减半后矿工关闭无利可图的矿机，比特币算力暴跌

据报道，在第四次比特币减半之后，比特币挖矿公司已经关闭了不盈利的矿机。这导致比特币的算力大幅下降，跌至两个月低点 575 EH/s。

Bitcoin Hashrate Decline: Mining Firms Decommissioning Unprofitable Rigs

比特币算力下降：矿业公司退役无利可图的矿机

In the wake of the fourth Bitcoin halving, mining firms have reportedly been decommissioning unprofitable mining rigs, leading to a significant decline in the network's hashrate.

据报道，在第四次比特币减半之后，矿业公司已经退役了无利可图的矿机，导致网络算力大幅下降。

Hashrate Drops to Two-Month Low

算力跌至两个月低点

On May 10, Bitcoin's hashrate, which measures the total computational power dedicated to mining the cryptocurrency, plummeted to a two-month low of 575 exahashes per second (EH/s). This represents a substantial drop from its peak of over 600 EH/s in early April. While the hashrate has since recovered slightly to around 586 EH/s, it remains significantly below its previous levels.

5 月 10 日，比特币的哈希率（衡量专用于挖掘加密货币的总计算能力）暴跌至每秒 575 exahashes (EH/s) 的两个月低点。这比 4 月初超过 600 EH/s 的峰值大幅下降。虽然算力此后略有恢复至 586 EH/s 左右，但仍显着低于之前的水平。

Miners' Response to Halving

矿工对减半的反应

Experts believe that the hashrate decline is primarily due to miners shutting down unprofitable rigs in response to the halving, which reduced the block reward for successful mining by 50%. This has raised operating costs and reduced profitability, especially for miners with less efficient equipment.

专家认为，算力下降的主要原因是矿工为了应对减半而关闭了无利可图的矿机，这使得成功挖矿的区块奖励减少了 50%。这增加了运营成本并降低了盈利能力，特别是对于设备效率较低的矿工而言。

James Butterfill, head of research at CoinShares, stated that "the drop is a direct consequence of miners' decision to start turning off unprofitable rigs." He further predicts that the hashrate will continue to decline as miners adjust to the post-halving landscape.

CoinShares 研究主管詹姆斯·巴特菲尔 (James Butterfill) 表示，“价格下跌是矿工决定开始关闭无利可图的钻机的直接后果。”他进一步预测，随着矿工适应减半后的形势，算力将继续下降。

CoinShares' Forecast

CoinShares 的预测

CoinShares, a digital asset management company, had earlier forecasted that Bitcoin's hashrate would rise to 700 EH/s by 2025. However, the firm acknowledged that a temporary setback could occur after the halving as miners turn off unprofitable rigs.

数字资产管理公司 CoinShares 早些时候预测，到 2025 年，比特币的算力将升至 700 EH/s。不过，该公司承认，随着矿工关闭无利可图的矿机，减半后可能会出现暂时的挫折。

"Our model forecasts the hash rate rising to 700 exahash by 2025, although after the halving, it could fall by up to 10% as miners turn off unprofitable ASICs," the company said in an April 19 report.

该公司在 4 月 19 日的一份报告中表示：“我们的模型预测，到 2025 年，哈希率将升至 700 exahash，尽管减半后，随着矿工关闭不盈利的 ASIC，哈希率可能会下降 10%。”

Profitability Challenges

盈利能力挑战

The profitability of Bitcoin mining primarily depends on infrastructure and energy costs. As Bitcoin's price fluctuates, so too does the profitability of mining.

比特币挖矿的盈利能力主要取决于基础设施和能源成本。随着比特币价格的波动，挖矿的盈利能力也会随之波动。

Nazar Khan, co-founder and COO of TeraWulf, a publicly traded Bitcoin mining company, recently explained that "smaller mining operations with less energy-efficient equipment [are] going to be in danger." He added that only firms with access to low-cost energy and efficient equipment will remain profitable in the long run.

上市比特币挖矿公司 TeraWulf 的联合创始人兼首席运营官纳扎尔·汗 (Nazar Khan) 最近解释说，“使用能效较低的设备的小型挖矿业务将面临危险。”他补充说，从长远来看，只有能够获得低成本能源和高效设备的公司才能保持盈利。

Impact on Bitcoin Network

对比特币网络的影响

A decline in hashrate can potentially impact the security and stability of the Bitcoin network, as it reduces the number of miners validating transactions and securing the blockchain. However, experts do not anticipate significant security concerns at this time, as the network remains resilient with a large and diverse pool of miners.

算力下降可能会影响比特币网络的安全性和稳定性，因为它会减少验证交易和保护区块链的矿工数量。然而，专家们预计目前不会出现重大安全问题，因为网络仍然具有大量不同矿工的弹性。

Conclusion

结论

The post-halving downturn in Bitcoin's hashrate is primarily driven by miners decommissioning unprofitable rigs. While the network's security has not been immediately compromised, it remains to be seen how the hashrate will stabilize in the coming months. The declining profitability of Bitcoin mining is expected to continue to challenge smaller operations, while larger firms with access to low-cost energy and efficient equipment are likely to remain competitive in the long term.

比特币减半后算力的下滑主要是由矿工退役无利可图的矿机造成的。虽然网络安全尚未立即受到损害，但未来几个月算力将如何稳定仍有待观察。比特币挖矿盈利能力的下降预计将继续对小型企业构成挑战，而拥有低成本能源和高效设备的大型企业可能会在长期内保持竞争力。