本周BTC区块奖励挖矿集中度有所提高

本周，BTC 的区块奖励挖矿集中度变得更加集中，加剧了人们对该网络工作量证明共识机制未来的担忧。

Cory Klippsten, CEO of Swan Bitcoin, announced on July 22 that the company will likely discontinue its Managed Mining business in the near term. This decision comes amid pessimism about generating significant revenue from the unit, which led to the company’s decision to pull its plans for an initial public offering (IPO) in the near future.

Swan Bitcoin 首席执行官 Cory Klippsten 于 7 月 22 日宣布，该公司可能会在短期内终止其托管挖矿业务。这一决定是在对该部门产生大量收入的悲观情绪做出的，这导致该公司决定在不久的将来取消其首次公开募股（IPO）计划。

To make matters worse, Klippsten noted that the derailment of the IPO plans will necessitate staff cuts across many functions, though the scale of these cuts was not disclosed. He praised his former staff, vowing to help them find new roles in the crypto sector.

更糟糕的是，Klippsten 指出，IPO 计划的脱轨将导致许多职能部门裁员，但裁员规模并未披露。他赞扬了他的前员工，并发誓要帮助他们在加密货币领域找到新的角色。

Despite being actively engaged in mining since last summer, Swan only announced the launch of its Managed Mining service a few months ago. The launch highlighted Swan’s capability to “take a large amount of capital and deploy it quickly and efficiently into a mining operation owned by the investor that meets their particular strategic requirements.”

尽管Swan自去年夏天以来就积极从事挖矿业务，但几个月前才宣布推出托管挖矿服务。此次发布凸显了 Swan 的能力：“吸收大量资金，并将其快速有效地部署到投资者拥有的采矿业务中，以满足其特定的战略需求。”

However, given Klippsten’s pessimism regarding the generation of “significant near-term revenue,” it now appears that the Managed Mining unit’s not-so-unique selling point was its ability to take a large amount of capital and burn it quickly.

然而，考虑到 Klippsten 对“近期可观收入”的产生持悲观态度，现在看来，托管挖矿部门的不那么独特的卖点是其能够吸收大量资本并迅速燃烧的能力。

This is not a slight against Swan but rather a reflection of the harsh realities affecting the entire BTC block rewards mining sector. Following the scheduled ‘halving’ of the block subsidy earlier this year, the economics of BTC mining are no longer adding up.

这并不是对 Swan 的轻视，而是反映了影响整个 BTC 区块奖励挖矿行业的严酷现实。继今年早些时候计划的区块补贴“减半”之后，比特币挖矿的经济效益不再增加。

Even as the fiat value of the BTC token has recovered a substantial portion of the losses incurred over the past couple of months, it is still often not high enough to cover the massive electricity costs of successfully mining a BTC block.

尽管 BTC 代币的法定价值已经弥补了过去几个月所造成的大部分损失，但它通常仍然不足以支付成功开采 BTC 区块的巨额电力成本。

This unfortunate reality has led many miners to sell their BTC block rewards as soon as they are earned, in an effort to keep their lights shining and their hardware humming. However, as jurisdictions assess the burdens imposed on their electrical grids by mining sites and taxpayers learn of the sweetheart deals negotiated by some of these sites, the future viability of BTC mining appears anything but assured.

这一不幸的现实导致许多矿工在获得比特币区块奖励后立即出售，以保持他们的光芒和硬件的运转。然而，随着司法管辖区评估矿场对其电网造成的负担，以及纳税人了解到其中一些矿场达成的甜心交易，比特币挖矿的未来可行性似乎并不确定。

BTC is essentially in a no-win situation here. With the network’s throughput being artificially constrained in 2017 by BTC Core developers seeking to transform Bitcoin from peer-to-peer electronic cash into ‘digital gold,’ BTC can never process enough transactions to realize Satoshi Nakamoto’s vision of transaction fees eventually supplanting block rewards as miners’ primary compensation.

比特币在这里基本上处于双赢的局面。 2017 年，BTC Core 开发人员试图将比特币从点对点电子现金转变为“数字黄金”，人为地限制了网络的吞吐量，因此 BTC 永远无法处理足够的交易来实现中本聪的交易费用最终取代区块奖励的愿景。矿工的主要补偿。

It is becoming increasingly clear to miners that BTC’s fiat price cannot be perpetually relied upon to "go to the moon," a height at which the current block subsidy would be sufficient to cover their costs. Even if it does, this will only encourage miners to add more hash power, creating another technological ‘arms race’ in which local utility companies will be the only winners.

