比特币矿工在奖励收缩和费用下降后挣扎

该网络2024年4月减半后，比特币矿业行业处于越来越大的压力，这将块补贴从6.25 BTC降低到3.125 BTC。

The Bitcoin mining industry is reportedly facing increasing difficulties following the network's April 2024 halving, which decreased block subsidies from 6.25 BTC to 3.125 BTC.

据报道，在该网络2024年4月减半后，比特币采矿业正面临越来越多的困难，这将块补贴从6.25 BTC降低到3.125 BTC。

Despite BTC's price now being at $95,000, miner earnings have not risen proportionally, with several measures highlighting sharp contractions in profitability.

尽管BTC的价格目前为95,000美元，但矿工的收入并未按比例提高，有几项措施强调了盈利能力的急剧收缩。

One of the most striking shifts post-halving is the decline in transaction fees as a share of total miner revenue. Currently, fees contribute 1.48% to block rewards, one of the lowest ratios since early 2023. This drops reflects the waning demand for on-chain block space.

备受时间后，最引人注目的转变之一是交易费用下降，这是矿工总收入的份额。目前，费用贡献了1.48％的奖励，这是自2023年初以来最低的比率之一。这降低反映了对链块空间的需求减弱。

Temporary fee spikes from events like the launch of Runes and activity surrounding Ordinals pushed average fees to $127 per transaction in April 2024. However, those spikes proved fleeting.

诸如符文的发射和围绕序数的活动之类的活动的临时费用将平均费用提高到2024年4月的每笔交易127美元。但是，这些尖峰被证明是短暂的。

With fee levels having since collapsed below $2, transaction-based compensation for miners appears fundamentally unsustainable.

由于收费水平已倒闭以下$ 2，因此基于交易的矿工薪酬似乎从根本上是不可持续的。

Another concerning indicator is the stagnation of the hashprice despite Bitcoin's surging spot price. Hashprice, which measures miner earnings per petahash per second (PH/s), has failed to rise. As of late April 2025, hashprice stood at $48.9 per PH/s/day.

关于指标的另一个有关指标的另一个是尽管比特币的现货价格飙升，但仍停滞不前。 HashPrice衡量了每秒Petahash的矿工收益（pH/s），但未能上升。截至2025年4月下旬，HashPrice的价格为每天$ 48.9。

This contrasts sharply with previous bull cycles, where hashprice typically soared alongside BTC's value. The current discrepancy has left many mining operations struggling.

这与以前的牛周期形成鲜明对比，在该周期中，HashPrice通常与BTC的价值飙升。目前的差异使许多采矿业务陷入困境。

Mining rigs operating at 25–38 J/TH can only generate around $0.06 per kWh, which falls below the U.S. grid electricity average of $0.08. This puts even moderately efficient miners at risk of negative margins, pushing smaller or higher-cost operators to consider shutting down or upgrading hardware.

以25-38 j/th的价格运行的采矿钻机只能产生约0.06美元的每千瓦时$ 0.06，低于美国电网电力平均水平0.08美元。这甚至使中等效率的矿工处于负利润率的风险，推动了较小或更高成本的操作员考虑关闭或升级硬件。

The reduced fee contribution and stagnant hashprice highlight a broader concern about Bitcoin's long-term security model.

减少的费用贡献和停滞的HashPrice突出了对比特币长期安全模型的广泛关注。

As block subsidies continue halving every four years, the network is expected to rely more heavily on transaction fees to incentivize miners. However, with off-chain solutions like the Lightning Network serving over 650 million indirectly connected users, on-chain activity seems increasingly insufficient to fill the revenue gap.

随着Block补贴每四年继续减半，预计该网络将更依赖交易费用来激励矿工。但是，随着诸如Lightning网络（诸如Lightning Network）的非链解决方案可为超过6.5亿间接连接的用户提供服务，链接活动似乎越来越不足以填补收入差距。

The sustainability of miner incentives, crucial to the network's security, may depend on new innovations in layer 2 adoption, fee market mechanics, or even protocol-level changes.

矿工激励措施的可持续性对网络的安全至关重要，可能取决于第2层采用，费用市场机械师甚至协议级别的变化中的新创新。