根据硬币指标的数据，比特币BTCUSD采矿收入在2024年第四季度达到37亿美元，比上一季度增长了42％，在2025年第1季度的36亿美元接近36亿美元。

The revenue buildup suggests miners’ incomes are stabilizing after the Bitcoin network’s “halving” in April 2024 reduced mining rewards from 6.25 BTC to 3.125 BTC per block. Halvings occur every four years and cut the number of BTC mined per block in half.

收入的积累表明，在比特币网络在2024年4月“减半”后，矿工的收入正在稳定，从而将采矿奖励从6.25 BTC降低到每个街区3.125 BTC。每四年发生过度，并减少了每块开采的BTC数量一半。

“With almost one year elapsed since Bitcoin’s 4th halving, miners have endured a period of stabilization, adapting to reduced block rewards, tighter margins, and shifting operational dynamics,” Coin Metrics said in its Q1 2025 Data Special report.

Coin Metrics在其第一季度2025年数据特别报告中说：“自比特币第四次减半以来，矿工已经经过了近一年的时间，因此经历了一段稳定的时期，适应了减少的块奖励，更紧密的利润和转移的操作动态。”

This recovery could be cut short if ongoing trade wars disrupt miners’ business models, Ben Yorke, VP of Ecosystem at WOO, a Web3 startup, told Cointelegraph.

Web3初创公司Woo的生态系统副总裁本·约克（Ben Yorke）告诉Cointelegraph，这种恢复可能会缩短。

“Should semiconductor tariffs return, Bitcoin mining will face higher costs, concentrating power among major players and forcing smaller operations to shut down,” Yorke said.

约克说：“如果半导体关税返回，比特币采矿将面临更高的成本，将主要参与者集中在主要球员中，并迫使较小的业务关闭。”

CoinDesk reporter Ben Raviv also highlighted the role of new technologies in shaping the future of Bitcoin mining.

Coindesk的记者本·拉维夫（Ben Raviv）还强调了新技术在塑造比特币采矿未来中的作用。

After the halving: Adapting and diversifying

减半后：适应和多样化

Bitcoin miners have struggled in 2025 as a worsening macroeconomic climate and the cryptocurrency market downturn have put additional pressure on their business models, which were already strained by the network’s April halving, according to a March 3 JPMorgan research note. However, well-capitalized miners have managed to adapt, and they are still deploying capital to expand their operations, as evidenced by several recent announcements.

根据3月3日的3月3日的摩根大通研究报告，比特币矿工在2025年苦苦挣扎，因为宏观经济的气候恶化，加密货币市场的低迷对其商业模式施加了额外的压力，该公司的商业模式已经受到了3月3日的4月份减半的压力。但是，资本良好的矿工已经设法适应了，他们仍在部署资本来扩大其业务，这是最近的几项公告所证明的。

For instance, in January, Bitcoin’s hashrate — a measure of the total computing power securing the network — reached a new all-time high, according to CoinWarz data. Meanwhile, common adjustments that miners have made include “upgrading to more energy-efficient ASICs, [and] relocating to regions with cheaper and more abundant renewable energy,” such as Africa and Latin America, Coin Metrics said. ASICs are specialized computer hardware used in Bitcoin mining.

例如，根据Coinwarz的数据，在一月份，比特币的哈希拉特（Bitcoin's Hashrate）达到了新的高度计算能力。同时，矿工所做的常见调整包括“升级到更节能的ASIC，并将其搬迁到具有更便宜，更丰富的可再生能源的地区，例如非洲和拉丁美洲，例如，Coin Metrics说。 ASIC是用于比特币采矿的专门计算机硬件。

Additionally, “miners are also diversifying into AI data-center hosting as a means to expand revenue streams and repurpose existing infrastructure for high performance computing,” according to the report. For instance, Bitcoin miner Core Scientific (NASDAQ:COSM) is now providing 200 megaWatts of hardware capacity to support CoreWeave’s artificial intelligence workloads.

此外，“矿工也将多元化为AI数据中心托管，作为扩展收入流并重新利用现有的高性能计算基础架构的一种手段。”例如，比特币矿工核心科学（NASDAQ：COSM）现在提供200兆瓦的硬件能力，以支持CoreWeave的人工智能工作负载。

Greater transaction activity would help sustain economic incentives for miners post-halving, according to Coin Metrics. “Over time, increased participation from higher-value or more time-sensitive activity could help drive stronger transaction fees, sustaining miner incentives as block rewards decline.”

据硬币指标称，更大的交易活动将有助于维持矿工的经济激励措施。 “随着时间的流逝，高价值或更多时间敏感的活动的参与增加可能有助于提高较高的交易费用，并随着收益奖励的下降而维持矿工激励措施。”

However, for now, “[t]ransactions below $100 currently represent ~60% of Bitcoin’s total transaction count,” according to Coin Metrics. This is partially because holders are increasingly treating Bitcoin as a buy-and-hold asset, rather than a medium of exchange.

但是，目前，据Coin Metrics称，“目前的[T]赎金目前占比特币总交易总数的约60％”。这部分是因为持有人越来越多地将比特币视为购买和持有的资产，而不是交换媒介。

“Bitcoin’s supply velocity, measuring the ratio of adjusted transfer volume to its current supply (rate of turnover), has declined over time, reinforcing the idea that BTC is increasingly held rather than transacted,” the report noted.

报告指出：“比特币的供应速度测量了调整后的转移量与当前供应量的比率（营业额）随着时间的流逝而下降，从而加强了BTC越来越多地持有而不是交易的想法。”