矿工们越来越清楚，不能永远依赖比特币的法定价格来“登上月球”，在这个高度上，当前的区块补贴足以支付他们的成本。即使确实如此，这也只会鼓励矿工增加更多的算力，从而引发另一场技术“军备竞赛”，当地公用事业公司将成为唯一的赢家。

With mining profitability at a six-year low, the BTC economic model is undeniably broken. For far too long, the accepted wisdom has been ‘price follows hash,’ but this fallacy has been unceremoniously debunked by the market.

由于挖矿盈利能力处于六年来的最低点，比特币的经济模式无可否认已经被打破。长期以来，人们普遍认为“价格跟随哈希值”，但这种谬论已被市场毫不客气地揭穿。

BTC is already under the de facto control of just two mining groups, and this concentration will only worsen over time.

BTC实际上已经被两个矿业集团所控制，而且这种集中度只会随着时间的推移而恶化。

In an attempt to ensure favorable treatment, some major U.S.-based miners are donating millions to Donald Trump’s presidential campaign, evidently believing that he will have their back if he returns to the White House. This is quite a hypocritical turn for some of these formerly diehard anti-statists, whose economic futures now hinge on a potential government bailout.

为了确保获得优惠待遇，一些美国主要矿商向唐纳德·特朗普的总统竞选活动捐赠了数百万美元，显然他们相信，如果他重返白宫，他们将得到他的支持。对于一些以前顽固的反国家主义者来说，这是一个相当虚伪的转变，他们的经济未来现在取决于潜在的政府救助。

Other miners are unwilling to wait until next January; instead, they are ‘pivoting’ to serve as artificial intelligence (AI) data centers, which currently offer an opportunity to earn actual revenue. The fact that AI promises to benefit a wider swathe of humanity than a relative handful of BTC bagholders may also ensure that AI data centers retain the goodwill of the utilities, at least for now.

其他矿工不愿意等到明年一月；相反，它们正在“转向”充当人工智能（AI）数据中心，目前提供了赚取实际收入的机会。事实上，人工智能有望使更广泛的人类受益，而不是相对少数的比特币持有者，这一事实也可能确保人工智能数据中心保留公用事业公司的善意，至少目前如此。

Contrast BTC’s downward spiral with that of the BSV blockchain, which imposes no upper limit on its transaction throughput, thereby providing a clear pathway for realizing Satoshi’s long-term vision of how Bitcoin would evolve. Considering that Satoshi left a detailed roadmap for all to see, you have to wonder how everyone in BTC ended up choosing this transactional dead-end.

将 BTC 的螺旋式下降与 BSV 区块链的螺旋式下降进行对比，BSV 区块链对其交易吞吐量没有上限，从而为实现中本聪关于比特币如何发展的长期愿景提供了一条清晰的途径。考虑到中本聪留下了详细的路线图供所有人查看，你不得不想知道 BTC 的每个人如何最终选择了这个交易死胡同。

Caught with their mints downThere’s a curious sidebar to the Swan surrender, specifically, the fact that the entity behind the Tether (USDT) stablecoin had provided a “significant commitment” to Swan’s mining operations. Less than three months ago, Tether CEO Paolo Ardoino claimed to be “thrilled about the future of this collaboration” with Swan.

Swan 的投降有一个奇怪的侧面，具体来说，Tether (USDT) 稳定币背后的实体向 Swan 的挖矿业务提供了“重大承诺”。不到三个月前，Tether 首席执行官 Paolo Ardoino 声称对与 Swan 的“此次合作的未来感到兴奋”。

One would have thought Ardoino might have been able to read the tea leaves more accurately, given Tether’s historic role in propping up BTC’s price. Consider BTC’s abrupt resumption of its allegedly inexorable upward trajectory around mid-July, which just so happened to coincide with Tether’s minting of another $2 billion in its USDT stablecoin.

鉴于 Tether 在支撑 BTC 价格方面的历史性作用，人们可能会认为 Ardoino 可能能够更准确地解读茶叶。考虑一下 BTC 在 7 月中旬左右突然恢复其所谓的不可阻挡的上涨轨迹，而这恰好与 Tether 又铸造了 20 亿美元的 USDT 稳定币同时发生。

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