儘管礦工收入有所成長，但比特幣（BTC）算力上升趨勢暫停

鏈上數據顯示，儘管礦工收入目前處於顯著水平，但比特幣算力最近暫停了上升趨勢。

The latest cryptocurrency market analysis from CryptoQuant reveals that Bitcoin miner revenue has seen a recent uptick, reaching levels not seen since the fourth Halving in April 2024.

CryptoQuant 最新的加密貨幣市場分析顯示，比特幣礦機收入近期有所上升，達到 2024 年 4 月第四次減半以來的最高水準。

As per a new X post, surprising metrics have been observed in the realm of Bitcoin mining. The Total Miner Revenue, a crucial indicator that gauges the collective earnings of BTC miners, has seen a notable rise recently. This revenue is generated primarily through two channels: block subsidy and transaction fees.

根據新的 X 帖子，在比特幣挖礦領域觀察到了令人驚訝的指標。礦工總收入是衡量比特幣礦工集體收入的重要指標，最近出現了顯著上升。此收入主要透過兩個管道產生：集體補貼和交易費用。

Miners undertake the essential task of validating transactions and securing the Bitcoin network, and their income is directly tied to these activities. The block subsidy, awarded by the network, compensates miners for solving blocks and is fixed in BTC value. On the other hand, transaction fees are paid by individual network users and can vary significantly.

礦工承擔著驗證交易和保護比特幣網路安全的基本任務，他們的收入與這些活動直接相關。區塊補貼由網路授予，用於補償礦工解決區塊的問題，並固定在 BTC 價值中。另一方面，交易費用由各個網路用戶支付，並且可能存在很大差異。

The amount of fee attached by users depends on the prevailing network traffic conditions. With limited blockspace available, senders prioritizing faster delivery must offer sufficient incentives to attract miners' attention. Typically, transaction fees constitute a smaller portion of miner revenue compared to the block subsidy.

用戶收取的費用取決於當時的網路流量狀況。由於可用的區塊空間有限，優先考慮更快交付的發送者必須提供足夠的激勵措施來吸引礦工的注意。通常，與區塊補貼相比，交易費用在礦工收入中所佔的比例較小。

Now, let's delve into some interesting cryptocurrency market data. The chart below showcases the Total Miner Revenue for Bitcoin over the last several years, offering insights into the historical trends.

現在，讓我們深入研究一些有趣的加密貨幣市場數據。下圖顯示了過去幾年比特幣礦工的總收入，提供了對歷史趨勢的洞察。

The chart reveals a surge in Total Miner Revenue to highs in early 2024, followed by a sharp decline around April. This drastic shift can be attributed to the fourth Halving, an event that permanently reduces the block subsidy by half.

該圖表顯示，礦工總收入在 2024 年初飆升至高位，隨後在 4 月左右急劇下降。這種巨大的轉變可以歸因於第四次減半，這事件將區塊補貼永久減少一半。

Miners' income is heavily reliant on the block subsidy, making this event particularly impactful on their financial well-being. The higher the subsidy, the greater the potential for miners to earn substantial revenue.

礦工的收入嚴重依賴區塊補貼，這使得這起事件對他們的財務狀況影響特別大。補貼越高，礦工賺取可觀收入的潛力就越大。

The indicator's recovery is evident in the recent uptick, reaching levels of around $45 million. This marks a significant improvement compared to the previous cycles, but still falls short of the peak observed in early 2024.

該指標的復甦在近期的上漲中顯而易見，達到了 4500 萬美元左右的水平。與先前的周期相比，這標誌著顯著改善，但仍低於 2024 年初觀察到的峰值。

Several factors contribute to this increase in Total Miner Revenue, including rising activity on the blockchain and, notably, the appreciation in Bitcoin's price. The USD value of the block subsidy naturally increases as the asset's spot price rises.

有幾個因素導致了礦工總收入的增加，包括區塊鏈活動的增加，尤其是比特幣價格的升值。隨著資產現貨價格的上漲，整筆補貼的美元價值自然會增加。

An interesting observation is that despite the high revenue levels, Hashrate, a measure of the total computational power dedicated by miners to the blockchain, has shown a pause in its uptrend.

一個有趣的觀察是，儘管收入水平很高，但算力（衡量礦工專用於區塊鏈的總計算能力的指標）卻顯示出其上升趨勢的暫停。

This metric, often used to gauge miner sentiment, suggests a cautious approach by these chain validators as they halt their expansion, possibly awaiting clarity on the fate of BTC's bull run emerging from this current volatile phase.

這項指標通常用於衡量礦工情緒，表明這些鏈驗證者在停止擴張時採取謹慎態度，可能是在等待 BTC 從當前波動階段出現的牛市命運的明朗。

Bitcoin Price

比特幣價格

The price of Bitcoin has been on a roller coaster ride the last few days, with large swings in both directions. Currently, the coin is up, trading at $105,000.

過去幾天，比特幣的價格就像過山車一樣，雙向波動較大。目前，該代幣正在上漲，交易價格為 105,000 美元。