随着减半后动态的展开，比特币挖矿成本跌至 4.5 万美元

在最近的比特币减半事件之后，摩根大通估计挖矿成本已从超过 50,000 美元降至 45,000 美元。尽管有预期，但由于 Runes 协议的暂时推动，增加了交易费用，算力保持稳定。然而，这种提振是短暂的，矿工收入随后下降，凸显了矿工持续面临的可持续发展挑战。

Bitcoin Mining Costs Plummet to $45,000 Amidst Post-Halving Dynamics

减半后比特币挖矿成本暴跌至 45,000 美元

In a pivotal industry development, JPMorgan (NYSE:JPM) has unveiled a significant decline in Bitcoin mining costs, estimating a current level of approximately $45,000, down from previous highs exceeding $50,000. This notable decrease follows the quadrennial Bitcoin halving event that occurred last month, resulting in a 50% reduction in miner rewards.

在一项关键的行业发展中，摩根大通（纽约证券交易所股票代码：JPM）宣布比特币挖矿成本大幅下降，估计当前水平约为 45,000 美元，低于之前超过 50,000 美元的高点。这一显着下降是在上个月发生的四年一度的比特币减半事件之后发生的，导致矿工奖励减少了 50%。

However, contrary to initial expectations, the hashrate, a measure of the collective computational power allocated to Bitcoin mining and transaction processing, has not experienced an immediate decline post-halving. According to JPMorgan's analysis, this delay can be attributed to the launch of the Runes protocol, an innovative token creation mechanism that temporarily spiked transaction fees. This increase in fees led to a surge in miner revenue, counterbalancing the impact of reduced issuance rewards.

然而，与最初的预期相反，算力（衡量分配给比特币挖矿和交易处理的集体计算能力的指标）在减半后并没有立即下降。根据摩根大通的分析，这种延迟可归因于 Runes 协议的推出，这是一种创新的代币创建机制，导致交易费用暂时飙升。费用的增加导致矿工收入激增，抵消了发行奖励减少的影响。

"This provided a temporary boost to miner revenue immediately following the Bitcoin halving," remarked analysts led by Nikolaos Panigirtzoglou. Notwithstanding this momentary uptick, the report highlights that the elevated fees were short-lived, with user activity and fees undergoing a substantial decline in recent weeks. This ongoing challenge underscores the ongoing struggle for Bitcoin miners to sustain their revenue streams, especially in the post-halving environment.

以 Nikolaos Panigirtzoglou 为首的分析师表示：“比特币减半后，这立即暂时提振了矿商收入。”尽管出现短暂的上升，但报告强调，费用的上涨是短暂的，最近几周用户活动和费用大幅下降。这一持续的挑战凸显了比特币矿商维持收入流的持续斗争，特别是在减半后的环境中。

As the hype surrounding the Runes protocol subsided, network power consumption witnessed a sharper decline than the hashrate, an indication that less efficient miners with outdated rigs have abandoned the network. The report emphasizes the existence of a feedback loop with Bitcoin prices: as prices fall, more unprofitable miners are compelled to leave the network, leading to a further reduction in hashrate and mining costs.

随着围绕 Runes 协议的炒作消退，网络功耗的下降幅度大于算力下降幅度，这表明使用过时设备的效率较低的矿工已经放弃了网络。该报告强调了比特币价格存在反馈循环：随着价格下跌，更多无利可图的矿工被迫离开网络，导致算力和挖矿成本进一步下降。

Despite the current cost-cutting measures, JPMorgan remains cautious about the near-term outlook for Bitcoin prices, citing a lack of positive catalysts and waning retail interest as key headwinds. The report concludes that Bitcoin miners face ongoing pressure to adapt to the post-halving environment, where sustainable profitability remains a primary concern.

尽管采取了当前的成本削减措施，摩根大通仍然对比特币价格的近期前景持谨慎态度，称缺乏积极的催化剂和散户兴趣减弱是主要阻力。该报告的结论是，比特币矿商面临着适应减半后环境的持续压力，其中可持续盈利能力仍然是首要问题。