关于比特币的苛刻真相终于到了

曾几何时，比特币被吹捧为人民的钱，一个自由主义者的梦想，由政府或银行财团掩盖。

In the early days of Bitcoin, it was often touted as the people’s money, a libertarian dream unshackled by governments or banking consortiums. A decentralized utopia of peer-to-peer transactions and digital sovereignty, fueled by the collective computing power of the people.

在比特币的早期，它经常被吹捧为人民的钱，一个自由主义者的梦想，由政府或银行财团掩盖。人民的集体计算能力推动了点对点交易和数字主权的分散式乌托邦。

Of course, the harsh truth is that the financial gains realized by mining Bitcoin are now outweighed by its energy costs, according to a report published by CoinShares, a cryptocurrency investment firm.

当然，苛刻的事实是，根据加密货币投资公司Coinshares发表的一份报告，矿业比特币实现的财务收益现在已经超过了其能源成本。

The math used to be simple enough. Let your graphics card crunch some numbers and voilà, free money. The energy costs were manageable, and the Bitcoin you got in exchange for a slightly higher power bill that month would eventually negate it, so who cares?

数学过去足够简单。让您的图形卡处理一些数字，然后免费，免费的钱。能源成本是可以管理的，您获得的比特币以换取那个月的稍高电费账单最终会否定它，所以谁在乎呢？

But Bitcoin had a cap. 21 million coins. A small price to pay for a truly decentralized cryptocurrency, right? Wrong.

但是比特币有帽子。 2100万硬币。为真正的分散加密货币支付的价格很小，对吗？错误的。

With each Bitcoin mined, the reward got smaller and the math harder. In 2025, it now costs more to mine a single Bitcoin than you get from selling it. For your average crypto-bro with a garage rig and dreams of Lambos, it now costs about $137,000 in electricity to mine a Bitcoin worth $94,000. Ouch.

随着每个比特币开采，奖励变得更小，数学越来越难。在2025年，挖掘单个比特币的成本比出售它的成本要高。对于带有车库钻机和Lambos梦想的平均加密货币，现在，要开采一个价值94,000美元的比特币的电费约为137,000美元。哎哟。

Even for the big dogs with entire warehouse setups and enough fans to cool it all, the best-case scenario is a mining cost of $82,000. That’s a razor-thin margin that probably isn’t worth the investment anymore.

即使对于拥有整个仓库设置和足够的粉丝来冷却的大型狗，最佳场景也是挖掘成本为82,000美元。这是一个剃须刀的利润率，可能不再值得投资。

And who’s still profiting from this madness? The whales. The top 8 percent of wallets now control around 99 percent of all Bitcoin. The dream of decentralization just wound up centralizing a ton of monopoly money wealth into the hands of the people who were already vastly wealthy.

谁仍然从这种疯狂中获利？鲸鱼。现在，最高的钱包控制了所有比特币的99％。权力下放的梦想只是将大量的垄断财富集中在已经很富有的人们的手中。

Bitcoin isn’t the freedom-fueled monetary revolution it promised to be. It’s a speculative pyramid that lets dull rich dudes cosplay as cyberpunk edgelords, all while making them enormous piles of cash that they can toss onto their already tall piles of cash.

比特币并不是它承诺将要的自由驱动的货币革命。这是一种投机性金字塔，可以让乏味的富有家伙角色扮演作为Cyber​​punk Edgelords，同时使它们可以扔到已经很高的现金中。

Meanwhile, the average bitcoin investor is sitting there wondering if they’re ever going to see a return after investing their life savings into fake money.

同时，普通的比特币投资者坐在那里，想知道他们在将救生储蓄投入假钱后是否会看到回报。